Zacks Investment Research upgraded shares of Blackstone Group L.P. (NYSE:BX) from a hold rating to a buy rating in a research note published on Tuesday. Zacks Investment Research currently has $28.00 price objective on the stock.
According to Zacks, “Estimates have been rising ahead of Blackstone’s third-quarter 2016 earnings release. Also, the company remains well positioned to capitalize on the changing investment landscape by making long-term investments and augmenting its fund-raising ability. In addition, current dislocation in the credit markets and increased liquidity pressure are anticipated to create more investment opportunities for the company. This will lead to continued growth in AUM. Further, the company continues to benefit from the changing investor preference for alternative assets and other risk management strategies. However, mounting operating expenses, increased dependence on management and advisory fees, and stringent regulations can adversely affect the company’s financials in the near term.”
Several other brokerages have also commented on BX. Deutsche Bank AG restated a hold rating on shares of Blackstone Group L.P. in a report on Sunday, July 10th. Keefe, Bruyette & Woods decreased their price objective on shares of Blackstone Group L.P. from $34.00 to $33.00 and set a market perform rating on the stock in a report on Monday, July 11th. Vetr upgraded shares of Blackstone Group L.P. from a buy rating to a strong-buy rating and set a $31.48 target price on the stock in a report on Monday, July 25th. TheStreet lowered shares of Blackstone Group L.P. to a hold rating in a report on Wednesday, June 15th. Finally, Barclays PLC increased their target price on shares of Blackstone Group L.P. from $29.00 to $33.00 and gave the stock an overweight rating in a report on Tuesday, August 9th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $33.95.
Shares of Blackstone Group L.P. (NYSE:BX) traded up 0.28% during mid-day trading on Tuesday, reaching $25.16. 840,080 shares of the company’s stock traded hands. The stock has a market capitalization of $15.80 billion, a PE ratio of 53.08 and a beta of 1.57. The company’s 50-day moving average price is $26.59 and its 200-day moving average price is $26.53. Blackstone Group L.P. has a 12-month low of $22.31 and a 12-month high of $35.24.
Blackstone Group L.P. (NYSE:BX) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.05. Blackstone Group L.P. had a net margin of 15.50% and a return on equity of 6.15%. The business earned $1.17 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the prior year, the company posted $0.43 EPS. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. Analysts anticipate that Blackstone Group L.P. will post $2.08 earnings per share for the current year.
In other Blackstone Group L.P. news, insider Kathleen Skero sold 11,500 shares of the firm’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $26.51, for a total transaction of $304,865.00. Following the transaction, the insider now directly owns 42,967 shares of the company’s stock, valued at approximately $1,139,055.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.00% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Huntington National Bank increased its position in shares of Blackstone Group L.P. by 17.0% in the second quarter. Huntington National Bank now owns 4,687 shares of the company’s stock valued at $115,000 after buying an additional 682 shares during the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in shares of Blackstone Group L.P. during the second quarter valued at about $125,000. TCI Wealth Advisors Inc. increased its position in shares of Blackstone Group L.P. by 1.0% in the second quarter. TCI Wealth Advisors Inc. now owns 5,074 shares of the company’s stock valued at $125,000 after buying an additional 51 shares during the last quarter. Adirondack Trust Co. increased its position in shares of Blackstone Group L.P. by 0.7% in the second quarter. Adirondack Trust Co. now owns 5,236 shares of the company’s stock valued at $128,000 after buying an additional 36 shares during the last quarter. Finally, Kistler Tiffany Companies LLC increased its position in shares of Blackstone Group L.P. by 91.8% in the second quarter. Kistler Tiffany Companies LLC now owns 5,359 shares of the company’s stock valued at $132,000 after buying an additional 2,565 shares during the last quarter. 49.03% of the stock is currently owned by institutional investors.
Blackstone Group L.P. Company Profile
The Blackstone Group L.P. (Blackstone) is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, real estate, hedge fund solutions, non-investment grade credit, secondary funds and other multi-asset class strategies.
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