TD Cowen Issues Pessimistic Forecast for Blackstone (NYSE:BX) Stock Price

Blackstone (NYSE:BX) had its target price cut by equities researchers at TD Cowen from $183.00 to $164.00 in a note issued to investors on Thursday,MarketScreener reports. The brokerage currently has a “buy” rating on the asset manager’s stock. TD Cowen’s price objective would indicate a potential upside of 20.81% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. Bank of America reduced their price objective on shares of Blackstone from $199.00 to $189.00 in a research note on Wednesday, December 10th. Morgan Stanley increased their price objective on Blackstone from $200.00 to $215.00 and gave the company an “overweight” rating in a report on Tuesday, October 21st. Royal Bank Of Canada set a $195.00 price target on shares of Blackstone in a research report on Friday, January 30th. Evercore decreased their price objective on shares of Blackstone from $175.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, January 30th. Finally, UBS Group set a $171.00 price target on Blackstone in a report on Friday, January 30th. Eleven analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, Blackstone presently has an average rating of “Moderate Buy” and an average target price of $172.82.

Blackstone Stock Up 1.7%

NYSE:BX opened at $135.75 on Thursday. Blackstone has a 52-week low of $115.66 and a 52-week high of $190.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.75 and a current ratio of 0.76. The stock has a 50-day simple moving average of $151.00 and a 200 day simple moving average of $158.66. The company has a market cap of $100.24 billion, a PE ratio of 34.97, a PEG ratio of 1.04 and a beta of 1.76.

Blackstone (NYSE:BX) last posted its quarterly earnings data on Thursday, January 29th. The asset manager reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.21. The company had revenue of $4.36 billion for the quarter, compared to the consensus estimate of $3.69 billion. Blackstone had a net margin of 20.89% and a return on equity of 22.17%. The firm’s revenue was up 41.4% compared to the same quarter last year. During the same period last year, the company earned $1.69 earnings per share. On average, sell-side analysts expect that Blackstone will post 5.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Holdings Iv Gp Mana Blackstone acquired 385,208 shares of the stock in a transaction on Friday, November 21st. The shares were purchased at an average price of $25.96 per share, for a total transaction of $9,999,999.68. Following the transaction, the insider directly owned 16,332,883 shares of the company’s stock, valued at approximately $424,001,642.68. This represents a 2.42% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of the firm’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $10.00, for a total transaction of $15,961,420.00. Following the transaction, the insider directly owned 2,161 shares in the company, valued at approximately $21,610. This represents a 99.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in shares of Blackstone by 34.6% during the 4th quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager’s stock worth $1,365,000 after buying an additional 2,035 shares in the last quarter. Sivia Capital Partners LLC lifted its holdings in shares of Blackstone by 9.3% in the second quarter. Sivia Capital Partners LLC now owns 2,076 shares of the asset manager’s stock worth $310,000 after acquiring an additional 177 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Blackstone by 17.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 177,795 shares of the asset manager’s stock valued at $27,162,000 after purchasing an additional 26,902 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in Blackstone by 7.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 11,024 shares of the asset manager’s stock valued at $1,649,000 after purchasing an additional 762 shares during the last quarter. Finally, RFG Advisory LLC grew its stake in shares of Blackstone by 4.8% during the second quarter. RFG Advisory LLC now owns 3,351 shares of the asset manager’s stock worth $501,000 after buying an additional 155 shares during the last quarter. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Blackstone Company Profile

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.