The Blackstone Group (BX) Expected to Post Quarterly Sales of $1.68 Billion

Brokerages forecast that The Blackstone Group (NYSE:BX) will post $1.68 billion in sales for the current quarter, Zacks reports. Three analysts have made estimates for The Blackstone Group’s earnings, with the lowest sales estimate coming in at $1.61 billion and the highest estimate coming in at $1.74 billion. The Blackstone Group posted sales of $1.55 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 8.4%. The firm is scheduled to announce its next quarterly earnings results on Thursday, July 19th.

According to Zacks, analysts expect that The Blackstone Group will report full year sales of $6.92 billion for the current financial year, with estimates ranging from $6.76 billion to $7.15 billion. For the next fiscal year, analysts anticipate that the company will report sales of $7.77 billion per share, with estimates ranging from $7.44 billion to $8.32 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for The Blackstone Group.

The Blackstone Group (NYSE:BX) last posted its earnings results on Thursday, April 19th. The asset manager reported $0.65 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.19. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.25 billion. The Blackstone Group had a net margin of 20.66% and a return on equity of 22.27%. The Blackstone Group’s revenue was down 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.82 EPS.

A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $42.00 target price on shares of The Blackstone Group in a report on Thursday, February 1st. JPMorgan Chase raised shares of The Blackstone Group from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $34.53 to $46.00 in a report on Friday, January 12th. Credit Suisse Group reaffirmed a “buy” rating and set a $47.00 target price on shares of The Blackstone Group in a report on Thursday, January 11th. Vetr lowered shares of The Blackstone Group from a “buy” rating to a “hold” rating and set a $32.95 target price on the stock. in a report on Wednesday, January 10th. Finally, ValuEngine raised shares of The Blackstone Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. The Blackstone Group presently has a consensus rating of “Hold” and a consensus price target of $39.90.

The Blackstone Group stock opened at $32.23 on Friday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.19 and a current ratio of 1.19. The company has a market cap of $20,945.80, a P/E ratio of 11.47, a PEG ratio of 1.47 and a beta of 1.36. The Blackstone Group has a 1-year low of $29.03 and a 1-year high of $37.52.

The business also recently declared a quarterly dividend, which will be paid on Monday, May 7th. Shareholders of record on Monday, April 30th will be paid a $0.35 dividend. The ex-dividend date is Friday, April 27th. This represents a $1.40 dividend on an annualized basis and a yield of 4.34%. The Blackstone Group’s dividend payout ratio is presently 121.00%.

In other news, insider John G. Finley sold 22,000 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $34.15, for a total value of $751,300.00. Following the completion of the sale, the insider now owns 133,003 shares of the company’s stock, valued at approximately $4,542,052.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman J Tomilson Hill sold 53,037 shares of the company’s stock in a transaction on Friday, March 9th. The shares were sold at an average price of $34.01, for a total transaction of $1,803,788.37. Following the completion of the sale, the insider now directly owns 1,010,304 shares of the company’s stock, valued at approximately $34,360,439.04. The disclosure for this sale can be found here. In the last three months, insiders sold 672,000 shares of company stock valued at $23,130,874. Corporate insiders own 1.00% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of The Blackstone Group in the 4th quarter valued at $160,000. James Hambro & Partners purchased a new stake in shares of The Blackstone Group in the 4th quarter valued at $183,000. Mutual Advisors LLC purchased a new stake in shares of The Blackstone Group in the 4th quarter valued at $201,000. PVG Asset Management Corp purchased a new stake in shares of The Blackstone Group in the 4th quarter valued at $215,000. Finally, Bray Capital Advisors purchased a new stake in The Blackstone Group during the 4th quarter valued at $235,000. 48.43% of the stock is owned by institutional investors.

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About The Blackstone Group

The Blackstone Group L.P. is a publicly owned hedge fund sponsor. The firm also provides financial advisory services to its clients. It provides its services to public and corporate pension funds, academic, cultural, and charitable organizations, retirees, sovereign wealth funds, and institutional and individual investors.

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Earnings History and Estimates for The Blackstone Group (NYSE:BX)

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