The Blackstone Group (NYSE:BX) Sets New 1-Year High at $76.30


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The Blackstone Group Inc. (NYSE:BX) shares hit a new 52-week high on Thursday . The stock traded as high as $76.30 and last traded at $76.30, with a volume of 40179 shares. The stock had previously closed at $75.23.

Several brokerages recently weighed in on BX. Oppenheimer reissued a “market perform” rating on shares of The Blackstone Group in a report on Wednesday, March 24th. Credit Suisse Group lifted their price objective on The Blackstone Group from $72.00 to $78.00 and gave the stock an “outperform” rating in a report on Thursday, January 28th. BMO Capital Markets lifted their price objective on The Blackstone Group from $63.00 to $72.00 and gave the stock a “market perform” rating in a report on Thursday, January 28th. Barclays lifted their price objective on The Blackstone Group from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, January 28th. Finally, Piper Sandler started coverage on The Blackstone Group in a research note on Thursday, January 14th. They issued an “overweight” rating and a $71.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The Blackstone Group has a consensus rating of “Buy” and a consensus price target of $68.96.

The firm has a market cap of $52.19 billion, a P/E ratio of 70.31 and a beta of 1.33. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a 50 day simple moving average of $71.82 and a 200 day simple moving average of $63.18.

The Blackstone Group (NYSE:BX) last issued its quarterly earnings results on Tuesday, January 26th. The asset manager reported $1.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.20. The business had revenue of $3.63 billion for the quarter, compared to the consensus estimate of $2.28 billion. The business’s revenue was up 73.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.71 EPS. Sell-side analysts predict that The Blackstone Group Inc. will post 2.45 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 16th. Stockholders of record on Monday, February 8th were given a dividend of $0.7175 per share. This represents a $2.87 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date of this dividend was Friday, February 5th. This is an increase from The Blackstone Group’s previous quarterly dividend of $0.54. The Blackstone Group’s dividend payout ratio (DPR) is 166.23%.

In other news, major shareholder Blackstone Group Inc sold 2,370,632 shares of The Blackstone Group stock in a transaction dated Wednesday, March 24th. The stock was sold at an average price of $37.00, for a total transaction of $87,713,384.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.00% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Morgan Stanley lifted its position in The Blackstone Group by 5.9% in the 4th quarter. Morgan Stanley now owns 20,017,438 shares of the asset manager’s stock worth $1,297,331,000 after buying an additional 1,121,123 shares during the last quarter. Bessemer Group Inc. lifted its position in The Blackstone Group by 0.5% in the 4th quarter. Bessemer Group Inc. now owns 8,087,072 shares of the asset manager’s stock worth $524,124,000 after buying an additional 38,968 shares during the last quarter. Wells Fargo & Company MN lifted its position in The Blackstone Group by 1.5% in the 4th quarter. Wells Fargo & Company MN now owns 5,520,938 shares of the asset manager’s stock worth $357,812,000 after buying an additional 82,405 shares during the last quarter. Mackenzie Financial Corp lifted its position in The Blackstone Group by 6.3% in the 4th quarter. Mackenzie Financial Corp now owns 2,633,401 shares of the asset manager’s stock worth $170,671,000 after buying an additional 155,979 shares during the last quarter. Finally, UBS Asset Management Americas Inc. lifted its position in The Blackstone Group by 46.5% in the 4th quarter. UBS Asset Management Americas Inc. now owns 2,594,027 shares of the asset manager’s stock worth $168,119,000 after buying an additional 822,850 shares during the last quarter. Institutional investors own 59.77% of the company’s stock.

The Blackstone Group Company Profile (NYSE:BX)

The Blackstone Group Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.

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