Shares of Blackstone Group LP (NYSE:BX) have been assigned a consensus recommendation of “Buy” from the fifteen brokerages that are currently covering the firm, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $61.33.
A number of analysts recently weighed in on the stock. Morgan Stanley raised their target price on shares of Blackstone Group from $64.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. TheStreet upgraded shares of Blackstone Group from a “c” rating to a “b” rating in a research report on Thursday, July 23rd. Credit Suisse Group increased their target price on shares of Blackstone Group from $64.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Citigroup downgraded shares of Blackstone Group from a “buy” rating to a “neutral” rating in a research report on Monday, June 8th. Finally, Bank of America cut their target price on shares of Blackstone Group from $62.00 to $58.00 and set a “neutral” rating for the company in a research report on Friday, July 10th.
NYSE:BX traded down $1.01 on Tuesday, reaching $53.28. The stock had a trading volume of 3,191,889 shares, compared to its average volume of 2,644,807. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.97. The company has a 50-day moving average of $55.78 and a 200 day moving average of $54.19. The stock has a market cap of $35.69 billion, a P/E ratio of 48.88, a price-to-earnings-growth ratio of 13.53 and a beta of 1.44. Blackstone Group has a 12-month low of $33.00 and a 12-month high of $64.97.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Monday, August 3rd will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend is Friday, July 31st. Blackstone Group’s dividend payout ratio is presently 67.53%.
In other news, insider John G. Finley sold 50,000 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $53.11, for a total value of $2,655,500.00. Following the transaction, the insider now directly owns 218,663 shares of the company’s stock, valued at $11,613,191.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Lifesciences Iii L.P. Clarus acquired 200,000 shares of the company’s stock in a transaction dated Tuesday, July 28th. The stock was bought at an average cost of $17.00 per share, for a total transaction of $3,400,000.00. The disclosure for this purchase can be found here. Insiders own 1.00% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in BX. Comerica Bank raised its holdings in Blackstone Group by 8.1% in the 2nd quarter. Comerica Bank now owns 25,321 shares of the asset manager’s stock valued at $1,469,000 after buying an additional 1,902 shares during the last quarter. Lincoln National Corp raised its holdings in Blackstone Group by 11.2% in the 2nd quarter. Lincoln National Corp now owns 7,881 shares of the asset manager’s stock valued at $446,000 after buying an additional 795 shares during the last quarter. QCI Asset Management Inc. NY raised its holdings in Blackstone Group by 2,187.0% in the 2nd quarter. QCI Asset Management Inc. NY now owns 4,574 shares of the asset manager’s stock valued at $259,000 after buying an additional 4,374 shares during the last quarter. Chicago Partners Investment Group LLC raised its holdings in Blackstone Group by 1.6% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 130,208 shares of the asset manager’s stock valued at $7,194,000 after buying an additional 2,031 shares during the last quarter. Finally, Altium Wealth Management LLC bought a new position in Blackstone Group in the 2nd quarter valued at approximately $291,000. Institutional investors and hedge funds own 56.66% of the company’s stock.
Blackstone Group Company Profile
The Blackstone Group Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia.
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