Blackstone Group (NYSE:BX) Announces Quarterly Earnings Results

Blackstone Group (NYSE:BX) announced its earnings results on Wednesday. The asset manager reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.05, Briefing.com reports. Blackstone Group had a return on equity of 11.30% and a net margin of 20.51%. The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the firm posted $0.63 EPS. The business’s revenue was down 9.9% compared to the same quarter last year.

BX traded up $0.52 during trading hours on Thursday, hitting $52.03. The stock had a trading volume of 2,258,031 shares, compared to its average volume of 6,731,555. The company’s fifty day simple moving average is $49.69 and its 200 day simple moving average is $44.93. Blackstone Group has a 1 year low of $26.88 and a 1 year high of $55.17. The stock has a market cap of $32.48 billion, a PE ratio of 23.02, a price-to-earnings-growth ratio of 1.09 and a beta of 1.45. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.82.

In related news, insider Joan Solotar sold 25,000 shares of Blackstone Group stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $53.83, for a total value of $1,345,750.00. Following the completion of the sale, the insider now owns 235,803 shares of the company’s stock, valued at approximately $12,693,275.49. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Christopher Striano sold 7,000 shares of Blackstone Group stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $48.23, for a total value of $337,610.00. Following the completion of the sale, the insider now directly owns 36,186 shares of the company’s stock, valued at approximately $1,745,250.78. The disclosure for this sale can be found here. In the last three months, insiders purchased 694,319 shares of company stock valued at $5,581,544 and sold 9,161,966 shares valued at $300,689,747. Company insiders own 1.00% of the company’s stock.

BX has been the subject of several research analyst reports. Morgan Stanley raised their target price on Blackstone Group from $54.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Oppenheimer lowered Blackstone Group from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 24th. They noted that the move was a valuation call. Citigroup lowered Blackstone Group from a “buy” rating to a “neutral” rating and set a $52.00 target price for the company. in a research report on Wednesday, September 18th. They noted that the move was a valuation call. Wells Fargo & Co initiated coverage on Blackstone Group in a research report on Tuesday, October 1st. They set an “outperform” rating and a $60.00 target price for the company. Finally, Bank of America lowered Blackstone Group from a “buy” rating to a “neutral” rating and decreased their target price for the company from $54.00 to $52.00 in a research report on Monday, October 14th. Nine investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $51.75.

About Blackstone Group

The Blackstone Group L.P. is a publicly owned alternative asset manager. The firm also provides capital markets 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 for Blackstone Group (NYSE:BX)

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