The Blackstone Group (NYSE:BX) Shares Gap Up to $80.31

The Blackstone Group Inc. (NYSE:BX)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $80.31, but opened at $83.80. The Blackstone Group shares last traded at $83.15, with a volume of 58,171 shares traded.

BX has been the subject of several research reports. Credit Suisse Group increased their price target on shares of The Blackstone Group from $72.00 to $78.00 and gave the stock an “outperform” rating in a research note on Thursday, January 28th. Barclays increased their price target on shares of The Blackstone Group from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Monday. BMO Capital Markets increased their price target on shares of The Blackstone Group from $63.00 to $72.00 and gave the stock a “market perform” rating in a research note on Thursday, January 28th. Zacks Investment Research lowered shares of The Blackstone Group from a “buy” rating to a “hold” rating and set a $80.00 price target for the company. in a research note on Tuesday, March 16th. Finally, Morgan Stanley raised their price objective on shares of The Blackstone Group from $84.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, March 22nd. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $70.13.

The business’s fifty day moving average price is $74.16 and its 200-day moving average price is $65.00. 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 stock has a market cap of $57.74 billion, a PE ratio of 78.89 and a beta of 1.33.

The Blackstone Group (NYSE:BX) last announced its quarterly earnings results on Tuesday, January 26th. The asset manager reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.20. The company had revenue of $3.63 billion for the quarter, compared to analysts’ expectations of $2.28 billion. The business’s revenue was up 73.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.71 EPS. Analysts forecast that The Blackstone Group Inc. will post 2.45 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 16th. Investors of record on Monday, February 8th were issued a $0.7175 dividend. This is an increase from The Blackstone Group’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend was Friday, February 5th. This represents a $2.87 dividend on an annualized basis and a dividend yield of 3.40%. The Blackstone Group’s dividend payout ratio (DPR) is presently 166.23%.

In related news, major shareholder Blackstone Group Inc sold 2,370,632 shares of the firm’s stock in a transaction that occurred on Wednesday, March 24th. The shares were sold at an average price of $37.00, for a total value of $87,713,384.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.00% of the company’s stock.

Large investors have recently modified their holdings of the business. Catalyst Private Wealth LLC purchased a new position in The Blackstone Group during the third quarter valued at approximately $26,000. Charter Oak Capital Management LLC purchased a new position in The Blackstone Group during the fourth quarter valued at approximately $26,000. Valley Brook Capital Group bought a new stake in shares of The Blackstone Group during the fourth quarter valued at approximately $34,000. Oder Investment Management LLC bought a new stake in shares of The Blackstone Group during the fourth quarter valued at approximately $37,000. Finally, ShoreHaven Wealth Partners LLC bought a new stake in shares of The Blackstone Group during the fourth quarter valued at approximately $39,000. 59.77% of the stock is currently owned by institutional investors and hedge funds.

About The Blackstone Group (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.

Further Reading: Earnings Per Share

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