The Blackstone Group (NYSE:BX) Hits New 52-Week High at $80.37

The Blackstone Group Inc. (NYSE:BX) shares hit a new 52-week high on Wednesday . The stock traded as high as $80.37 and last traded at $79.99, with a volume of 105285 shares trading hands. The stock had previously closed at $79.50.

BX has been the subject of several recent research reports. Barclays raised their target price on shares of The Blackstone Group from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Monday. Oppenheimer reiterated a “market perform” rating on shares of The Blackstone Group in a research report on Wednesday, March 24th. Zacks Investment Research lowered shares of The Blackstone Group from a “buy” rating to a “hold” rating and set a $80.00 target price on the stock. in a research report on Tuesday, March 16th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of The Blackstone Group from $61.00 to $66.00 and gave the company a “hold” rating in a research report on Friday, April 9th. Finally, BMO Capital Markets lifted their target price on shares of The Blackstone Group from $63.00 to $72.00 and gave the company a “market perform” rating in a research report on Thursday, January 28th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $70.13.

The stock has a market capitalization of $56.73 billion, a price-to-earnings ratio of 77.53 and a beta of 1.33. The business’s 50-day moving average is $74.37 and its two-hundred day moving average is $65.14. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.42.

The Blackstone Group (NYSE:BX) last issued its earnings results on Thursday, April 22nd. The asset manager reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.24. During the same quarter in the previous year, the company earned $0.46 EPS. As a group, analysts forecast that The Blackstone Group Inc. will post 2.45 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 16th. Shareholders of record on Monday, February 8th were paid a dividend of $0.7175 per share. 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. This represents a $2.87 dividend on an annualized basis and a yield of 3.46%. The Blackstone Group’s payout ratio is 166.23%.

In other The Blackstone Group news, major shareholder Blackstone Group Inc sold 2,370,632 shares of The Blackstone Group stock in a transaction dated Wednesday, March 24th. The shares were 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 SEC, which can be accessed through the SEC website. 1.00% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. Mitchell & Pahl Private Wealth LLC purchased a new stake in shares of The Blackstone Group in the 4th quarter valued at approximately $1,394,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in The Blackstone Group during the 4th quarter worth approximately $11,606,000. Arrow Capital Management LLC purchased a new stake in The Blackstone Group during the 4th quarter worth approximately $13,099,000. Global Retirement Partners LLC increased its stake in The Blackstone Group by 8.0% during the 4th quarter. Global Retirement Partners LLC now owns 72,667 shares of the asset manager’s stock worth $4,710,000 after buying an additional 5,401 shares during the period. Finally, Planned Solutions Inc. increased its stake in The Blackstone Group by 88.2% during the 4th quarter. Planned Solutions Inc. now owns 1,067 shares of the asset manager’s stock worth $69,000 after buying an additional 500 shares during the period. 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.

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