The Blackstone Group Inc. (NYSE:BX) Receives $78.55 Average Target Price from Analysts

The Blackstone Group Inc. (NYSE:BX) has received a consensus rating of “Buy” from the fifteen brokerages that are currently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $78.55.

Several analysts have recently commented on BX shares. Credit Suisse Group raised their target price on The Blackstone Group from $72.00 to $78.00 and gave the stock an “outperform” rating in a research report on Thursday, January 28th. Oppenheimer reissued a “market perform” rating on shares of The Blackstone Group in a research report on Wednesday, March 24th. BMO Capital Markets lifted their price objective on 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. Zacks Investment Research raised The Blackstone Group from a “hold” rating to a “strong-buy” rating and set a $100.00 price objective for the company in a research report on Tuesday, April 27th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on The Blackstone Group from $66.00 to $76.00 and gave the company a “hold” rating in a research report on Friday, April 23rd.

In related news, insider John G. Finley sold 33,404 shares of the stock in a transaction that occurred on Thursday, April 29th. The stock was sold at an average price of $89.88, for a total transaction of $3,002,351.52. Following the completion of the sale, the insider now owns 363,489 shares in the company, valued at approximately $32,670,391.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Blackstone Group Inc sold 2,370,632 shares of the 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 disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. boosted its stake in The Blackstone Group by 27.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 224,384 shares of the asset manager’s stock valued at $16,723,000 after purchasing an additional 47,900 shares during the period. Oak Ridge Investments LLC lifted its position in shares of The Blackstone Group by 432.7% in the 1st quarter. Oak Ridge Investments LLC now owns 64,510 shares of the asset manager’s stock worth $4,808,000 after acquiring an additional 52,401 shares during the period. Institute for Wealth Management LLC. lifted its position in shares of The Blackstone Group by 10.1% in the 1st quarter. Institute for Wealth Management LLC. now owns 17,773 shares of the asset manager’s stock worth $1,325,000 after acquiring an additional 1,629 shares during the period. Gunderson Capital Management Inc. bought a new stake in shares of The Blackstone Group in the 1st quarter worth approximately $5,754,000. Finally, Grant Street Asset Management Inc. lifted its position in shares of The Blackstone Group by 52.0% in the 1st quarter. Grant Street Asset Management Inc. now owns 1,968 shares of the asset manager’s stock worth $147,000 after acquiring an additional 673 shares during the period. Hedge funds and other institutional investors own 59.77% of the company’s stock.

Shares of The Blackstone Group stock traded down $0.15 during midday trading on Thursday, hitting $88.33. The company’s stock had a trading volume of 3,034,918 shares, compared to its average volume of 2,957,684. The firm has a market capitalization of $60.40 billion, a P/E ratio of 82.69 and a beta of 1.33. The stock has a 50-day simple moving average of $78.34 and a 200-day simple moving average of $66.94. 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 has a 1-year low of $47.80 and a 1-year high of $90.42.

The Blackstone Group (NYSE:BX) last issued its earnings results on Wednesday, April 21st. The asset manager reported $0.96 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.24. During the same period last year, the firm posted $0.46 earnings per share. As a group, sell-side analysts predict that The Blackstone Group will post 2.45 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 10th. Stockholders of record on Monday, May 3rd will be issued a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date of this dividend is Friday, April 30th. The Blackstone Group’s dividend payout ratio is 141.99%.

The 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, 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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Analyst Recommendations for The Blackstone Group (NYSE:BX)

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