$1.58 Billion in Sales Expected for Blackstone Group LP (BX) This Quarter

Brokerages expect Blackstone Group LP (NYSE:BX) to announce sales of $1.58 billion for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Blackstone Group’s earnings, with the lowest sales estimate coming in at $1.38 billion and the highest estimate coming in at $1.86 billion. Blackstone Group reported sales of $1.88 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 16%. The company is expected to issue its next quarterly earnings results on Thursday, February 7th.

According to Zacks, analysts expect that Blackstone Group will report full-year sales of $7.08 billion for the current financial year, with estimates ranging from $6.84 billion to $7.31 billion. For the next financial year, analysts anticipate that the company will post sales of $8.11 billion, with estimates ranging from $8.02 billion to $8.23 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that that provide coverage for Blackstone Group.

Blackstone Group (NYSE:BX) last released its quarterly earnings data on Thursday, October 18th. The asset manager reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.02. The firm had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.79 billion. Blackstone Group had a return on equity of 22.99% and a net margin of 22.34%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.69 earnings per share.

Several research firms have issued reports on BX. Zacks Investment Research upgraded Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research note on Thursday, August 16th. Citigroup lifted their target price on Blackstone Group from $41.50 to $43.00 and gave the company a “buy” rating in a research note on Friday, July 20th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $40.00 target price on shares of Blackstone Group in a research note on Friday, July 20th. Jefferies Financial Group reiterated a “buy” rating and issued a $42.00 target price on shares of Blackstone Group in a research note on Friday, July 20th. Finally, Oppenheimer set a $42.00 target price on Blackstone Group and gave the company a “buy” rating in a research note on Thursday, July 19th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Blackstone Group has a consensus rating of “Buy” and an average price target of $43.45.

In other news, insider John G. Finley sold 10,000 shares of the business’s stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $35.76, for a total transaction of $357,600.00. Following the sale, the insider now owns 113,003 shares in the company, valued at $4,040,987.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman J Tomilson Hill sold 674,257 shares of the business’s stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $36.48, for a total value of $24,596,895.36. Following the sale, the insider now owns 928,884 shares in the company, valued at approximately $33,885,688.32. The disclosure for this sale can be found here. Insiders have sold 765,677 shares of company stock worth $27,881,544 in the last 90 days. Insiders own 1.00% of the company’s stock.

Several hedge funds have recently modified their holdings of BX. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Blackstone Group during the third quarter worth about $11,424,000. Clarus Wealth Advisors lifted its holdings in shares of Blackstone Group by 180.1% during the third quarter. Clarus Wealth Advisors now owns 8,534 shares of the asset manager’s stock worth $325,000 after purchasing an additional 5,487 shares during the period. BlackRock Inc. acquired a new stake in shares of Blackstone Group during the first quarter worth about $5,369,000. PNC Financial Services Group Inc. lifted its holdings in shares of Blackstone Group by 2.8% during the second quarter. PNC Financial Services Group Inc. now owns 708,399 shares of the asset manager’s stock worth $22,790,000 after purchasing an additional 19,278 shares during the period. Finally, Independent Advisor Alliance lifted its holdings in shares of Blackstone Group by 7.8% during the second quarter. Independent Advisor Alliance now owns 59,405 shares of the asset manager’s stock worth $1,911,000 after purchasing an additional 4,304 shares during the period. Institutional investors and hedge funds own 48.75% of the company’s stock.

Shares of BX stock traded up $0.60 on Friday, hitting $34.88. The stock had a trading volume of 2,535,503 shares, compared to its average volume of 5,999,449. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $22.15 billion, a P/E ratio of 12.41, a PEG ratio of 1.11 and a beta of 1.39. Blackstone Group has a one year low of $29.57 and a one year high of $40.60.

The business also recently announced a quarterly dividend, which was paid on Monday, November 5th. Shareholders of record on Monday, October 29th were paid a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 7.34%. The ex-dividend date of this dividend was Friday, October 26th. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.58. Blackstone Group’s payout ratio is 91.10%.

About Blackstone Group

The Blackstone Group L.P. is a publicly owned hedge fund sponsor. The firm also provides financial advisory 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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