Blackstone Group (NYSE:BX) Price Target Raised to $45.00

Blackstone Group (NYSE:BX) had its target price hoisted by research analysts at Deutsche Bank from $42.00 to $45.00 in a report issued on Friday, BenzingaRatingsTable reports. The firm presently has a “hold” rating on the asset manager’s stock. Deutsche Bank’s price objective indicates a potential downside of 1.38% from the company’s previous close.

BX has been the topic of several other reports. Zacks Investment Research raised Green Brick Partners from a “sell” rating to a “hold” rating in a research report on Thursday, April 25th. ValuEngine raised Alleghany from a “hold” rating to a “buy” rating in a research report on Friday, April 19th. JMP Securities initiated coverage on Fiverr International in a research report on Monday, July 8th. They issued an “outperform” rating and a $33.00 target price on the stock. Finally, Morgan Stanley dropped their target price on Virtus Investment Partners from $121.00 to $118.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $45.83.

Shares of NYSE BX opened at $45.63 on Friday. Blackstone Group has a 1-year low of $26.88 and a 1-year high of $47.93. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a fifty day moving average of $44.17. The firm has a market capitalization of $30.06 billion, a price-to-earnings ratio of 26.07, a PEG ratio of 1.04 and a beta of 1.47.

Blackstone Group (NYSE:BX) last issued its earnings results on Thursday, July 18th. The asset manager reported $0.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.07. Blackstone Group had a return on equity of 11.28% and a net margin of 20.51%. The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the company earned $0.90 earnings per share. The firm’s revenue for the quarter was down 43.5% on a year-over-year basis. On average, equities research analysts predict that Blackstone Group will post 2.21 earnings per share for the current year.

In other Blackstone Group news, major shareholder Holdings L.P. Blackstone III purchased 30,894 shares of the stock in a transaction dated Wednesday, April 24th. The shares were bought at an average cost of $24.49 per share, with a total value of $756,594.06. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bennett J. Goodman sold 115,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $39.58, for a total value of $4,551,700.00. Following the transaction, the director now directly owns 250,000 shares in the company, valued at $9,895,000. The disclosure for this sale can be found here. Insiders have bought 684,152 shares of company stock worth $16,550,984 over the last three months. Corporate insiders own 1.00% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Resources Investment Advisors Inc. grew its holdings in Blackstone Group by 606.0% during the first quarter. Resources Investment Advisors Inc. now owns 706 shares of the asset manager’s stock worth $25,000 after acquiring an additional 606 shares during the period. Sound Income Strategies LLC grew its holdings in Blackstone Group by 69.4% during the first quarter. Sound Income Strategies LLC now owns 732 shares of the asset manager’s stock worth $26,000 after acquiring an additional 300 shares during the period. Investors Research Corp acquired a new position in Blackstone Group during the first quarter worth about $28,000. Meridian Wealth Management LLC acquired a new position in Blackstone Group during the first quarter worth about $32,000. Finally, Centaurus Financial Inc. grew its holdings in Blackstone Group by 194.0% during the first quarter. Centaurus Financial Inc. now owns 1,035 shares of the asset manager’s stock worth $30,000 after acquiring an additional 683 shares during the period. 47.26% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Blackstone Group (NYSE:BX)

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