Brokerages Expect Blackstone Group LP (NYSE:BX) Will Announce Earnings of $0.50 Per Share

Wall Street brokerages predict that Blackstone Group LP (NYSE:BX) will report earnings of $0.50 per share for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Blackstone Group’s earnings, with estimates ranging from $0.44 to $0.57. Blackstone Group posted earnings of $0.58 per share in the same quarter last year, which suggests a negative year over year growth rate of 13.8%. The firm is expected to report its next quarterly earnings report on Wednesday, October 28th.

According to Zacks, analysts expect that Blackstone Group will report full year earnings of $2.01 per share for the current financial year, with EPS estimates ranging from $1.82 to $2.14. For the next fiscal year, analysts expect that the business will report earnings of $2.78 per share, with EPS estimates ranging from $2.32 to $3.05. Zacks’ EPS averages are a mean average based on a survey of analysts that that provide coverage for Blackstone Group.

Blackstone Group (NYSE:BX) last announced its earnings results on Thursday, July 23rd. The asset manager reported $0.43 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.43. The business had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $1.16 billion. Blackstone Group had a net margin of 27.93% and a return on equity of 14.38%. The firm’s revenue for the quarter was up 69.2% on a year-over-year basis. During the same quarter last year, the company posted $0.57 EPS.

BX has been the subject of a number of recent analyst reports. Deutsche Bank dropped their target price on shares of Blackstone Group from $50.00 to $49.00 and set a “hold” rating for the company in a research report on Thursday, July 9th. Bank of America lowered their price objective on shares of Blackstone Group from $62.00 to $58.00 and set a “neutral” rating for the company in a research report on Friday, July 10th. Credit Suisse Group raised their price objective on shares of Blackstone Group from $64.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. UBS Group lowered their price objective on shares of Blackstone Group from $65.00 to $63.00 and set a “buy” rating for the company in a research report on Monday, July 27th. Finally, Morgan Stanley raised their price objective on shares of Blackstone Group from $64.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Seven 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 a consensus rating of “Buy” and an average target price of $60.95.

In related news, insider John G. Finley sold 40,000 shares of Blackstone Group stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $54.07, for a total transaction of $2,162,800.00. Following the transaction, the insider now owns 211,880 shares of the company’s stock, valued at approximately $11,456,351.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph Baratta sold 434,815 shares of Blackstone Group stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $53.00, for a total transaction of $23,045,195.00. Following the transaction, the director now directly owns 1,613,448 shares in the company, valued at approximately $85,512,744. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Blackstone Group by 0.8% in the 2nd quarter. Vanguard Group Inc. now owns 38,917,680 shares of the asset manager’s stock worth $2,205,076,000 after acquiring an additional 310,661 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Blackstone Group by 69.4% in the 1st quarter. Wellington Management Group LLP now owns 26,841,950 shares of the asset manager’s stock valued at $1,223,190,000 after purchasing an additional 10,996,707 shares during the last quarter. Morgan Stanley lifted its stake in shares of Blackstone Group by 2.4% in the 1st quarter. Morgan Stanley now owns 18,310,670 shares of the asset manager’s stock valued at $834,417,000 after purchasing an additional 437,363 shares during the last quarter. Capital International Investors lifted its stake in shares of Blackstone Group by 16.2% in the 1st quarter. Capital International Investors now owns 15,799,469 shares of the asset manager’s stock valued at $719,982,000 after purchasing an additional 2,199,153 shares during the last quarter. Finally, Bessemer Group Inc. lifted its stake in shares of Blackstone Group by 4.4% in the 2nd quarter. Bessemer Group Inc. now owns 7,779,243 shares of the asset manager’s stock valued at $440,770,000 after purchasing an additional 325,862 shares during the last quarter. 59.47% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Blackstone Group stock traded up $0.48 during mid-day trading on Friday, reaching $51.78. 38,344 shares of the stock were exchanged, compared to its average volume of 4,835,118. The company has a market cap of $34.42 billion, a price-to-earnings ratio of 47.06 and a beta of 1.30. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.88. The firm has a 50-day simple moving average of $52.78 and a 200 day simple moving average of $52.13. Blackstone Group has a fifty-two week low of $33.00 and a fifty-two week high of $64.97.

About Blackstone Group

The Blackstone Group Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia.

Further Reading: What is the Coverage Ratio?

Get a free copy of the Zacks research report on Blackstone Group (BX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Blackstone Group (NYSE:BX)

Receive News & Ratings for Blackstone Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Blackstone Group and related companies with MarketBeat.com's FREE daily email newsletter.