Blackstone (NYSE:BX) Now Covered by Analysts at Redburn Atlantic

Research analysts at Redburn Atlantic initiated coverage on shares of Blackstone (NYSE:BX) in a research note issued on Tuesday, MarketBeat.com reports. The firm set a “neutral” rating and a $134.00 price target on the asset manager’s stock. Redburn Atlantic’s price target would indicate a potential downside of 5.61% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Barclays lifted their price target on Blackstone from $126.00 to $141.00 and gave the stock an “equal weight” rating in a research note on Friday, July 19th. Deutsche Bank Aktiengesellschaft boosted their price target on Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Piper Sandler raised their price objective on Blackstone from $134.00 to $149.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. TD Cowen increased their target price on shares of Blackstone from $114.00 to $120.00 and gave the stock a “hold” rating in a report on Friday, July 19th. Finally, Bank of America boosted their price objective on shares of Blackstone from $130.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Fourteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Blackstone currently has an average rating of “Hold” and an average target price of $128.94.

Blackstone Price Performance

Shares of NYSE BX opened at $141.96 on Tuesday. The business has a 50 day moving average price of $131.38 and a two-hundred day moving average price of $126.92. Blackstone has a fifty-two week low of $88.59 and a fifty-two week high of $145.16. The firm has a market cap of $101.45 billion, a PE ratio of 50.16, a price-to-earnings-growth ratio of 1.17 and a beta of 1.50. The company has a quick ratio of 0.79, a current ratio of 0.77 and a debt-to-equity ratio of 0.60.

Blackstone (NYSE:BX) last issued its quarterly earnings results on Thursday, July 18th. The asset manager reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). The company had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $2.58 billion. Blackstone had a return on equity of 17.43% and a net margin of 19.35%. The firm’s quarterly revenue was up 166.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.93 EPS. Sell-side analysts expect that Blackstone will post 4.58 earnings per share for the current fiscal year.

Insider Activity at Blackstone

In other news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total value of $14,323,104.00. Following the transaction, the director now owns 921,184 shares of the company’s stock, valued at approximately $113,305,632. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $123.00, for a total transaction of $14,323,104.00. Following the completion of the sale, the director now directly owns 921,184 shares of the company’s stock, valued at approximately $113,305,632. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the transaction, the insider now directly owns 429,386 shares in the company, valued at approximately $56,567,311.64. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Institutional Trading of Blackstone

Several large investors have recently added to or reduced their stakes in BX. Congress Wealth Management LLC DE boosted its position in Blackstone by 36.6% during the 4th quarter. Congress Wealth Management LLC DE now owns 36,215 shares of the asset manager’s stock worth $4,741,000 after acquiring an additional 9,699 shares during the period. Nomura Asset Management Co. Ltd. grew its holdings in shares of Blackstone by 8.5% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 367,841 shares of the asset manager’s stock valued at $48,158,000 after acquiring an additional 28,856 shares in the last quarter. TD Asset Management Inc raised its holdings in shares of Blackstone by 8.9% during the fourth quarter. TD Asset Management Inc now owns 254,099 shares of the asset manager’s stock worth $33,267,000 after acquiring an additional 20,830 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Blackstone by 1.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 431,784 shares of the asset manager’s stock valued at $53,455,000 after purchasing an additional 7,692 shares in the last quarter. Finally, Norden Group LLC raised its stake in shares of Blackstone by 2,072.0% during the 1st quarter. Norden Group LLC now owns 36,555 shares of the asset manager’s stock worth $4,802,000 after purchasing an additional 34,872 shares in the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

About Blackstone

Blackstone 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.