The Blackstone Group (NYSE:BX) Hits New 1-Year High at $132.58

The Blackstone Group Inc. (NYSE:BX)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $132.58 and last traded at $132.46, with a volume of 63755 shares traded. The stock had previously closed at $130.60.

Several analysts have commented on BX shares. lifted their price target on The Blackstone Group from $91.00 to $100.00 and gave the company a “neutral” rating in a report on Monday, July 12th. Deutsche Bank Aktiengesellschaft upgraded The Blackstone Group from a “hold” rating to a “buy” rating and upped their price target for the stock from $103.00 to $135.00 in a report on Wednesday, August 11th. Morgan Stanley upped their price target on The Blackstone Group from $98.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, July 20th. Zacks Investment Research lowered The Blackstone Group from a “buy” rating to a “hold” rating and set a $139.00 target price on the stock. in a research report on Tuesday. Finally, Citigroup upped their price objective on The Blackstone Group from $91.00 to $100.00 and gave the stock a “neutral” rating in a research note on Monday, July 12th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $98.55.

The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.31. The firm has a market cap of $91.06 billion, a price-to-earnings ratio of 20.15 and a beta of 1.35. The stock has a fifty day moving average price of $115.08 and a 200 day moving average price of $95.55.

The Blackstone Group (NYSE:BX) last announced its quarterly earnings data on Wednesday, July 21st. The asset manager reported $0.82 EPS for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.05. The company had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $1.92 billion. The Blackstone Group had a return on equity of 15.88% and a net margin of 26.67%. The company’s quarterly revenue was up 90.3% on a year-over-year basis. During the same quarter last year, the company earned $0.43 EPS. On average, sell-side analysts forecast that The Blackstone Group Inc. will post 3.7 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, August 9th. Stockholders of record on Monday, August 2nd were paid a $0.8475 dividend. The ex-dividend date was Friday, July 30th. This represents a $3.39 annualized dividend and a dividend yield of 2.55%. The Blackstone Group’s dividend payout ratio (DPR) is currently 105.66%.

In related news, Director Joseph Baratta sold 669 shares of the company’s stock in a transaction dated Friday, June 25th. The stock was sold at an average price of $98.93, for a total transaction of $66,184.17. Following the sale, the director now owns 1,283,592 shares in the company, valued at $126,985,756.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO David Payne sold 3,693 shares of the business’s stock in a transaction that occurred on Friday, September 10th. The stock was sold at an average price of $129.00, for a total value of $476,397.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 508,477 shares of company stock valued at $40,210,412. 1.00% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Meeder Asset Management Inc. grew its stake in shares of The Blackstone Group by 101.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 288 shares of the asset manager’s stock valued at $28,000 after buying an additional 145 shares during the period. Harvest Fund Management Co. Ltd bought a new position in shares of The Blackstone Group during the 2nd quarter worth approximately $32,000. Howe & Rusling Inc. bought a new position in shares of The Blackstone Group during the 1st quarter worth approximately $25,000. Versant Capital Management Inc raised its holdings in shares of The Blackstone Group by 35.2% in the 2nd quarter. Versant Capital Management Inc now owns 426 shares of the asset manager’s stock worth $41,000 after purchasing an additional 111 shares during the period. Finally, Clean Yield Group purchased a new position in The Blackstone Group in the 2nd quarter valued at approximately $46,000. Institutional investors own 63.16% of the company’s stock.

About The Blackstone Group (NYSE:BX)

The Blackstone Group, Inc engages in the provision of investment and fund management services. It operates through the following segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit. The Private Equity segment consists of flagship corporate private equity funds, Blackstone Capital Partners funds, sector-focused corporate private equity funds, including energy-focused funds, Blackstone Energy Partners funds, and core private equity fund, Blackstone Core Equity Partners.

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