Blackstone Group (BX) Lowered to “Buy” at Vetr

Vetr downgraded shares of Blackstone Group (NYSE:BX) from a strong-buy rating to a buy rating in a report published on Monday. They currently have $35.50 price objective on the asset manager’s stock.

Several other research firms have also weighed in on BX. Bank of America boosted their target price on Blackstone Group from $38.00 to $40.00 and gave the stock a buy rating in a report on Friday, October 20th. Zacks Investment Research lowered Blackstone Group from a hold rating to a sell rating in a report on Monday, September 25th. BidaskClub lowered Blackstone Group from a sell rating to a strong sell rating in a report on Wednesday, August 16th. Credit Suisse Group reduced their target price on Blackstone Group from $46.00 to $45.00 and set an outperform rating for the company in a report on Wednesday, August 30th. Finally, Oppenheimer restated a buy rating on shares of Blackstone Group in a report on Thursday, October 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $38.25.

Shares of Blackstone Group (BX) traded up $0.49 during trading on Monday, hitting $32.60. The stock had a trading volume of 1,514,446 shares, compared to its average volume of 4,166,958. The firm has a market cap of $19,918.00, a price-to-earnings ratio of 11.36, a price-to-earnings-growth ratio of 0.57 and a beta of 1.34. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.95. Blackstone Group has a fifty-two week low of $25.82 and a fifty-two week high of $35.09.

Blackstone Group (NYSE:BX) last announced its quarterly earnings results on Thursday, October 19th. The asset manager reported $0.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.14. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.39 billion. Blackstone Group had a return on equity of 19.71% and a net margin of 22.88%. The firm’s revenue was up 21.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.57 EPS. equities research analysts predict that Blackstone Group will post 2.78 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, November 6th. Shareholders of record on Monday, October 30th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 5.40%. The ex-dividend date was Friday, October 27th. Blackstone Group’s dividend payout ratio is currently 76.19%.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC increased its position in Blackstone Group by 3.5% in the 2nd quarter. FMR LLC now owns 40,769,760 shares of the asset manager’s stock worth $1,359,671,000 after buying an additional 1,387,363 shares during the period. Janus Henderson Group PLC increased its position in shares of Blackstone Group by 1,142.0% during the second quarter. Janus Henderson Group PLC now owns 8,062,439 shares of the asset manager’s stock valued at $268,879,000 after purchasing an additional 7,413,287 shares during the period. Fred Alger Management Inc. increased its position in shares of Blackstone Group by 23.8% during the second quarter. Fred Alger Management Inc. now owns 6,289,738 shares of the asset manager’s stock valued at $209,763,000 after purchasing an additional 1,211,146 shares during the period. Swedbank increased its position in shares of Blackstone Group by 14.6% during the third quarter. Swedbank now owns 5,433,122 shares of the asset manager’s stock valued at $181,303,000 after purchasing an additional 693,200 shares during the period. Finally, Capital World Investors increased its position in shares of Blackstone Group by 101.0% during the second quarter. Capital World Investors now owns 3,988,250 shares of the asset manager’s stock valued at $133,008,000 after purchasing an additional 2,004,000 shares during the period. 46.91% of the stock is currently owned by institutional investors.

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Blackstone Group Company Profile

The Blackstone Group L.P. is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, non-investment grade credit, secondary private equity funds of funds and multi-asset class strategies. It operates through four segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit.

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