Blackstone (NYSE:BX) Given New $116.00 Price Target at UBS Group

Key Points

• UBS Group lowered Blackstone’s price target to $116 from $122 while maintaining a “neutral” rating, implying approximately 5.37% upside from the current share price.
• Blackstone shares fell to $110.09, well below their 50-day moving average of $130.44. Despite the decline, analysts collectively rate the stock “Moderate Buy,” with an average price target of $144.65.
• Blackstone exceeded quarterly expectations, reporting adjusted earnings of $1.52 per share and revenue of $5.04 billion, up 35.9% year over year. Recent insider activity was net selling, with insiders selling more shares than they purchased over the last quarter.

Blackstone (NYSE:BX - Get Free Report) had its price objective lowered by equities research analysts at UBS Group from $122.00 to $116.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a "neutral" rating on the asset manager's stock. UBS Group's target price indicates a potential upside of 5.37% from the stock's current price.

BX has been the subject of several other research reports. Keefe, Bruyette & Woods raised Blackstone to a "hold" rating in a report on Monday, July 20th. Argus boosted their price objective on Blackstone from $146.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Barclays dropped their target price on Blackstone from $128.00 to $124.00 and set an "equal weight" rating for the company in a report on Thursday, October 8th. BNP Paribas Exane cut their target price on Blackstone from $126.00 to $125.00 and set a "neutral" rating for the company in a research note on Tuesday, June 30th. Finally, HSBC reiterated a "hold" rating and set a $135.00 price target on shares of Blackstone in a report on Monday, July 20th. Thirteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to data from MarketBeat.com, Blackstone presently has an average rating of "Moderate Buy" and an average price target of $144.65.

Blackstone Price Performance

Shares of Blackstone stock traded down $4.69 during trading hours on Tuesday, reaching $110.09. 5,562,409 shares of the company's stock were exchanged, compared to its average volume of 6,056,665. The business has a fifty day moving average of $130.44 and a two-hundred day moving average of $124.26. The company has a market capitalization of $82.63 billion, a P/E ratio of 24.63, a price-to-earnings-growth ratio of 1.37 and a beta of 1.59. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.63. Blackstone has a 1 year low of $101.73 and a 1 year high of $166.39.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.18. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $3.42 billion. During the same period last year, the firm posted $0.98 earnings per share. The company's revenue for the quarter was up 35.9% on a year-over-year basis. As a group, research analysts predict that Blackstone will post 5.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Bx Buzz Ml-1 Gp Llc sold 3,767,776 shares of the firm's stock in a transaction dated Monday, September 28th. The stock was sold at an average price of $2.94, for a total transaction of $11,077,261.44. Following the completion of the sale, the insider directly owned 16,120 shares of the company's stock, valued at approximately $47,392.80. This trade represents a 99.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Holdings I. L.P. Blackstone sold 124,600 shares of the company's stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $16.40, for a total transaction of $2,043,440.00. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have acquired 1,038,406 shares of company stock worth $27,205,951 and have sold 4,077,276 shares worth $37,573,644. Company insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On Blackstone

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of Blackstone during the 2nd quarter worth approximately $6,112,162,000. Bank of America Corp DE purchased a new stake in Blackstone in the 2nd quarter valued at approximately $1,364,373,000. Legal & General Group Plc purchased a new position in Blackstone during the second quarter worth $605,267,000. Bank of New York Mellon Corp acquired a new position in shares of Blackstone in the second quarter worth $514,736,000. Finally, Deutsche Bank AG acquired a new position in shares of Blackstone in the second quarter worth $270,380,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Blackstone Company Profile

Blackstone Inc is a global alternative asset management firm that provides investment solutions to institutional investors, companies, financial advisers and individual investors. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson, the company has developed a broad platform spanning private markets and other alternative investments.

Blackstone's businesses include private equity, real estate, credit and insurance, infrastructure, secondaries and hedge fund solutions. Its investment activities may involve acquiring and managing companies, commercial and residential properties, infrastructure assets, private credit and other investments on behalf of its clients.

The firm serves clients and invests across North America, Europe, Asia-Pacific and other international markets.

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