Blackstone (NYSE:BX) Stock Gets Price Target Trim from TD Cowen

Key Points

• TD Cowen lowered Blackstone’s price target from $154 to $144 while maintaining a “buy” rating, implying roughly 25.85% upside from the prior close.
• Blackstone reported strong quarterly results, with EPS of $1.52 beating estimates of $1.34 and revenue rising 35.9% year over year to $5.04 billion.
• Analyst sentiment remains positive overall, with 13 buy ratings and 12 hold ratings; the consensus rating is “Moderate Buy” with an average price target of $147.27.

Blackstone (NYSE:BX - Get Free Report) had its price target lowered by equities research analysts at TD Cowen from $154.00 to $144.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the asset manager's stock. TD Cowen's target price would suggest a potential upside of 25.85% from the company's previous close.

BX has been the topic of a number of other research reports. Keefe, Bruyette & Woods upgraded Blackstone to a "hold" rating in a research report on Monday, July 20th. Citizens Jmp reduced their price target on Blackstone from $190.00 to $165.00 and set a "market outperform" rating on the stock in a report on Thursday, July 9th. Citigroup raised shares of Blackstone from a "market outperform" rating to a "buy" rating in a research report on Monday. Royal Bank Of Canada upped their price objective on shares of Blackstone from $161.00 to $169.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Blackstone from $136.00 to $132.00 and set a "neutral" rating for the company in a research report on Thursday, July 16th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $147.27.

Blackstone Stock Performance

BX stock traded up $0.13 during midday trading on Monday, hitting $114.42. 689,787 shares of the stock traded hands, compared to its average volume of 6,049,229. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.72 and a quick ratio of 0.72. Blackstone has a 1-year low of $101.73 and a 1-year high of $166.39. The stock's fifty day simple moving average is $130.84 and its 200-day simple moving average is $124.21. The firm has a market cap of $85.89 billion, a P/E ratio of 25.60, a PEG ratio of 1.37 and a beta of 1.59.

Blackstone (NYSE:BX - Get Free Report) last announced its earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating 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 business had revenue of $5.04 billion for the quarter, compared to analyst estimates of $3.42 billion. During the same quarter last year, the business earned $0.98 earnings per share. The company's revenue for the quarter was up 35.9% compared to the same quarter last year. On average, analysts expect that Blackstone will post 5.94 earnings per share for the current year.

Insider Transactions at Blackstone

In related news, major shareholder Bx Buzz Ml-1 Gp Llc sold 3,767,776 shares of the 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 transaction, the insider owned 16,120 shares of the company's stock, valued at approximately $47,392.80. This represents a 99.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO David Payne sold 9,500 shares of Blackstone stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $145.23, for a total transaction of $1,379,685.00. Following the completion of the transaction, the chief accounting officer owned 64,448 shares of the company's stock, valued at $9,359,783.04. This trade represents a 12.85% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, 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.

Hedge Funds Weigh In On Blackstone

Several institutional investors have recently modified their holdings of BX. BlackRock Inc. purchased a new stake in shares of Blackstone during the second quarter worth $6,112,162,000. Bank of America Corp DE bought a new stake in Blackstone in the second quarter worth approximately $1,364,373,000. Legal & General Group Plc bought a new position in shares of Blackstone during the 2nd quarter valued at $605,267,000. Bank of New York Mellon Corp lifted its stake in shares of Blackstone by 8.0% in the 1st quarter. Bank of New York Mellon Corp now owns 4,520,908 shares of the asset manager's stock valued at $519,859,000 after purchasing an additional 333,798 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Blackstone by 1.2% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,353,274 shares of the asset manager's stock worth $512,250,000 after purchasing an additional 52,755 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company's stock.

About Blackstone

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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