Blackstone (NYSE:BX) Upgraded by BMO Capital Markets to Strong-Buy Rating

Key Points

• Blackstone has been upgraded to a "strong-buy" rating by BMO Capital Markets, reflecting positive sentiment from analysts.
• The company's stock price target has been increased by multiple firms, with a consensus price target now at $176.00.
• Blackstone reported robust quarterly earnings, exceeding expectations with a revenue of $3.07 billion, a 32.7% increase year-over-year.

Blackstone (NYSE:BX - Get Free Report) was upgraded by stock analysts at BMO Capital Markets to a "strong-buy" rating in a report released on Thursday,Zacks.com reports.

BX has been the subject of several other research reports. BNP Paribas Exane upped their price target on shares of Blackstone from $166.00 to $178.00 and gave the stock a "neutral" rating in a research report on Monday, September 29th. Evercore ISI increased their target price on Blackstone from $165.00 to $197.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Wells Fargo & Company boosted their price target on Blackstone from $153.00 to $167.00 and gave the company an "equal weight" rating in a research report on Friday, July 11th. The Goldman Sachs Group lifted their price objective on Blackstone from $172.00 to $173.00 and gave the company a "neutral" rating in a research note on Friday. Finally, JMP Securities increased their target price on shares of Blackstone from $180.00 to $195.00 and gave the stock a "market outperform" rating in a research report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, Blackstone has a consensus rating of "Moderate Buy" and a consensus price target of $176.00.

Blackstone Price Performance

Shares of NYSE:BX opened at $168.40 on Thursday. The business has a fifty day simple moving average of $173.81 and a 200-day simple moving average of $153.77. Blackstone has a 52 week low of $115.66 and a 52 week high of $200.96. The company has a market cap of $124.12 billion, a P/E ratio of 45.27, a P/E/G ratio of 1.35 and a beta of 1.77. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The asset manager reported $1.21 EPS for the quarter, beating the consensus estimate of $1.10 by $0.11. The company had revenue of $3.07 billion during the quarter, compared to analysts' expectations of $2.77 billion. Blackstone had a return on equity of 20.47% and a net margin of 20.83%.The firm's revenue was up 32.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.98 EPS. Equities research analysts forecast that Blackstone will post 5.87 EPS for the current year.

Insider Buying and Selling at Blackstone

In other news, major shareholder Holdings I. L.P. Blackstone bought 1,189,532 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was acquired at an average cost of $25.22 per share, for a total transaction of $29,999,997.04. Following the completion of the purchase, the insider owned 4,178,771 shares of the company's stock, valued at $105,388,604.62. This trade represents a 39.79% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Bx Buzz Ml-1 Gp Llc sold 16,689,884 shares of Blackstone stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $6.26, for a total transaction of $104,478,673.84. The disclosure for this sale can be found here. In the last quarter, insiders acquired 3,727,877 shares of company stock valued at $95,046,625 and sold 16,984,634 shares valued at $155,181,346. 1.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Blackstone

Institutional investors have recently made changes to their positions in the business. Brighton Jones LLC increased its stake in shares of Blackstone by 34.6% in the fourth quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager's stock worth $1,365,000 after buying an additional 2,035 shares during the last quarter. Portside Wealth Group LLC bought a new stake in shares of Blackstone in the 1st quarter worth about $183,000. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Blackstone by 126.5% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 573 shares of the asset manager's stock valued at $80,000 after purchasing an additional 320 shares in the last quarter. Breakwater Capital Group acquired a new position in Blackstone in the first quarter worth about $215,000. Finally, Pines Wealth Management LLC lifted its holdings in Blackstone by 5.7% during the 1st quarter. Pines Wealth Management LLC now owns 2,215 shares of the asset manager's stock worth $310,000 after buying an additional 119 shares during 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.

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