Blackstone (NYSE:BX) PT Raised to $120.00 at TD Cowen

Blackstone (NYSE:BX) had its target price raised by TD Cowen from $114.00 to $120.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have a hold rating on the asset manager’s stock.

A number of other equities analysts have also recently issued reports on BX. UBS Group upped their price target on shares of Blackstone from $135.00 to $138.00 and gave the stock a neutral rating in a research note on Friday, April 12th. Piper Sandler upped their price target on shares of Blackstone from $134.00 to $149.00 and gave the stock an overweight rating in a research note on Friday. JPMorgan Chase & Co. dropped their price target on shares of Blackstone from $105.00 to $100.00 and set a neutral rating on the stock in a research note on Friday, April 19th. Barclays boosted their target price on Blackstone from $125.00 to $126.00 and gave the stock an equal weight rating in a research report on Wednesday, July 10th. Finally, JMP Securities reissued a market perform rating on shares of Blackstone in a research report on Tuesday, April 9th. Thirteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $126.38.

Blackstone Stock Performance

Shares of BX stock opened at $141.18 on Friday. Blackstone has a 12 month low of $88.59 and a 12 month high of $142.04. The stock has a market cap of $100.89 billion, a PE ratio of 49.89, a price-to-earnings-growth ratio of 1.19 and a beta of 1.50. The company has a current ratio of 0.77, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The company’s fifty day moving average price is $124.75 and its 200-day moving average price is $124.51.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, July 18th. The asset manager reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). The business had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $2.58 billion. Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The business’s quarterly revenue was up 166.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.93 EPS. On average, equities analysts expect that Blackstone will post 4.62 EPS for the current fiscal year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Monday, July 29th will be paid a $0.82 dividend. The ex-dividend date of this dividend is Monday, July 29th. This represents a $3.28 annualized dividend and a yield of 2.32%. Blackstone’s payout ratio is 117.31%.

Insiders Place Their Bets

In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $123.00, for a total value of $14,323,104.00. Following the completion of the transaction, the director now directly owns 921,184 shares in the company, valued at approximately $113,305,632. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $123.00, for a total transaction of $14,323,104.00. Following the completion of the transaction, the director now directly owns 921,184 shares in the company, valued at approximately $113,305,632. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ruth Porat bought 219 shares of the stock in a transaction dated Monday, May 6th. The shares were purchased at an average price of $119.48 per share, with a total value of $26,166.12. Following the completion of the transaction, the director now directly owns 34,445 shares in the company, valued at approximately $4,115,488.60. The disclosure for this purchase can be found here. 1.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Blackstone

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Northwest Financial Advisors purchased a new stake in Blackstone during the 4th quarter valued at $25,000. Chilton Capital Management LLC purchased a new stake in Blackstone in the first quarter worth $26,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Blackstone in the second quarter worth $26,000. Bourgeon Capital Management LLC increased its stake in Blackstone by 86.2% in the fourth quarter. Bourgeon Capital Management LLC now owns 216 shares of the asset manager’s stock worth $28,000 after purchasing an additional 100 shares during the period. Finally, Bank & Trust Co purchased a new stake in Blackstone in the second quarter worth $29,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Company Profile

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.