Blackstone (NYSE:BX) PT Lowered to $106.00 at Oppenheimer

Posted by Defense World Staff on Apr 25th, 2023

Blackstone (NYSE:BX – Get Rating) had its price objective trimmed by Oppenheimer from $111.00 to $106.00 in a research note published on Friday, Benzinga reports. The firm currently has an outperform rating on the asset manager’s stock. Oppenheimer also issued estimates for Blackstone’s Q2 2023 earnings at $0.93 EPS, Q3 2023 earnings at $1.19 EPS, FY2023 earnings at $4.42 EPS and FY2024 earnings at $6.07 EPS.

A number of other brokerages also recently weighed in on BX. CICC Research initiated coverage on Blackstone in a report on Thursday, January 12th. They issued an outperform rating for the company. Bank of America increased their target price on shares of Blackstone from $98.00 to $109.00 and gave the stock a buy rating in a research note on Friday. StockNews.com initiated coverage on shares of Blackstone in a research note on Thursday, March 16th. They issued a sell rating for the company. BMO Capital Markets raised their target price on Blackstone from $85.00 to $92.00 and gave the company a market perform rating in a research note on Friday, January 27th. Finally, JPMorgan Chase & Co. upgraded Blackstone from a neutral rating to an overweight rating and increased their price target for the stock from $104.00 to $105.00 in a report on Tuesday, January 24th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $103.04.

Blackstone Price Performance

Blackstone stock opened at $88.62 on Friday. The stock has a 50-day moving average price of $87.61 and a two-hundred day moving average price of $86.92. Blackstone has a 12 month low of $71.72 and a 12 month high of $123.18. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $62.60 billion, a PE ratio of 108.00, a P/E/G ratio of 2.03 and a beta of 1.50.

Blackstone (NYSE:BX – Get Rating) last issued its quarterly earnings results on Thursday, April 20th. The asset manager reported $0.97 EPS for the quarter, hitting analysts’ consensus estimates of $0.97. The company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $2.44 billion. Blackstone had a net margin of 12.92% and a return on equity of 18.08%. Blackstone’s revenue was down 73.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.55 earnings per share. Analysts expect that Blackstone will post 4.4 EPS for the current year.

Blackstone Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 8th. Stockholders of record on Monday, May 1st will be given a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 3.70%. The ex-dividend date of this dividend is Friday, April 28th. Blackstone’s dividend payout ratio (DPR) is currently 443.91%.

Insider Buying and Selling at Blackstone

In related news, major shareholder Holdings L.P. Blackstone III sold 205,500 shares of the stock in a transaction dated Thursday, January 26th. The stock was sold at an average price of $33.00, for a total transaction of $6,781,500.00. Following the sale, the insider now owns 9,844,228 shares of the company’s stock, valued at approximately $324,859,524. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Holdings L.P. Blackstone III sold 205,500 shares of the company’s stock in a transaction that occurred on Thursday, January 26th. The shares were sold at an average price of $33.00, for a total transaction of $6,781,500.00. Following the sale, the insider now owns 9,844,228 shares of the company’s stock, valued at approximately $324,859,524. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph Baratta sold 85,000 shares of the firm’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $86.32, for a total transaction of $7,337,200.00. Following the completion of the transaction, the director now directly owns 1,145,448 shares of the company’s stock, valued at $98,875,071.36. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 10,950,338 shares of company stock valued at $18,744,064 and have sold 140,962,716 shares valued at $1,744,783,150. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Blackstone

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Blackstone during the fourth quarter worth approximately $510,355,000. Moneta Group Investment Advisors LLC raised its position in Blackstone by 96,256.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 5,790,996 shares of the asset manager’s stock worth $429,634,000 after purchasing an additional 5,784,986 shares during the period. Cottage Street Advisors LLC lifted its stake in Blackstone by 6,039.5% in the fourth quarter. Cottage Street Advisors LLC now owns 4,231,358 shares of the asset manager’s stock worth $880,000 after purchasing an additional 4,162,438 shares during the last quarter. Edgewood Management LLC grew its stake in shares of Blackstone by 48.7% during the third quarter. Edgewood Management LLC now owns 10,915,509 shares of the asset manager’s stock valued at $913,628,000 after buying an additional 3,574,211 shares during the last quarter. Finally, Axiom Investors LLC DE lifted its stake in shares of Blackstone by 185.2% in the 3rd quarter. Axiom Investors LLC DE now owns 1,353,170 shares of the asset manager’s stock valued at $113,260,000 after acquiring an additional 878,676 shares during the last quarter. Hedge funds and other institutional investors own 62.39% of the company’s stock.

Blackstone Company Profile

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Blackstone, Inc engages in the provision of investment and fund management services. It operates through the following segments: Real Estate, Private Equity, Credit and Insurance, and Hedge Fund Solutions. The Real Estate segment includes management of opportunistic real estate funds, Core+ real estate funds, high-yield real estate debt funds, and liquid real estate debt funds.

Analyst Recommendations for Blackstone (NYSE:BX)

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