TD Cowen Raises Blackstone (NYSE:BX) Price Target to $149.00

Blackstone (NYSE:BX) had its price objective increased by equities research analysts at TD Cowen from $133.00 to $149.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “hold” rating on the asset manager’s stock. TD Cowen’s target price suggests a potential downside of 14.55% from the stock’s previous close.

A number of other brokerages have also recently commented on BX. Redburn Atlantic assumed coverage on shares of Blackstone in a research report on Tuesday, August 27th. They set a “neutral” rating and a $134.00 price target on the stock. BMO Capital Markets increased their target price on shares of Blackstone from $112.00 to $134.00 and gave the stock a “market perform” rating in a research note on Friday. Barclays raised their price objective on Blackstone from $155.00 to $174.00 and gave the company an “equal weight” rating in a research note on Friday. Evercore ISI increased their target price on Blackstone from $148.00 to $155.00 and gave the stock an “outperform” rating in a report on Monday. Finally, The Goldman Sachs Group raised their price target on shares of Blackstone from $135.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday. Twelve research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $146.94.

Blackstone Price Performance

Shares of NYSE:BX traded up $4.65 during trading on Friday, reaching $174.38. 2,007,919 shares of the company traded hands, compared to its average volume of 3,433,335. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.60. Blackstone has a 52 week low of $88.59 and a 52 week high of $174.60. The firm has a market capitalization of $124.62 billion, a PE ratio of 61.36, a PEG ratio of 1.24 and a beta of 1.51. The company’s 50 day moving average is $146.19 and its two-hundred day moving average is $132.93.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.03). The firm had revenue of $3.69 billion for the quarter, compared to analyst estimates of $2.58 billion. Blackstone had a net margin of 19.35% and a return on equity of 17.43%. The company’s revenue was up 166.9% compared to the same quarter last year. During the same period last year, the business earned $0.93 EPS. As a group, sell-side analysts predict that Blackstone will post 4.46 earnings per share for the current year.

Insider Transactions at Blackstone

In related news, Director Joseph Baratta sold 116,448 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the sale, the director now owns 799,749 shares of the company’s stock, valued at approximately $120,610,146.69. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider John G. Finley sold 35,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the completion of the transaction, the insider now owns 429,386 shares of the company’s stock, valued at approximately $56,567,311.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph Baratta sold 116,448 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $150.81, for a total transaction of $17,561,522.88. Following the completion of the sale, the director now directly owns 799,749 shares in the company, valued at $120,610,146.69. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BX. Chilton Capital Management LLC bought a new stake in Blackstone in the 1st quarter worth approximately $26,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Blackstone in the 2nd quarter valued at $26,000. EdgeRock Capital LLC purchased a new position in Blackstone in the 2nd quarter worth $27,000. West Financial Advisors LLC purchased a new stake in Blackstone during the third quarter valued at about $27,000. Finally, Bank & Trust Co bought a new position in Blackstone during the 2nd quarter worth approximately $29,000. Institutional investors own 70.00% of the company’s stock.

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.