Deutsche Bank Aktiengesellschaft Forecasts Strong Price Appreciation for Blackstone (NYSE:BX) Stock

Blackstone (NYSE:BX) had its target price boosted by Deutsche Bank Aktiengesellschaft from $172.00 to $182.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the asset manager’s stock.

Several other research firms have also recently issued reports on BX. Redburn Atlantic assumed coverage on shares of Blackstone in a research note on Tuesday, August 27th. They issued a “neutral” rating and a $134.00 target price for the company. 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, October 18th. TD Cowen upped their price target on Blackstone from $133.00 to $149.00 and gave the stock a “hold” rating in a report on Friday, October 18th. Citigroup boosted their price objective on Blackstone from $157.00 to $170.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Piper Sandler cut shares of Blackstone from an “overweight” rating to a “neutral” rating and set a $149.00 price target on the stock. in a research note on Wednesday, October 9th. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $157.63.

Blackstone Trading Down 0.2 %

Blackstone stock opened at $181.21 on Monday. Blackstone has a 52 week low of $102.59 and a 52 week high of $184.34. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $130.83 billion, a price-to-earnings ratio of 62.27, a price-to-earnings-growth ratio of 1.55 and a beta of 1.49. The stock has a 50-day moving average price of $159.65 and a 200 day moving average price of $139.31.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, October 17th. The asset manager reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.10. Blackstone had a net margin of 19.46% and a return on equity of 17.53%. The firm had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.37 billion. Sell-side analysts anticipate that Blackstone will post 4.39 EPS for the current year.

Blackstone Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Monday, October 28th were paid a dividend of $0.86 per share. The ex-dividend date of this dividend was Monday, October 28th. This represents a $3.44 dividend on an annualized basis and a yield of 1.90%. This is a positive change from Blackstone’s previous quarterly dividend of $0.82. Blackstone’s payout ratio is 118.21%.

Insiders Place Their Bets

In other news, insider John G. Finley sold 42,249 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the completion of the transaction, the insider now directly owns 387,137 shares in the company, valued at approximately $68,112,883.78. This represents a 9.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph Baratta sold 116,448 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 799,749 shares in the company, valued at $120,610,146.69. The trade was a 12.71 % decrease in their position. 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 large investors have recently added to or reduced their stakes in BX. Russell Investments Group Ltd. increased its stake in Blackstone by 8.0% during the 1st quarter. Russell Investments Group Ltd. now owns 218,645 shares of the asset manager’s stock worth $28,709,000 after buying an additional 16,170 shares during the period. Avantax Advisory Services Inc. boosted its holdings in Blackstone by 6.2% in the first quarter. Avantax Advisory Services Inc. now owns 35,096 shares of the asset manager’s stock valued at $4,611,000 after purchasing an additional 2,042 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Blackstone by 1.5% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 157,920 shares of the asset manager’s stock worth $20,746,000 after purchasing an additional 2,320 shares during the period. ProShare Advisors LLC boosted its stake in shares of Blackstone by 5.4% in the 1st quarter. ProShare Advisors LLC now owns 154,632 shares of the asset manager’s stock valued at $20,314,000 after buying an additional 7,915 shares during the period. Finally, Edmond DE Rothschild Holding S.A. increased its stake in shares of Blackstone by 12.0% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 10,658 shares of the asset manager’s stock worth $1,400,000 after buying an additional 1,143 shares during the period. 70.00% of the stock is currently 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.