Piper Sandler Trims Blackstone (NYSE:BX) Target Price to $134.00

Blackstone (NYSE:BXGet Free Report) had its price objective reduced by investment analysts at Piper Sandler from $143.00 to $134.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the asset manager’s stock. Piper Sandler’s price objective suggests a potential upside of 9.25% from the stock’s current price.

A number of other equities analysts have also issued reports on BX. Barclays reissued an “equal weight” rating and issued a $125.00 price objective (down from $129.00) on shares of Blackstone in a report on Friday, April 19th. Morgan Stanley boosted their price target on shares of Blackstone from $144.00 to $145.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. UBS Group raised their price objective on Blackstone from $135.00 to $138.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. Argus boosted their price target on shares of Blackstone from $133.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Finally, Bank of America dropped their target price on Blackstone from $141.00 to $132.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $122.94.

Check Out Our Latest Stock Analysis on BX

Blackstone Stock Up 1.1 %

Shares of BX stock traded up $1.37 on Wednesday, hitting $122.65. The stock had a trading volume of 220,122 shares, compared to its average volume of 3,417,898. Blackstone has a 52-week low of $88.59 and a 52-week high of $133.56. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market capitalization of $87.65 billion, a price-to-earnings ratio of 43.34, a P/E/G ratio of 1.01 and a beta of 1.50. The stock’s 50 day moving average is $122.45 and its 200-day moving average is $124.24.

Blackstone (NYSE:BXGet Free Report) last issued its earnings results on Thursday, April 18th. The asset manager reported $0.98 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.98. The business had revenue of $3.69 billion for the quarter, compared to analyst estimates of $2.56 billion. Blackstone had a net margin of 20.84% and a return on equity of 17.33%. The company’s revenue for the quarter was up 166.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.97 EPS. As a group, research analysts expect that Blackstone will post 4.77 earnings per share for the current year.

Insider Activity

In related news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction 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 sale, the director now owns 921,184 shares of the company’s stock, valued at approximately $113,305,632. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Blackstone news, Director Joseph Baratta sold 116,448 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $123.00, for a total value of $14,323,104.00. Following the transaction, the director now directly owns 921,184 shares in the company, valued at $113,305,632. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ruth Porat bought 219 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was purchased at an average price of $119.48 per share, with a total value of $26,166.12. Following the purchase, the director now directly owns 34,445 shares of the company’s stock, valued at approximately $4,115,488.60. The disclosure for this purchase can be found here. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Blackstone

A number of institutional investors have recently modified their holdings of BX. CWM LLC increased its stake in shares of Blackstone by 4.2% in the 2nd quarter. CWM LLC now owns 38,845 shares of the asset manager’s stock valued at $4,809,000 after buying an additional 1,583 shares during the period. Hilltop National Bank raised its holdings in Blackstone by 6.5% during the 2nd quarter. Hilltop National Bank now owns 12,193 shares of the asset manager’s stock worth $1,509,000 after purchasing an additional 748 shares during the last quarter. Park Avenue Securities LLC boosted its stake in shares of Blackstone by 17.0% in the 2nd quarter. Park Avenue Securities LLC now owns 20,328 shares of the asset manager’s stock valued at $2,517,000 after purchasing an additional 2,953 shares during the last quarter. Kingswood Wealth Advisors LLC lifted its holdings in Blackstone by 31.7% in the second quarter. Kingswood Wealth Advisors LLC now owns 15,198 shares of the asset manager’s stock valued at $1,882,000 after buying an additional 3,662 shares during the period. Finally, Marion Wealth Management boosted its stake in Blackstone by 1.0% in the second quarter. Marion Wealth Management now owns 18,022 shares of the asset manager’s stock valued at $2,231,000 after acquiring an additional 179 shares during the last quarter. 70.00% of the stock is owned by institutional investors.

Blackstone Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Blackstone (NYSE:BX)

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