Bank of America Lowers Blackstone (NYSE:BX) Price Target to $189.00

by · The Cerbat Gem

Blackstone (NYSE:BX – Get Free Report) had its price objective cut by equities researchers at Bank of America from $199.00 to $189.00 in a research note issued on Wednesday,MarketScreener reports. Bank of America‘s target price suggests a potential upside of 21.92% from the stock’s current price.

BX has been the subject of a number of other reports. Morgan Stanley raised their price objective on Blackstone from $200.00 to $215.00 and gave the company an “overweight” rating in a research report on Tuesday, October 21st. Evercore ISI decreased their price objective on shares of Blackstone from $197.00 to $180.00 and set an “outperform” rating on the stock in a report on Wednesday, October 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Blackstone in a research note on Wednesday, October 8th. TD Cowen reduced their price objective on Blackstone from $208.00 to $205.00 and set a “buy” rating for the company in a report on Friday, October 24th. Finally, JMP Securities reissued a “market outperform” rating and set a $195.00 price target on shares of Blackstone in a report on Friday, October 24th. Eleven equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $178.47.

Read Our Latest Research Report on Blackstone

Blackstone Stock Performance

Shares of BX stock opened at $155.02 on Wednesday. The firm has a market cap of $114.47 billion, a PE ratio of 44.16, a P/E/G ratio of 1.24 and a beta of 1.76. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.60. Blackstone has a 12 month low of $115.66 and a 12 month high of $192.17. The company’s fifty day simple moving average is $151.01 and its 200-day simple moving average is $158.47.

Blackstone (NYSE:BX – Get Free Report) last issued its earnings results on Friday, November 22nd. The asset manager reported $0.97 earnings per share for the quarter. The business had revenue of $2.49 billion for the quarter. Blackstone had a net margin of 20.56% and a return on equity of 22.30%. Equities research analysts expect that Blackstone will post 5.87 EPS for the current fiscal year.

Insider Transactions at Blackstone

In related news, major shareholder Private Multi-Asset Blackstone acquired 2,538,071 shares of the company’s stock in a transaction on Monday, September 22nd. The stock was acquired at an average price of $25.61 per share, with a total value of $64,999,998.31. Following the acquisition, the insider directly owned 7,506,209 shares of the company’s stock, valued at approximately $192,234,012.49. This trade represents a 51.09% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Holdings Iv Gp Mana Blackstone bought 385,208 shares of Blackstone stock in a transaction dated Friday, November 21st. The stock was purchased at an average cost of $25.96 per share, for a total transaction of $9,999,999.68. Following the completion of the acquisition, the insider directly owned 16,332,883 shares of the company’s stock, valued at approximately $424,001,642.68. The trade was a 2.42% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have bought 2,950,751 shares of company stock valued at $79,050,138. 1.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Blackstone

Hedge funds have recently modified their holdings of the stock. 1248 Management LLC acquired a new position in shares of Blackstone in the 1st quarter valued at about $25,000. REAP Financial Group LLC purchased a new stake in shares of Blackstone during the third quarter worth approximately $26,000. Traub Capital Management LLC purchased a new stake in Blackstone during the 2nd quarter valued at about $27,000. Wealth Preservation Advisors LLC acquired a new stake in shares of Blackstone in the 1st quarter worth $28,000. Finally, Anderson Financial Strategies LLC purchased a new position in Blackstone in the first quarter worth approximately $28,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

About Blackstone

(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.

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