The Blackstone Group (NYSE:BX) Hits New 1-Year High at $99.72

The Blackstone Group Inc. (NYSE:BX)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $99.72 and last traded at $99.68, with a volume of 176212 shares. The stock had previously closed at $98.41.

BX has been the topic of a number of analyst reports. Barclays increased their price objective on The Blackstone Group from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Monday, April 19th. Argus lifted their price target on shares of The Blackstone Group from $82.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, April 27th. Oppenheimer reaffirmed a “market perform” rating on shares of The Blackstone Group in a report on Wednesday, March 24th. Zacks Investment Research downgraded shares of The Blackstone Group from a “buy” rating to a “hold” rating and set a $103.00 target price on the stock. in a report on Wednesday. Finally, Morgan Stanley boosted their target price on shares of The Blackstone Group from $90.00 to $98.00 and gave the stock an “overweight” rating in a research report on Friday, April 23rd. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $78.36.

The firm has a 50-day moving average price of $90.54. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.34. The company has a market cap of $68.16 billion, a P/E ratio of 31.61, a price-to-earnings-growth ratio of 1.37 and a beta of 1.35.

The Blackstone Group (NYSE:BX) last issued its quarterly earnings data on Wednesday, April 21st. The asset manager reported $0.96 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.24. The Blackstone Group had a return on equity of 15.52% and a net margin of 26.66%. The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same period in the previous year, the firm earned $0.46 EPS. As a group, sell-side analysts expect that The Blackstone Group Inc. will post 3.55 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, May 10th. Stockholders of record on Monday, May 3rd were issued a $0.82 dividend. The ex-dividend date was Friday, April 30th. This represents a $3.28 dividend on an annualized basis and a dividend yield of 3.29%. The Blackstone Group’s dividend payout ratio (DPR) is 123.77%.

In other news, major shareholder Lifesciences Iii L.P. Clarus bought 30,000 shares of the stock in a transaction that occurred on Tuesday, May 11th. The shares were acquired at an average cost of $17.00 per share, for a total transaction of $510,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Hamilton E. James sold 78,947 shares of the company’s stock in a transaction on Wednesday, May 5th. The stock was sold at an average price of $88.34, for a total transaction of $6,974,177.98. Following the sale, the insider now directly owns 921,053 shares in the company, valued at $81,365,822.02. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,655,603 shares of company stock valued at $230,597,539. 1.00% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Avidian Wealth Solutions LLC lifted its stake in The Blackstone Group by 0.8% in the 1st quarter. Avidian Wealth Solutions LLC now owns 14,866 shares of the asset manager’s stock valued at $1,108,000 after purchasing an additional 116 shares during the last quarter. Wintrust Investments LLC raised its stake in The Blackstone Group by 0.4% in the first quarter. Wintrust Investments LLC now owns 27,897 shares of the asset manager’s stock valued at $2,079,000 after buying an additional 122 shares during the period. Capital Management Associates NY raised its stake in The Blackstone Group by 0.3% in the first quarter. Capital Management Associates NY now owns 45,863 shares of the asset manager’s stock valued at $3,418,000 after buying an additional 125 shares during the period. Hallmark Capital Management Inc. boosted its stake in shares of The Blackstone Group by 2.2% during the 1st quarter. Hallmark Capital Management Inc. now owns 5,878 shares of the asset manager’s stock worth $438,000 after acquiring an additional 128 shares during the period. Finally, Pinnacle Financial Partners Inc. increased its holdings in shares of The Blackstone Group by 0.3% during the 1st quarter. Pinnacle Financial Partners Inc. now owns 38,240 shares of the asset manager’s stock worth $2,850,000 after acquiring an additional 130 shares during the last quarter. Institutional investors own 60.72% of the company’s stock.

About The Blackstone Group (NYSE:BX)

The Blackstone Group 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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