According to Zacks, “Estimates have been falling ahead of Blackstone’s third-quarter 2016 earnings release. Further, expenses are expected to remain elevated owing to the company’s well performing funds that require more headcount. Moreover, increased dependence on management and advisory fees can adversely affect the company’s financials in the near term. Also, high dependence on commitment from investors for the alternative investment funds can adversely affect revenue growth. Nonetheless, the company remains well positioned to capitalize on the changing investment landscape by making long-term investments and augmenting its fund-raising ability. In addition, current dislocation in the credit markets and increased liquidity pressure are anticipated to create more investment opportunities for the company. Further, the company continues to benefit from the changing investor preference for alternative assets and other risk management strategies.”
Several other brokerages also recently weighed in on BX. Vetr raised shares of Blackstone Group L.P. from a buy rating to a strong-buy rating and set a $31.48 price target on the stock in a report on Thursday, August 25th. TheStreet cut shares of Blackstone Group L.P. to a hold rating in a research report on Wednesday, June 15th. Keefe, Bruyette & Woods reduced their price objective on shares of Blackstone Group L.P. from $34.00 to $33.00 and set a market perform rating on the stock in a research report on Monday, July 11th. Credit Suisse Group AG reiterated a buy rating and set a $35.00 price objective on shares of Blackstone Group L.P. in a research report on Sunday, September 11th. Finally, Jefferies Group lifted their price objective on shares of Blackstone Group L.P. from $28.00 to $31.00 and gave the company a buy rating in a research report on Tuesday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Blackstone Group L.P. presently has a consensus rating of Buy and an average price target of $33.95.
Shares of Blackstone Group L.P. (NYSE:BX) traded up 0.4453% during midday trading on Friday, reaching $24.7899. 879,591 shares of the company’s stock traded hands. The company has a 50-day moving average of $26.32 and a 200-day moving average of $26.48. Blackstone Group L.P. has a one year low of $22.31 and a one year high of $35.00. The company has a market capitalization of $15.57 billion, a price-to-earnings ratio of 52.2994 and a beta of 1.57.
Blackstone Group L.P. (NYSE:BX) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.05. Blackstone Group L.P. had a net margin of 15.50% and a return on equity of 6.15%. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the previous year, the firm earned $0.43 earnings per share. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. Equities research analysts anticipate that Blackstone Group L.P. will post $2.06 EPS for the current year.
In other news, insider Kathleen Skero sold 11,000 shares of the business’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $27.87, for a total transaction of $306,570.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.00% of the company’s stock.
Several hedge funds have recently modified their holdings of BX. Legal & General Group Plc raised its stake in shares of Blackstone Group L.P. by 29.0% in the first quarter. Legal & General Group Plc now owns 750,668 shares of the company’s stock worth $21,052,000 after buying an additional 168,959 shares in the last quarter. Mariner Wealth Advisors LLC raised its stake in Blackstone Group L.P. by 2.9% in the first quarter. Mariner Wealth Advisors LLC now owns 7,210 shares of the company’s stock worth $202,000 after buying an additional 200 shares during the period. Grand Jean Capital Management Inc. raised its stake in Blackstone Group L.P. by 108.3% in the first quarter. Grand Jean Capital Management Inc. now owns 405,875 shares of the company’s stock worth $11,385,000 after buying an additional 210,992 shares during the period. Barr E S & Co. raised its stake in Blackstone Group L.P. by 12.8% in the first quarter. Barr E S & Co. now owns 555,776 shares of the company’s stock worth $15,590,000 after buying an additional 63,259 shares during the period. Finally, Edmond DE Rothschild Holding S.A. raised its stake in Blackstone Group L.P. by 571.8% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 14,510 shares of the company’s stock worth $407,000 after buying an additional 12,350 shares during the period. 49.11% of the stock is owned by hedge funds and other institutional investors.
About Blackstone Group L.P.
The Blackstone Group L.P. (Blackstone) is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, real estate, hedge fund solutions, non-investment grade credit, secondary funds and other multi-asset class strategies.
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