Blackstone (NYSE:BX) Price Target Lowered to $133.00 at TD Cowen

Blackstone (NYSE:BX) had its price objective cut by TD Cowen from $140.00 to $133.00 in a report released on Monday morning, Marketbeat Ratings reports. They currently have a buy rating on the asset manager’s stock.

A number of other brokerages have also recently issued reports on BX. Morgan Stanley dropped their price target on shares of Blackstone from $215.00 to $184.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 21st. The Goldman Sachs Group lowered their target price on shares of Blackstone from $118.00 to $116.00 and set a “neutral” rating on the stock in a research note on Friday, April 24th. Citizens Jmp reduced their price target on shares of Blackstone from $195.00 to $190.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 22nd. Argus reduced their target price on shares of Blackstone from $163.00 to $146.00 and set a “buy” rating for the company in a report on Tuesday, April 28th. Finally, BMO Capital Markets increased their target price on shares of Blackstone from $126.00 to $132.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Eleven research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $151.05.

Blackstone Stock Down 0.6%

Shares of Blackstone stock opened at $117.22 on Monday. The company’s fifty day simple moving average is $117.13 and its two-hundred day simple moving average is $134.38. The company has a market cap of $87.08 billion, a P/E ratio of 29.98, a PEG ratio of 1.29 and a beta of 1.63. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.66. Blackstone has a 12-month low of $101.73 and a 12-month high of $190.09.

Blackstone (NYSE:BX) last released its earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.02. The firm had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The company’s revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.11 EPS. Research analysts anticipate that Blackstone will post 5.89 EPS for the current year.

Blackstone Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 11th. Stockholders of record on Monday, May 4th were paid a dividend of $1.16 per share. The ex-dividend date was Monday, May 4th. This represents a $4.64 annualized dividend and a dividend yield of 4.0%. Blackstone’s dividend payout ratio (DPR) is currently 118.67%.

Insider Activity

In related news, major shareholder Holdings Iv Gp Mana Blackstone bought 2,868,069 shares of the business’s stock in a transaction on Friday, March 20th. The shares were bought at an average price of $26.15 per share, for a total transaction of $75,000,004.35. Following the completion of the purchase, the insider directly owned 18,628,295 shares of the company’s stock, valued at approximately $487,129,914.25. This trade represents a 18.20% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Holdings I. L.P. Blackstone sold 25,000 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $19.00, for a total transaction of $475,000.00. Following the completion of the transaction, the insider directly owned 125,000 shares of the company’s stock, valued at $2,375,000. The trade was a 16.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have bought 4,015,297 shares of company stock valued at $105,053,996 and have sold 9,128,660 shares valued at $46,457,920. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Redwood Financial Network Corp lifted its holdings in shares of Blackstone by 1.8% during the second quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager’s stock worth $537,000 after purchasing an additional 65 shares during the period. Benchmark Financial Wealth Advisors LLC lifted its holdings in Blackstone by 0.9% in the fourth quarter. Benchmark Financial Wealth Advisors LLC now owns 7,748 shares of the asset manager’s stock valued at $1,194,000 after acquiring an additional 69 shares during the period. MidWestOne Financial Group Inc. increased its position in shares of Blackstone by 0.8% in the third quarter. MidWestOne Financial Group Inc. now owns 8,335 shares of the asset manager’s stock valued at $1,424,000 after buying an additional 70 shares in the last quarter. Parcion Private Wealth LLC increased its position in shares of Blackstone by 0.6% in the fourth quarter. Parcion Private Wealth LLC now owns 10,935 shares of the asset manager’s stock valued at $1,686,000 after buying an additional 70 shares in the last quarter. Finally, Trivium Point Advisory LLC increased its position in shares of Blackstone by 2.6% in the fourth quarter. Trivium Point Advisory LLC now owns 2,713 shares of the asset manager’s stock valued at $418,000 after buying an additional 70 shares in the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

Blackstone Company Profile

Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.

Blackstone’s business is organized around several principal investment platforms.