Blackstone’s (BX) “Buy” Rating Reiterated at TD Cowen

TD Cowen restated their buy rating on shares of Blackstone (NYSE:BX) in a research report report published on Friday morning,Benzinga reports. They currently have a $183.00 target price on the asset manager’s stock.

A number of other research firms have also recently issued reports on BX. Citigroup restated a “market outperform” rating on shares of Blackstone in a report on Friday. BMO Capital Markets dropped their price target on Blackstone from $190.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, October 27th. Morgan Stanley raised their price objective on Blackstone from $200.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, October 21st. HSBC cut their target price on Blackstone from $178.00 to $174.00 and set a “hold” rating on the stock in a report on Wednesday, January 28th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Blackstone from $176.00 to $158.00 and set a “neutral” rating on the stock in a report on Friday. Ten research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, Blackstone currently has an average rating of “Hold” and a consensus target price of $176.86.

Blackstone Price Performance

Shares of BX opened at $142.35 on Friday. The business has a 50-day simple moving average of $153.03 and a two-hundred day simple moving average of $160.78. Blackstone has a 12-month low of $115.66 and a 12-month high of $190.09. The stock has a market cap of $105.12 billion, a PE ratio of 36.69, a PEG ratio of 1.01 and a beta of 1.76. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.61.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, January 29th. The asset manager reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.21. Blackstone had a return on equity of 22.17% and a net margin of 20.89%.The company had revenue of $4.36 billion during the quarter, compared to the consensus estimate of $3.69 billion. During the same quarter in the prior year, the firm posted $1.69 earnings per share. The firm’s revenue was up 41.4% compared to the same quarter last year. Analysts anticipate that Blackstone will post 5.87 earnings per share for the current fiscal year.

Blackstone Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 17th. Shareholders of record on Monday, February 9th will be given a dividend of $1.49 per share. The ex-dividend date of this dividend is Monday, February 9th. This represents a $5.96 annualized dividend and a dividend yield of 4.2%. This is an increase from Blackstone’s previous quarterly dividend of $1.29. Blackstone’s payout ratio is 132.99%.

Insiders Place Their Bets

In related news, major shareholder Tactical Opportunit Blackstone sold 1,596,142 shares of Blackstone stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $10.00, for a total transaction of $15,961,420.00. Following the sale, the insider directly owned 2,161 shares in the company, valued at approximately $21,610. This trade represents a 99.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James Breyer bought 13,900 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The shares were acquired at an average cost of $143.86 per share, with a total value of $1,999,654.00. Following the completion of the transaction, the director owned 68,906 shares in the company, valued at approximately $9,912,817.16. The trade was a 25.27% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders purchased 783,978 shares of company stock valued at $22,058,454. Insiders own 1.00% of the company’s stock.

Institutional Trading of Blackstone

A number of large investors have recently bought and sold shares of the company. REAP Financial Group LLC bought a new stake in Blackstone in the 3rd quarter valued at about $26,000. Traub Capital Management LLC bought a new stake in shares of Blackstone in the second quarter valued at approximately $27,000. Family CFO Inc bought a new position in Blackstone in the 2nd quarter worth approximately $28,000. Ares Financial Consulting LLC purchased a new stake in shares of Blackstone during the fourth quarter worth $28,000. Finally, Richardson Financial Services Inc. purchased a new position in shares of Blackstone in the fourth quarter valued at $29,000. 70.00% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Blackstone

Here are the key news stories impacting Blackstone this week:

• Positive Sentiment: Q4 beat — Blackstone reported EPS of $1.75 and revenue of $4.36B, both topping estimates; record AUM and large inflows underpinned results and demonstrate momentum in deals, fees and infrastructure. Read More.
• Positive Sentiment: Dividend hike — BX declared a quarterly dividend of $1.49 (15.5% increase vs. prior quarter), implying a ~4.2% yield and signaling management confidence and stronger cash return to shareholders. (Company release)
• Positive Sentiment: Bullish analyst notes — TD Cowen reaffirmed a “buy” and set a $183 target; Citizens Jmp kept a “market outperform” with a $195 target, both signaling sizable upside from current levels. Read More.
• Neutral Sentiment: Management/sector commentary — Blackstone highlighted AI-related investment as a major economic driver and continues to signal interest in data-center and infrastructure opportunities, which is strategic but longer-term. Read More.
• Neutral Sentiment: Investor event scheduled — CFO Michael Chae will present at the BofA Financial Services Conference on Feb 10; investors should watch the webcast for additional color on capital deployment and fee trends. Read More.
• Negative Sentiment: Analyst target cuts to neutral — JPMorgan trimmed its target from $176 to $158 and moved to “neutral,” signaling less conviction on near-term upside. Read More.
• Negative Sentiment: Goldman trims target — Goldman cut its PT from $166 to $158 and maintained a “neutral” stance, adding to the pushback from some sell-side desks despite the beat. Read More.

About Blackstone

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.