Blackstone Group (NYSE:BX) Given New $54.00 Price Target at Morgan Stanley

Blackstone Group (NYSE:BX) had its price target lifted by Morgan Stanley from $50.00 to $54.00 in a research report sent to investors on Tuesday morning, BenzingaRatingsTable reports. Morgan Stanley currently has an overweight rating on the asset manager’s stock.

BX has been the topic of several other research reports. JMP Securities began coverage on Fiverr International in a report on Monday, July 8th. They issued an outperform rating and a $33.00 price target on the stock. Zacks Investment Research raised Green Brick Partners from a sell rating to a hold rating in a report on Thursday, April 25th. Finally, ValuEngine raised Alleghany from a hold rating to a buy rating in a report on Friday, April 19th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $44.04.

Shares of BX opened at $46.02 on Tuesday. The firm has a market cap of $30.35 billion, a price-to-earnings ratio of 20.36, a price-to-earnings-growth ratio of 1.02 and a beta of 1.47. The business has a 50 day moving average price of $43.37. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.77. Blackstone Group has a 52 week low of $26.88 and a 52 week high of $47.93.

Blackstone Group (NYSE:BX) last issued its earnings results on Thursday, April 18th. The asset manager reported $0.44 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.08). The firm had revenue of $2.02 billion during the quarter, compared to analyst estimates of $1.48 billion. Blackstone Group had a return on equity of 12.79% and a net margin of 23.35%. Blackstone Group’s revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.53 EPS. As a group, sell-side analysts forecast that Blackstone Group will post 2.31 EPS for the current year.

In other Blackstone Group news, Director Bennett J. Goodman sold 115,000 shares of Blackstone Group stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $39.58, for a total transaction of $4,551,700.00. Following the sale, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,895,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Holdings L.P. Blackstone III acquired 2,720 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was purchased at an average cost of $24.49 per share, for a total transaction of $66,612.80. The disclosure for this purchase can be found here. Insiders have acquired a total of 686,872 shares of company stock worth $16,617,597 in the last ninety days. 1.00% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Cutler Capital Management LLC increased its position in Blackstone Group by 9.8% during the fourth quarter. Cutler Capital Management LLC now owns 37,100 shares of the asset manager’s stock valued at $1,106,000 after acquiring an additional 3,300 shares during the last quarter. Fishman Jay A Ltd. MI increased its position in Blackstone Group by 1.3% during the fourth quarter. Fishman Jay A Ltd. MI now owns 570,939 shares of the asset manager’s stock valued at $17,020,000 after acquiring an additional 7,075 shares during the last quarter. Comerica Bank increased its position in Blackstone Group by 18.3% during the fourth quarter. Comerica Bank now owns 8,976 shares of the asset manager’s stock valued at $298,000 after acquiring an additional 1,388 shares during the last quarter. Northern Trust Corp increased its position in Blackstone Group by 3.1% during the fourth quarter. Northern Trust Corp now owns 353,285 shares of the asset manager’s stock valued at $10,532,000 after acquiring an additional 10,592 shares during the last quarter. Finally, Great West Life Assurance Co. Can increased its position in Blackstone Group by 10.6% during the fourth quarter. Great West Life Assurance Co. Can now owns 54,068 shares of the asset manager’s stock valued at $1,555,000 after acquiring an additional 5,176 shares during the last quarter. 47.07% of the stock is currently owned by institutional investors.

About Blackstone Group

The Blackstone Group L.P. is a publicly owned alternative asset manager. The firm also provides capital markets services to its clients. It provides its services to public and corporate pension funds, academic, cultural, and charitable organizations, retirees, sovereign wealth funds, and institutional and individual investors.

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Analyst Recommendations for Blackstone Group (NYSE:BX)

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