Blackstone Upgraded to "Buy" Rating at StockNews.com

Analysts at StockNews.com have recently upgraded Blackstone (NYSE:BX) from a "hold" rating to a "buy" rating, as noted in a research note issued on Tuesday.

Analyst Ratings Update

In addition to StockNews.com's upgrade, several other research firms have also provided insights regarding Blackstone's stock performance. Piper Sandler raised their target price from $168.00 to $179.00, assigning a "neutral" rating in a report released on Monday. Evercore ISI increased their price target from $148.00 to $155.00 and rated the stock as "outperform" on October 14. BMO Capital Markets also adjusted their outlook, lifting the price objective from $134.00 to $157.00 while maintaining a "market perform" rating.

Moreover, Barclays enhanced their target price from $174.00 to $199.00, keeping an "equal weight" rating, and Citigroup backed the stock by raising the price target from $157.00 to $170.00 with a "neutral" rating on October 18. In total, thirteen research firms have given Blackstone a hold rating, while seven have suggested buying the stock. The average consensus rating is "Hold," with a target price of $171.00, according to data from MarketBeat.com.

Stock Performance

On Tuesday, Blackstone's shares saw an increase of 2.0%, climbing by $3.50 to reach $175.69 during mid-day trading. The trading volume recorded was 1,584,719 shares, significantly lower than the average of 3,445,690 shares. Blackstone exhibits a debt-to-equity ratio of 0.58 and a current ratio of 0.71.

Over the past year, the stock has reached a low of $114.88 and a high of $200.96. The average fifty-day moving price stands at $179.15, while the two-hundred day moving average is $151.95. Blackstone holds a market capitalization of $126.85 billion, a price-to-earnings (P/E) ratio of 60.37, a price-to-earnings-growth (PEG) ratio of 1.63, and a beta of 1.51.

Recent Earnings Report

Blackstone recently released its earnings results on October 17, revealing earnings per share (EPS) of $1.01, surpassing analysts’ expectations of $0.91 by $0.10. The company generated revenue of $2.43 billion for the quarter, more than the anticipated $2.37 billion. Blackstone's net margin stands at 19.46%, and the return on equity is reported at 17.53%. Analysts project an EPS of 4.43 for the current year.

Insider Transactions

In related news, insider John G. Finley sold 42,249 shares of Blackstone stock on November 7, at an average price of $175.94, totaling approximately $7.4 million. Following this transaction, Finley owns 387,137 shares, valued at around $68.1 million, representing a 9.84% reduction in his holdings. Similarly, Director Joseph Baratta sold 116,448 shares on October 1 for about $17.6 million, decreasing his ownership by 12.71%. Corporate insiders hold about 1.00% of Blackstone’s stock.

Institutional Investor Activity

Recent activity among institutional investors indicates growing interest in Blackstone. West Financial Advisors LLC established a new position worth approximately $27,000 in the third quarter, while Ridgewood Investments LLC invested approximately $31,000 during the second quarter. Additionally, Raleigh Capital Management Inc. increased its holdings by 32.1% in the third quarter, bringing its total ownership to 255 shares valued at around $39,000. Approximately 70.00% of Blackstone’s shares are owned by institutional investors.

About Blackstone

Blackstone Inc is a well-known alternative asset management firm specializing in various sectors, including real estate, private equity, hedge fund solutions, and credit. The company often invests in early-stage firms and also provides capital markets services.

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