Zacks Investment Research Upgrades The Blackstone Group L.P. (BX) to Hold

Zacks Investment Research upgraded shares of The Blackstone Group L.P. (NYSE:BX) from a sell rating to a hold rating in a research note published on Monday.

According to Zacks, “Blackstone’s shares have underperformed the industry in the last six months. Yet, the company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. The company remains well positioned to capitalize on the changing investment landscape by making long-term investments and augmenting its fund-raising ability. The company is well positioned to benefit from diversified products and revenue mix. However, its higher dependence on management and advisory fees for revenues remains a key near-term concern. Also, sustainability of its quarterly distribution (owing to higher debt equity and dividend payout ratios than the industry) is less, which makes us apprehensive.”

Other research analysts have also issued reports about the company. Keefe, Bruyette & Woods reissued a buy rating and set a $37.00 price target on shares of The Blackstone Group L.P. in a research report on Friday, July 14th. Vetr lowered The Blackstone Group L.P. from a strong-buy rating to a buy rating and set a $37.57 target price on the stock. in a research report on Wednesday, July 12th. Jefferies Group LLC reaffirmed a buy rating and issued a $38.00 target price on shares of The Blackstone Group L.P. in a research report on Wednesday, June 28th. BidaskClub raised The Blackstone Group L.P. from a hold rating to a buy rating in a research report on Saturday, June 24th. Finally, Deutsche Bank AG upped their target price on The Blackstone Group L.P. from $32.00 to $33.00 and gave the stock a hold rating in a research report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $37.72.

The Blackstone Group L.P. (NYSE:BX) last announced its earnings results on Thursday, July 20th. The asset manager reported $0.59 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.03). The Blackstone Group L.P. had a net margin of 22.88% and a return on equity of 18.97%. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the prior year, the company earned $0.44 earnings per share.

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Large investors have recently added to or reduced their stakes in the stock. Jacobi Capital Management LLC acquired a new position in The Blackstone Group L.P. during the second quarter worth approximately $116,000. Winslow Evans & Crocker Inc. increased its position in The Blackstone Group L.P. by 1.4% during the second quarter. Winslow Evans & Crocker Inc. now owns 3,500 shares of the asset manager’s stock worth $117,000 after buying an additional 50 shares during the last quarter. Omnia Family Wealth LLC increased its position in The Blackstone Group L.P. by 0.5% during the second quarter. Omnia Family Wealth LLC now owns 4,020 shares of the asset manager’s stock worth $134,000 after buying an additional 20 shares during the last quarter. PHH Investments Ltd. acquired a new position in The Blackstone Group L.P. during the first quarter worth approximately $134,000. Finally, Pathstone Family Office LLC acquired a new position in The Blackstone Group L.P. during the second quarter worth approximately $167,000. 46.62% of the stock is currently owned by institutional investors and hedge funds.

The Blackstone Group L.P. Company Profile

The Blackstone Group L.P. is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, non-investment grade credit, secondary private equity funds of funds and multi-asset class strategies. It operates through four segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit.

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