Wall Street analysts expect that The Blackstone Group L.P. (NYSE:BX) will announce $1.59 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for The Blackstone Group L.P.’s earnings. The highest sales estimate is $1.62 billion and the lowest is $1.56 billion. The Blackstone Group L.P. reported sales of $1.43 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 11.2%. The firm is scheduled to report its next quarterly earnings report on Thursday, October 26th.
On average, analysts expect that The Blackstone Group L.P. will report full-year sales of $1.59 billion for the current fiscal year, with estimates ranging from $6.52 billion to $6.74 billion. For the next financial year, analysts forecast that the business will post sales of $7.22 billion per share, with estimates ranging from $6.64 billion to $8.13 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow The Blackstone Group L.P..
The Blackstone Group L.P. (NYSE:BX) last posted its quarterly earnings data on Thursday, July 20th. The asset manager reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by $0.03. The Blackstone Group L.P. had a net margin of 22.88% and a return on equity of 19.20%. The firm 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 posted $0.44 earnings per share.
BX has been the topic of a number of recent analyst reports. Vetr cut The Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $33.18 target price on the stock. in a report on Thursday, April 6th. Zacks Investment Research cut The Blackstone Group L.P. from a “hold” rating to a “sell” rating in a report on Friday, April 7th. BidaskClub cut The Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating in a report on Friday. Morgan Stanley restated an “overweight” rating and set a $40.00 target price (up previously from $37.00) on shares of The Blackstone Group L.P. in a report on Tuesday, July 25th. Finally, Jefferies Group LLC restated a “buy” rating on shares of The Blackstone Group L.P. in a report on Thursday, April 27th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The Blackstone Group L.P. has a consensus rating of “Buy” and an average target price of $37.42.
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In other news, major shareholder Real Estate Associa Blackstone sold 15,000,000 shares of The Blackstone Group L.P. stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $26.05, for a total transaction of $390,750,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider John G. Finley sold 20,000 shares of The Blackstone Group L.P. stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $32.53, for a total value of $650,600.00. Following the transaction, the insider now owns 121,556 shares in the company, valued at approximately $3,954,216.68. The disclosure for this sale can be found here. Insiders have sold a total of 15,050,500 shares of company stock worth $392,416,555 in the last quarter. 1.00% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can boosted its stake in The Blackstone Group L.P. by 107.7% in the second quarter. Bank of Montreal Can now owns 11,475,121 shares of the asset manager’s stock valued at $382,695,000 after buying an additional 5,951,587 shares during the last quarter. Janus Capital Management LLC boosted its stake in The Blackstone Group L.P. by 15.8% in the first quarter. Janus Capital Management LLC now owns 18,754,093 shares of the asset manager’s stock valued at $556,990,000 after buying an additional 2,565,390 shares during the last quarter. Morgan Stanley boosted its stake in The Blackstone Group L.P. by 6.0% in the first quarter. Morgan Stanley now owns 32,790,651 shares of the asset manager’s stock valued at $973,884,000 after buying an additional 1,859,744 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its stake in The Blackstone Group L.P. by 1,500.0% in the first quarter. State of New Jersey Common Pension Fund D now owns 1,600,000 shares of the asset manager’s stock valued at $47,520,000 after buying an additional 1,500,000 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in The Blackstone Group L.P. by 64.9% in the first quarter. Wellington Management Group LLP now owns 3,642,621 shares of the asset manager’s stock valued at $108,186,000 after buying an additional 1,433,649 shares during the last quarter. Institutional investors and hedge funds own 45.75% of the company’s stock.
The Blackstone Group L.P. (BX) traded down 0.24% during mid-day trading on Friday, reaching $33.45. 2,536,234 shares of the company’s stock were exchanged. The stock has a market cap of $21.63 billion, a P/E ratio of 17.33 and a beta of 1.32. The Blackstone Group L.P. has a 52 week low of $23.33 and a 52 week high of $35.09. The stock has a 50-day moving average price of $33.49 and a 200-day moving average price of $31.19.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 7th. Stockholders of record on Monday, July 31st will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 6.46%. The ex-dividend date is Thursday, July 27th. The Blackstone Group L.P.’s dividend payout ratio (DPR) is presently 97.30%.
About The Blackstone Group L.P.
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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