Blackstone (NYSE:BX) Upgraded to Buy by StockNews.com

On December 26, 2024, Blackstone (NYSE:BX) received an upgrade from equities researchers at StockNews.com, moving from a “hold” rating to a “buy” rating in a recent research note.

In addition to StockNews.com, several other analysts have provided updates on Blackstone. Citigroup raised their price target for the company from $157.00 to $170.00 and assigned a “neutral” rating on October 18th. On October 10th, Morgan Stanley increased their target price from $164.00 to $177.00, giving Blackstone an “overweight” rating. Similarly, BMO Capital Markets raised their price target from $134.00 to $157.00 while maintaining a “market perform” rating on December 19th. Barclays also adjusted their target from $174.00 to $199.00, classifying the stock with an “equal weight” rating on December 9th. Additionally, JPMorgan boosted their price target from $125.00 to $146.00, also marking it as “neutral” on October 18th. Currently, thirteen investment analysts have rated Blackstone as a hold, whereas seven have given it a buy rating. MarketBeat reports that the stock has an average rating of “Hold” alongside an average price target of $171.00.

Blackstone Stock Performance

As of the latest trading session, Blackstone's stock opened at $175.69. The company has seen a twelve-month low of $114.88 and a high of $200.96. Key financial metrics for Blackstone include a debt-to-equity ratio of 0.58, a quick ratio of 0.71, and a current ratio of 0.71. With a market capitalization of approximately $126.85 billion, the stock's PE ratio stands at 60.37, and a PEG ratio of 1.63 indicates good growth potential. The firm also has a 50-day simple moving average of $179.54 and a 200-day simple moving average of $152.36.

Recent Financial Results

Blackstone reported its quarterly earnings on October 17th, revealing earnings per share (EPS) of $1.01. This surpassed analysts’ expectations of $0.91 by $0.10. Reported revenue for the quarter reached $2.43 billion, which was higher than the anticipated $2.37 billion. Analysts predict that Blackstone will post an EPS of 4.43 for the current financial year.

Insider Sales

In related news, on October 1st, Director Joseph Baratta sold 116,448 shares at an average price of $150.81, totaling approximately $17.56 million. Post-sale, he holds around 799,749 shares, valued at roughly $120.61 million, reflecting a decrease of 12.71% in his ownership stake. Another insider, John G. Finley, sold 42,249 shares on November 7th at an average price of $175.94, with a total transaction value of about $7.43 million. Finley now owns 387,137 shares, valued at $68.11 million, indicating a 9.84% decline in his position. Company insiders hold approximately 1.00% of Blackstone’s shares.

Institutional Investment Changes

Several institutional investors have recently adjusted their stakes in Blackstone. For instance, Independent Solutions Wealth Management LLC increased its holdings by 3.0% during Q3, now owning 14,504 shares worth about $2.22 million. Principal Financial Group Inc. also raised its stake by 6.1%, holding 909,698 shares valued at $139.30 million after adding 51,897 shares. Other notable changes included SMART Wealth LLC acquiring a new stake valued at $214,000, while Legacy Wealth Management LLC MS acquired a position worth around $806,000. Additionally, Garden State Investment Advisory Services LLC raised its holdings by 11.3%, now owning 3,907 shares worth approximately $599,000. In total, institutional investors own about 70.00% of Blackstone’s stock.

About Blackstone

Blackstone Inc. is a prominent alternative asset management firm specializing in various sectors including real estate, private equity, hedge fund solutions, credit, secondary funds of funds, and public debt and equity. The firm mainly invests in early-stage companies and provides diverse capital market services.

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