Wells Fargo & Company Has Lowered Expectations for Blackstone (NYSE:BX) Stock Price

Blackstone (NYSE:BX) had its target price decreased by research analysts at Wells Fargo & Company from $195.00 to $180.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the asset manager’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 2.79% from the stock’s current price.

BX has been the topic of several other research reports. Barclays dropped their price target on shares of Blackstone from $199.00 to $192.00 and set an “equal weight” rating on the stock in a research note on Monday. Cowen restated a “hold” rating on shares of Blackstone in a report on Friday, October 18th. Morgan Stanley increased their price objective on Blackstone from $164.00 to $177.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft upped their target price on Blackstone from $172.00 to $182.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Blackstone from $125.00 to $146.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Twelve equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $169.56.

Blackstone Trading Up 3.4 %

Blackstone stock opened at $175.12 on Tuesday. The stock has a market cap of $126.44 billion, a P/E ratio of 60.18, a P/E/G ratio of 1.63 and a beta of 1.53. Blackstone has a 12 month low of $114.88 and a 12 month high of $200.96. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.58. The company’s fifty day simple moving average is $180.70 and its 200-day simple moving average is $157.59.

Blackstone (NYSE:BX) last announced its quarterly earnings results on Thursday, October 17th. The asset manager reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.10. The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.37 billion. Blackstone had a return on equity of 17.53% and a net margin of 19.46%. As a group, sell-side analysts forecast that Blackstone will post 4.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other Blackstone news, insider John G. Finley sold 42,249 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $175.94, for a total transaction of $7,433,289.06. Following the completion of the transaction, the insider now owns 387,137 shares in the company, valued at $68,112,883.78. This trade represents a 9.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Blackstone

Institutional investors have recently bought and sold shares of the stock. Wulff Hansen & CO. boosted its stake in shares of Blackstone by 12,192.7% in the 2nd quarter. Wulff Hansen & CO. now owns 7,340,845 shares of the asset manager’s stock valued at $908,797,000 after purchasing an additional 7,281,128 shares in the last quarter. International Assets Investment Management LLC boosted its position in Blackstone by 15,357.3% in the third quarter. International Assets Investment Management LLC now owns 4,201,150 shares of the asset manager’s stock valued at $6,433,220,000 after buying an additional 4,173,971 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Blackstone by 213.5% during the second quarter. The Manufacturers Life Insurance Company now owns 1,375,969 shares of the asset manager’s stock worth $170,345,000 after buying an additional 937,084 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Blackstone by 468.4% in the 2nd quarter. Mackenzie Financial Corp now owns 1,107,547 shares of the asset manager’s stock worth $137,114,000 after acquiring an additional 912,685 shares in the last quarter. Finally, Castleark Management LLC acquired a new stake in Blackstone during the 3rd quarter valued at $67,472,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Blackstone Company Profile

Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.