Analysts at HSBC have raised their price target for Blackstone (NYSE:BX) from $170.00 to $179.00, reflecting a potential upside of 13.28% based on the company’s previous closing price. This adjustment, announced in a report on October 8, 2023, is part of a broader trend among equity research analysts optimistic about the asset management firm’s performance.
Several other financial institutions have also released updated assessments regarding Blackstone. Weiss Ratings reaffirmed a “hold” rating for the stock, while Piper Sandler reduced its price target from $181.00 to $173.00, assigning a “neutral” rating. Notably, Evercore ISI increased its target from $165.00 to $197.00, granting an “outperform” rating. Similarly, JPMorgan Chase & Co. raised its target from $160.00 to $177.00, maintaining a “neutral” rating.
Market Performance and Analyst Ratings
As of opening on October 8, shares of Blackstone traded at $158.01, marking a decline of 3.6%. The asset management company has a market capitalization of $116.47 billion and a price-to-earnings ratio of 42.48. Over the last year, the stock has seen a low of $115.66 and a high of $200.96. Analysts now rate the stock with one “Strong Buy,” ten “Buy,” and nine “Hold” ratings, leading to an average rating of “Moderate Buy” with a target price of $180.26, according to MarketBeat.com.
In its latest earnings report, released on November 22, 2023, Blackstone reported earnings per share (EPS) of $0.97 for the quarter, with revenues totaling $2.49 billion. The company achieved a net margin of 20.83% and a return on equity of 20.47%. Analysts project that Blackstone will report an EPS of $5.87 for the current fiscal year.
Insider Activity and Institutional Trading
Recent insider trading has also drawn attention. On August 13, 2023, Bx Buzz Ml-1 Gp LLC sold 16,689,884 shares at an average price of $6.26, totaling over $104 million. On August 14, insider Vikrant Sawhney sold 50,850 shares at an average price of $173.64, which amounted to approximately $8.83 million. Following this transaction, Sawhney retained 737,248 shares valued at around $128 million. Over the past 90 days, insiders traded 2,538,345 shares valued at $65 million, while selling 16,984,634 shares worth $155 million. Currently, corporate insiders hold 1.00% of the company’s stock.
Institutional investors also continue to adjust their positions in Blackstone. Brighton Jones LLC increased its stake by 34.6% during the fourth quarter, now owning 7,917 shares valued at $1.37 million. Other firms, including GAMMA Investing LLC and Robertson Stephens Wealth Management LLC, have similarly enhanced their holdings. Approximately 70.00% of Blackstone’s shares are owned by institutional investors, indicating strong confidence in the company’s future prospects.
Blackstone Inc. specializes in alternative asset management, focusing on real estate, private equity, hedge fund solutions, and multi-asset class strategies. The firm aims to capitalize on early-stage companies and provide comprehensive capital markets services.
