Blackstone shares close higher on Wednesday, a 7.8 billion-euro property fund closed, according to sources

According to a source with knowledge of the matter, a 7.8 billion-euro fund with a focus on commercial real estates in Europe has been closed by the Blackstone Group LP (BX). The fund was to follow an “opportunistic” strategy, or operating with higher-risk properties which require fixing or repositioning, the person said.

Blackstone shares closed higher for a sixth time in the past eight trading sessions on Wednesday. The stock went up 0.54% ($0.18) to $33.29, with the intraday high and the intraday low being at $33.54 and $33.05 respectively. In the week ended on June 4th the shares of the global alternative asset management company added 3.41% to their market value compared to a week ago, which marked a second consecutive period of gains. The stock has extended its advance to 1.25% so far during the current month, following a 6.61% surge in May. The latter has been a third consecutive monthly gain and also the steepest one since January. For the entire past year, the shares of the Blackstone Group lost 7.56%.

According to the source, the fund is to have an estimated EUR 24 billion of buying power, as Blackstone frequently uses leverage of as much as 70% when buying property.

According to Reuters, at the start of this week, the US private equity group made a EUR 1.8-billion proposal to Sponda, a Finnish real estate investment firm, as it strives to expand its presence in the Scandinavian region.

Blackstone Group’s real estate business manages approximately $102 billion in investor assets.

According to CNN Money, the 13 analysts, offering 12-month forecasts regarding The Blackstone Group LP’s stock price, have a median target of $36.00, with a high estimate of $45.00 and a low estimate of $30.00. The median estimate is an 8.14% surge compared to the closing price of $33.29 on June 7th.

The same media also reported that 13 out of 16 surveyed investment analysts had rated The Blackstone Group LP’s stock as “Buy”, while 3 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Blackstone stock are presented as follows:

R1 – $33.33
R2 – $33.38
R3 (Range Resistance – Sell) – $33.42
R4 (Long Breakout) – $33.56
R5 (Breakout Target 1) – $33.72
R6 (Breakout Target 2) – $33.78

S1 – $33.25
S2 – $33.20
S3 (Range Support – Buy) – $33.16
S4 (Short Breakout) – $33.02
S5 (Breakout Target 1) – $32.86
S6 (Breakout Target 2) – $32.80

By using the traditional method of calculation, the weekly levels of importance for The Blackstone Group LP (BX) are presented as follows:

Central Pivot Point – $33.33
R1 – $34.29
R2 – $34.90
R3 – $35.86
R4 – $36.83

S1 – $32.72
S2 – $31.76
S3 – $31.15
S4 – $30.55