Blackstone shares close higher on Wednesday, company acquires Taliesin Property Fund for EUR 260 million

According to a statement by Blackstone Group LP (BX) on Wednesday, an agreement has been reached over the acquisition of real estate specialist Taliesin Property Fund, as the US investment company continues to expand its positions in the European real estate industry.

Blackstone shares closed higher for the second time in the past eight trading sessions on Wednesday. The stock went up 0.91% ($0.29) to $31.99, with the intraday high and the intraday low being at $32.03 and $31.75 respectively.

In the week ended on December 17th the shares of the global alternative asset management company lost 2.42% of their market value compared to a week ago, which marked the seventh drop out of eight weeks.

However, due to yesterdays gain, the stock has neutralized earlier losses and is now up 0.85% so far during the current month, following a 4.72% slump in November. The latter has been a second consecutive monthly loss and also the largest one since September 2016.

For the entire past year, the shares of the Blackstone Group lost 7.56%. The stock has rebounded 18.35% so far in 2017.

Established in 2006 to invest in residential property in Germany, under the terms of the all cash deal, Taliesin was valued at about EUR 260 million.

According to Reuters, the deal was facilitated by two recently established investment vehicles – Wren Bidco and Canary Bidco, which are under the control of Blackstone Group LP.

The offer price has been agreed in a way that Taliesin will not pay any final dividend to its shareholders for the fiscal year ending on December 31st.

According to CNN Money, the 12 analysts, offering 12-month forecasts regarding The Blackstone Group LP’s stock price, have a median target of $40.00, with a high estimate of $45.00 and a low estimate of $32.00. The median estimate is a 25.04% surge compared to the closing price of $31.99 on December 20th.

The same media also reported that 12 out of 15 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 – $32.02
R2 – $32.04
R3 (Range Resistance – Sell) – $32.07
R4 (Long Breakout) – $32.14
R5 (Breakout Target 1) – $32.23
R6 (Breakout Target 2) – $32.27

S1 – $31.96
S2 – $31.94
S3 (Range Support – Buy) – $31.91
S4 (Short Breakout) – $31.84
S5 (Breakout Target 1) – $31.75
S6 (Breakout Target 2) – $31.71

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 – $31.71
R1 – $32.06
R2 – $32.70
R3 – $33.05
R4 – $33.39

S1 – $31.07
S2 – $30.72
S3 – $30.08
S4 – $29.43