The Blackstone Group LP (BX) said on Monday that it had launched a new impact investing platform, which is to be part of the company’s Strategic Partners group.
The platforms main objective is to ensure positive financial impact, as it addresses specific investment areas such as Financial Access, Health & Wellbeing, Sustainable Communities as well as Green Technologies.
Blackstone shares closed lower for the third time in the past eighteen trading sessions in New York on Monday. It has also been the steepest daily loss since April 30th. The stock went down 2.37% ($0.95) to $39.11, after touching an intraday low at $39.03, or a price level not seen since April 22nd ($38.49).
Shares of The Blackstone Group LP have risen 31.20% so far during the current year, following a 6.90% drop in 2018.
The new platform is to leverage Strategic Partners’ scale and expertise across private equity, real estate and infrastructure through partnerships with external impact managers, focused on developed markets, along with other investing businesses within Blackstone, the company said.
Tanya Barnes, who previously served as Managing Director in Goldman Sachs Group’s Merchant Banking Division, has been appointed by Blackstone as Managing Director to head the initiative.
“As a firm, we seek to deliver value for our investors while also having a positive impact on the communities in which we operate. The impact platform is an exciting growth area and a natural extension of our business. We look forward to meeting the growing demand for impact investments,” Jon Gray, Blackstones President and COO, said in a statement.
“I look forward to leveraging the firm’s expertise and scale to expand the role of private capital to create solutions that address the world’s most pressing social and environmental challenges,” Tanya Barnes was quoted as saying in a company press release.
According to CNN Money, the 12 analysts, offering 12-month forecasts regarding The Blackstone Group LP’s stock price, have a median target of $45.50, with a high estimate of $51.00 and a low estimate of $37.00. The median estimate represents a 16.34% upside compared to the closing price of $39.11 on May 6th.
The same media also reported that 13 out of 15 surveyed investment analysts had rated The Blackstone Group LP’s stock as “Buy”, while 1 – as “Hold”.
Weekly Pivot Levels
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 – $40.00
R1 – $40.81
R2 – $41.57
R3 – $42.38
R4 – $43.20
S1 – $39.24
S2 – $38.43
S3 – $37.67
S4 – $36.92
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