Blackstone shares hit a fresh all-time high on Monday, asset manager close to sale of Spanish mortgages for EUR 950 million

According to a report by Bloomberg, citing sources with knowledge of the matter, The Blackstone Group LP (BX) is nearing a sale of a portfolio of Spanish mortgages to CarVal Investors for approximately EUR 950 million.

The sources also said that CarVal’s offer was higher than the bids placed by Elliott Management and Goldman Sachs.

Blackstone shares closed higher for a third consecutive trading session in New York on Monday. It has also been the sharpest daily surge since April 18th. The stock went up 4.86% ($2.16) to $46.58. The latter also was yesterdays intraday high and a fresh all-time high for the stock.

Shares of The Blackstone Group LP have risen 56.26% so far during the current year, following a 6.90% drop in 2018.

The portfolio of mortgages, having EUR 1.1 billion in face value, belonged to a EUR 6.4 billion book of loans, which the asset management company had acquired for nearly EUR 3.6 billion from Catalunya Banc five years ago.

According to CNN Money, the 12 analysts, offering 12-month forecasts regarding The Blackstone Group LP’s stock price, have a median target of $48.50, with a high estimate of $51.50 and a low estimate of $40.00. The median estimate represents a 4.12% upside compared to the closing price of $46.58 on July 1st.

The same media also reported that 12 out of 13 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 – $44.51
R1 – $45.25
R2 – $46.09
R3 – $46.83
R4 – $47.58

S1 – $43.67
S2 – $42.93
S3 – $42.09
S4 – $41.26