Blackstone

By Miriam Gottfried Blackstone (BX) reported higher quarterly earnings as the value of investments rose across its major strategies. The private-equity giants infrastructure portfolio led the way, climbing 4.8% in the quarter thanks in large part to a big bet on data centers. Blackstones private-wealth business had its highest inflows since 2022, raking in $8 billion as resurgent public markets gave investors the renewed confidence and wherewithal to invest in private markets. Here are some key metrics from Blackstones first-quarter report: — Net income was $847.4 million, or $1.11 a share. That was nearly ten times the $85.8 million it earned in the first quarter of 2023. — Distributable earnings were $1.27 billion, or 98 cents a share. This item, representing cash that could be returned to shareholders, totaled $1.25 billion a year earlier. — Blackstone raised $34 billion. As in recent quarters, a large portion of thatsome 60%came from […]

Blackstone (NYSE:BX) reported quarterly earnings of $1.11 per share which beat the analyst consensus estimate of $0.97 by 14.43 percent. The company reported quarterly sales of $3.69 billion which beat the analyst consensus estimate of $2.49 billion by 48.13 percent. This is a 48.32 percent increase over sales of $2.49 billion the same period last year.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We believe BX’s outlook is positive, but valuation may be stretched a bit. We cut our target $5 to $130, a forward P/E of 26.5x our ’24 distributed cash earnings (DE) view, above the three-year historical average at 24.0x. Private markets (equity, real estate, credit, infrastructure) are active, but we see a more gradual upward curve on DE in ’24. We drop our ’24 DE to $4.90 ($5.25) and ’25’s to $6.20 ($6.35). Our revenue forecast is $13.0B in ’24 and $15.5B in ’25. For industry financial metrics, performance revenues were flat in Q1 24, total net realizations were +9%, and DE was +11% ($0.96, $0.01 below consensus). LTM Investment performance was best in Infrastructure (+18.9%), Private Credit (+17.2%), Corporate Private Equity (+12.7%), and Liquid Credit (+12.4%),

The following is a summary of the Blackstone Inc. (BX) Q1 2024 Earnings Call Transcript: Financial Performance: Blackstone reported a GAAP net income of $1.6 billion for Q1 2024. Distributable earnings for the quarter were $1.3 billion or $0.98 per common share. The company declared a quarterly dividend of $0.83 per share. Blackstone’s fee-related earnings were at $1.2 billion, marking its highest level in six quarters. Management fees for Q1 2024 reached a record level of $1.7 billion, marking the 57th consecutive quarter of year-over-year growth. A significant $25 billion was invested in the first quarter, bringing the total to $56 billion in the past two quarters. Business Progress: The company successfully invested $25 billion in Q1 and committed an additional $15 million to pending deals. Major investments were made in sectors like digital infrastructure, particularly data centers. Sales in the Private Wealth channel increased by over 80% from Q4

UBS analyst Brennan Hawken maintains Blackstone (NYSE:BX) with a Neutral and raises the price target from $135 to $138.

Blackstone (NYSE:BX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/29/2024 9.7% UBS $134 → $140 Maintains Buy 01/26/2024 -24.77% JP Morgan $91 → $96 Maintains Neutral 01/26/2024 -20.86% BMO Capital $95 → $101 Maintains Market Perform 01/26/2024 5% Wells Fargo $130 → $134 Maintains Overweight 01/26/2024 -0.48% Keefe, Bruyette & Woods $123 → $127 Maintains Market Perform 01/24/2024 12.84% Morgan Stanley $120 → $144 Maintains Overweight 01/22/2024 1.87% Wells Fargo $127 → $130 Maintains Overweight 01/19/2024 -2.83% Citigroup $116 → $124 Downgrades Buy → Neutral 01/11/2024 — Oppenheimer Downgrades Outperform → Perform 01/04/2024 -7.53% TD Cowen → $118 Initiates Coverage On → Market Perform 01/03/2024 0.3% Goldman Sachs → $128 Downgrades Buy → Neutral 12/20/2023 17.54% Piper Sandler → $150 Assumes → Overweight 10/20/2023 -17.72% Oppenheimer $107 → $105 Maintains Outperform 10/20/2023 -11.45% Wells Fargo $118 → $113 Maintains Overweight 10/20/2023

Blackstone (NYSE:BX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/26/2024 7.71% Wells Fargo $130 → $134 Maintains Overweight 01/26/2024 2.08% Keefe, Bruyette & Woods $123 → $127 Maintains Market Perform 01/24/2024 15.75% Morgan Stanley $120 → $144 Maintains Overweight 01/22/2024 4.49% Wells Fargo $127 → $130 Maintains Overweight 01/19/2024 -0.33% Citigroup $116 → $124 Downgrades Buy → Neutral 01/11/2024 — Oppenheimer Downgrades Outperform → Perform 01/04/2024 -5.15% TD Cowen → $118 Initiates Coverage On → Market Perform 01/03/2024 2.89% Goldman Sachs → $128 Downgrades Buy → Neutral 12/20/2023 20.57% Piper Sandler → $150 Assumes → Overweight 10/20/2023 -15.6% Oppenheimer $107 → $105 Maintains Outperform 10/20/2023 -9.17% Wells Fargo $118 → $113 Maintains Overweight 10/20/2023 -24.44% BMO Capital $97 → $94 Maintains Market Perform 10/20/2023 -3.54% Morgan Stanley $125 → $120 Maintains Overweight 10/10/2023 -6.76% Barclays $110 → $116 Maintains Equal-Weight 10/06/2023

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our target $28 to $135 on a forward P/E of 25.7x, above the three-year historic average at 22.0x given the macro outlook positioned for lower rates. With real estate still a drag on the ’24 outlook, we cut our ’24 EPS by $0.45 to $5.25 and set ’25’s at $6.35. BX posted Q4 24 EPS of $1.11, a $0.10 consensus beat. For industry-realized financial metrics, performance revenues were +47% in Q4 (-54% in ’23), net realizations +16% (-58%), and distributable earnings +4% (-24%). Investment performance in ’23 was best in Private Credit (+16.4%), Liquid Credit (+13.0%), Infrastructure (+12.1%), and Corporate Private Equity (+12.1%), while Real Estate areas were -6.3% in Opportunistic and -4.3% in Core+ funds. Fund net inflows were +$23B in Q4 (+$149B in

By Bill Alpert After a rough year with its real estate portfolio, asset management giant Blackstone finished its December quarter in better form than Wall Street expected. Blackstone’s December earnings of $1.11 a share were 4% above the year-ago quarter and about 15% better than forecasts. For the year, earnings fell 24%, to $3.95 a share. Yet over $1 trillion worth of assets were under its management, up 3% from September and 7% from 2022. The stock was up 3% by midday on the news, to $124. But the stock’s handsome multiple of 24-times rides largely on hopes that all the money Blackstone is managing will throw off fees. And the quarter’s fee-related earnings of 86 cents a share were a disappointment, slipping 2%. Much of the earnings beat came from factors like lower taxes and interest income. The firm’s stalling management fees put pressure on the company in 2024

The following is a summary of the Blackstone Inc. (BX) Q4 2023 Earnings Call Transcript: Financial Performance: Blackstone’s Q4 featured active investment activity, with $31 billion deployed, up 2.5 times from Q3. The firm achieved gross returns of 16.4% in private credit strategies and 13% in liquid credit. Blackstone’s corporate private equity operating companies reported healthy revenue growth of 7% YoY in Q4. They raised nearly $5 billion in Q4. Blackstone’s total AUM increased 7% year-over-year to record levels. Total inflows for the year reached nearly $150 billion. Base management fees rose 7% to a record $6.5 billion. Fee-related earnings were stable at $4.3 billion for the year or $3.58 per share. Blackstone reported GAAP net income of $109 million for the Q4. Distributable earnings were $1.4 billion or $1.11 per common share in Q4. Business Progress: The firm foresees growth in their insurance channel, predicting AUM will reach $250

Blackstone (NYSE:BX) reported quarterly earnings of $1.11 per share which beat the analyst consensus estimate of $0.96 by 15.63 percent. This is a 3.74 percent increase over earnings of $1.07 per share from the same period last year. The company reported quarterly sales of $2.54 billion which missed the analyst consensus estimate of $2.57 billion by 1.36 percent. This is a 8.24 percent increase over sales of $2.34 billion the same period last year.

Blackstone (NYSE:BX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/24/2024 19.53% Morgan Stanley $120 → $144 Maintains Overweight 01/22/2024 7.91% Wells Fargo $127 → $130 Maintains Overweight 01/19/2024 2.93% Citigroup $116 → $124 Downgrades Buy → Neutral 01/11/2024 — Oppenheimer Downgrades Outperform → Perform 01/04/2024 -2.05% TD Cowen → $118 Initiates Coverage On → Market Perform 01/03/2024 6.25% Goldman Sachs → $128 Downgrades Buy → Neutral 12/20/2023 24.51% Piper Sandler → $150 Assumes → Overweight 10/20/2023 -12.84% Oppenheimer $107 → $105 Maintains Outperform 10/20/2023 -6.2% Wells Fargo $118 → $113 Maintains Overweight 10/20/2023 -21.97% BMO Capital $97 → $94 Maintains Market Perform 10/20/2023 -0.39% Morgan Stanley $125 → $120 Maintains Overweight 10/10/2023 -3.71% Barclays $110 → $116 Maintains Equal-Weight 10/06/2023 -6.2% HSBC → $113 Initiates Coverage On → Hold 09/05/2023 3.76% Morgan Stanley $125 → $125 Reiterates Overweight → Overweight 07/24/2023