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Headquartered in New York, Blackstone Inc. (BX) is a global asset manager specializing in alternative investments and financial advisory services. With a market cap of $88.2 billion, the company invests across various asset classes for investors such as pension funds, insurance companies, and individual investors. The company is set to announce its Q2 earnings for fiscal 2024 on Thursday, Jul. 18.
Ahead of the event, analysts expect Blackstone to report a profit of $1.04 per share, up 11.8% from $0.93 per share in the year-ago quarter. The company has exceeded Wall Street’s EPS estimates in three of the last four quarters while missing on one occasion.
Blackstone's diversified investment performance across its funds and strong growth in total assets under management helped its EPS for the last quarter to rise 1% year over year to $0.98, meeting the consensus estimate.
Looking ahead, analysts expect Blackstone to report an EPS of $4.77 in fiscal 2024, up 20.8% from $3.95 in fiscal year 2023. Its fiscal 2025 EPS is projected to rise 25.8% year over year to $6.
BX’s stock has rallied 30.2% over the past 52 weeks, outperforming the broader S&P 500 Index's ($SPX) 24.3% gains and the Financial Select Sector SPDR Fund’s (XLF) 22.6% returns over the same time frame.
Blackstone has benefited this year from diversified investment performance across its funds, with stable returns in opportunistic real estate and appreciating values in corporate, private equity, and hedge funds. Moreover, the company reported steady first-quarter results, with notable momentum in its private credit and private wealth sectors. It reported a 1% increase in distributable earnings to $1.27 billion, supported by a notable 12% rise in fee-related earnings fueled by strong fundraising efforts.
Additionally, robust growth in total assets under management, surpassing $1 trillion, provided a strong foundation for fee generation and investment gains. Moreover, the company is poised to capitalize on a strengthening transaction environment and attractive opportunities for capital deployment. However, after releasing its Q1 earnings on Apr. 18, BX's stock dipped 2.3%, followed by a 1.6% fall in the next trading session.
The current consensus view on Blackstone stock is “Moderate Buy” overall. Among the 19 analysts covering the stock, seven recommend a "Strong Buy," one suggests a "Moderate Buy," and the remaining 11 advise a "Hold."
Furthermore, the average analyst price target for Blackstone is $127.62, indicating a potential upside of 3.4% from the current price levels.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
