Blackstone Analysts Slash Their Forecasts After Q1 Earnings

Blackstone Inc BX reported upbeat earnings for its first quarter FY24 on Thursday.

Blackstone reported adjusted revenues of $2.55 billion, beating the consensus of $2.49 billion. Distributable earnings (DE) rose 1% Y/Y to $1.27 billion. Fee-related earnings grew by 12% Y/Y to $1.16 billion, according to data from Benzinga Pro. Distributable earnings per share of $0.98 topped the consensus of $0.97.

Asset under management rose 7% Y/Y to $1.06 trillion, with inflows of $34.0 billion in the quarter.

Blackstone declared a quarterly dividend per share of 83 cents, payable on May 6, 2024, to shareholders of record as of April 29, 2024.

Stephen A. Schwarzman, Chairman and CEO, said, "Blackstone reported strong first-quarter results, highlighted by accelerating momentum in our private credit and private wealth businesses. We are seeing a strengthening transaction environment and attractive opportunities to deploy capital. We are well positioned to navigate today's dynamic market landscape, with a portfolio concentrated in compelling sectors and nearly $200 billion of dry powder available to invest."

Blackstone shares fell 2.3% to close at $120.32 on Thursday.

These analysts made changes to their price targets on Blackstone following earnings announcement.

  • JP Morgan cut the price target on Blackstone from $105 to $100. JP Morgan analyst Kenneth Worthington maintained a Neutral rating.
  • Barclays lowered the price target on Blackstone from $129 to $125. Barclays analyst Benjamin Budish reiterated an Equal-Weight rating.

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