Why Is Alternative Investment Giant Blackstone Stock Surging Today?
Portfolio Pulse from Lekha Gupta
Blackstone Inc (NYSE:BX) shares rose after reporting Q4 FY23 results. Despite missing revenue estimates with $2.54 billion against a $2.57 billion consensus, distributable earnings increased 4% Y/Y to $1.39 billion. Fee-related earnings varied across segments, with a decline in Private Equity. Net accrued performance revenue decreased from the prior year, but distributable EPS of $1.11 beat the $0.95 consensus. AUM grew 7% Y/Y to $1.04 trillion. Blackstone announced a dividend of $0.94/share and repurchased 0.4 million shares. The stock is up 3.04% premarket.
January 25, 2024 | 2:27 pm
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POSITIVE IMPACT
Blackstone's Q4 results showed mixed performance with a slight revenue miss but higher distributable earnings and EPS beating consensus. AUM increased and a dividend was declared, indicating financial health. The stock rose 3.04% premarket.
The positive reaction in premarket trading suggests investors are focusing on the strong distributable earnings and EPS beat, along with the growth in AUM and the dividend declaration, rather than the slight revenue miss. The repurchase of shares and the CEO's optimistic outlook may also contribute to investor confidence.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100