Blackstone's Strong Q2 Drives Stock Higher: Assets Under Management Up 7%
Portfolio Pulse from Lekha Gupta
Blackstone Inc (NYSE:BX) reported strong Q2 FY2024 results, with adjusted revenues of $2.796 billion beating expectations. Distributable earnings rose 3% Y/Y to $1.25 billion, while fee-related earnings fell 3% Y/Y. Assets under management increased 7% Y/Y to $1.076 trillion. The company declared a quarterly dividend of $0.82 and repurchased 2.0 million shares. BX shares are up 3.76% following the news.
July 18, 2024 | 3:14 pm
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Blackstone Inc (NYSE:BX) reported strong Q2 FY2024 results, with adjusted revenues of $2.796 billion beating expectations. Distributable earnings rose 3% Y/Y to $1.25 billion, while fee-related earnings fell 3% Y/Y. Assets under management increased 7% Y/Y to $1.076 trillion. The company declared a quarterly dividend of $0.82 and repurchased 2.0 million shares. BX shares are up 3.76% following the news.
Blackstone's strong Q2 results, including beating revenue expectations and a significant increase in assets under management, are likely to positively impact the stock price in the short term. The declaration of a quarterly dividend and share repurchase also adds to investor confidence.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:LBO) provides exposure to Blackstone Inc (NYSE:BX), which reported strong Q2 FY2024 results. BX's positive performance is likely to benefit LBO in the short term.
Given that LBO provides exposure to Blackstone, the strong performance of BX is likely to have a positive impact on LBO in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Invesco Global Listed Private Equity ETF (NYSE:PSP) provides exposure to Blackstone Inc (NYSE:BX), which reported strong Q2 FY2024 results. BX's positive performance is likely to benefit PSP in the short term.
Given that PSP provides exposure to Blackstone, the strong performance of BX is likely to have a positive impact on PSP in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50