These Analysts Increase Their Forecasts On Blackstone Following Q2 Results

Author: Avi Kapoor | July 19, 2024 01:45pm

Blackstone Inc (NYSE:BX) reported an increase in earnings for its second quarter fiscal year 2024 on Thursday.

The company posted adjusted revenues of $2.796 billion, beating the consensus of $2.619 billion. Distributable earnings per share of 96 cents (+3% Y/Y), missing the consensus of 98 cents, according to data from Benzinga Pro.

Asset under management rose 7% Y/Y to $1.076 trillion, with inflows of $39.4 billion in the quarter.

Blackstone declared a quarterly dividend per share of $0.82, payable on August 5, 2024, to shareholders of record as of July 29, 2024.

Blackstone shares rose on Friday following a report suggesting the company is considering a sale of its minority stake in HH Global.

Blackstone shares gained 2.3% to trade at $139.59 on Friday.

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

• Piper Sandler analyst Crispin Love maintained Blackstone with an Overweight rating and raised the price target from $134 to $149.
• TD Cowen analyst Bill Katz maintained the stock with a Hold rating, while increasing the price target from $114 to $120..
• B of A Securities analyst Craig Siegenthaler maintained Blackstone with a Buy rating, while boosting the price target from $130 to $145.

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Posted In: BX