Blackstones second-quarter earnings, reported on Thursday, topped Wall Street estimates, as assets under management grew 24% and inflows for the last twelve months hit a record.
Blackstone shares closed higher for the third time in the past ten trading sessions in New York on Thursday. It has also been the sharpest daily surge since July 2nd. The stock went up 0.82% ($0.37) to $45.65, after touching an intraday high at $47.37, or a price level not seen since July 5th ($47.55).
Shares of The Blackstone Group LP have risen 53.14% so far during the current year, following a 6.90% drop in 2018.
Total revenue went down to $1.49 billion during the second quarter from $2.63 billion in the year-ago period. However, the figure exceeded the median analyst forecast of $1.15 billion.
Total assets under management were reported to have surged 24% year-on-year to $545.5 billion during the second quarter.
Blackstone reported as much as $45.1 billion in inflows during the quarter, while inflows for the last twelve months reached the record $150.7 billion.
The company reported $18.3 billion in deployed capital during the quarter, while deployment for the last twelve months rose to the record $56.3 billion.
Meanwhile, fee-related earnings rose 24% year-on-year to $422 million (or $0.35 per share) during the past quarter.
Distributable earnings went up 1% year-on-year to $709 million (or $0.57 per share) during the second quarter. In comparison, analysts on average had expected earnings of $0.51 per share.
The asset manager declared a quarterly dividend of $0.48 per common share, payable on August 5th.
At the same time, the company repurchased 7 million common shares during the latest quarter and 22.3 million common shares during the last twelve months.
The Blackstone Group also said it had finalized the conversion to a corporation on July 1st.
Analyst stock price forecast and recommendation
According to CNN Money, the 11 analysts, offering 12-month forecasts regarding The Blackstone Group LP’s stock price, have a median target of $51.00, with a high estimate of $54.00 and a low estimate of $45.00. The median estimate represents an 11.72% upside compared to the closing price of $45.65 on July 18th.
The same media also reported that at least 12 out of 13 surveyed investment analysts had rated The Blackstone Group LP’s stock as “Buy”, while 1 – as “Hold”.