What's Happening With Blackstone Shares Falling?

Blackstone Inc BX shares are trading lower by 4.79% to $83.54 Thursday afternoon, reversing from earlier strength following the company's third-quarter financial results.

What Happened?

Blackstone beat estimated earnings by 6.0%, reporting an EPS of $1.06 versus an analyst consensus estimate of $1.00. Revenue however was down $450.00 million from the same period last year.

Blackstone has declared a quarterly dividend of $0.90 per share to record holders of common stock at the close of business on October 31. The company says this dividend will be paid on November 7.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “We delivered excellent results again in the third quarter. We protected client capital during a period of extreme market turbulence as we have through many challenging cycles in our history. Our clients entrusted us with $45 billion of inflows in the third quarter and $183 billion year to date, and we grew total assets under management 30% year over year to a record $951 billion. The Blackstone brand has never been stronger.”

See Also: Why Verizon Shares Are Shooting Higher Following AT&T Earnings Results

According to data from Benzinga Pro, Snap has a 52-week high of $78.18 and a 52-week low of $9.34.