Why Is Alternative Investment Giant Blackstone Stock Surging Today?

Blackstone Inc BX shares are trading higher after it reported fourth-quarter FY23 results.

Blackstone reported adjusted revenues of $2.54 billion, missing the consensus of $2.57 billion. Distributable earnings (DE) rose 4% Y/Y to $1.39 billion. Fee-related earnings fell by 2% Y/Y to $1.04 billion.

Fee-related earnings rose 1% Y/Y in the Real Estate and 6% in Credit & Insurance business but fell 12% Y/Y in Private Equity segments.

Net accrued performance revenue declined to $5.84 billion in the quarter from $6.84 billion in the prior year quarter. Distributable earnings per share of $1.11, topped the consensus of $0.95.

Opportunistic funds fell 3.8%, and core real estate funds declined 4.6%. Asset under management rose 7% Y/Y to $1.04 trillion, with inflows of $52.7 billion in the quarter.

Also Read: Blackstone’s Real Estate Power Move: Takes Tricon Residential Private

Dividend: Blackstone declared a quarterly dividend per share of $0.94, payable on February 12, 2024, to shareholders of record as of February 5, 2024. 

Repurchase: The company repurchased 0.4 million shares in the fourth quarter, with shares available for authorization worth $757 million as of December 31, 2023.

Stephen A. Schwarzman, Chairman and CEO, said, “Blackstone reported strong fourth-quarter results, as we exited a volatile year for global markets. The quarter reflected strong momentum across the business, including a meaningful acceleration in fund-raising and investment activity. We are exceptionally well positioned for the road ahead with nearly $200 billion of dry powder capital to invest.”

Also Read: Blackstone’s Earnings In Focus: BofA Analyst Estimates In-Line But Sees Improving Outlook

Price Action: BX shares are up 3.04% to $124.30 premarket on the last check Thursday.