In a remarkable display of market confidence, The Blackstone Group Inc. (NYSE:BX) stock has reached an all-time high, touching a price level of $164.58. This peak comes amidst a year that has seen the company's stock value surge by an impressive 56.12%. Investors have rallied behind the asset management firm, propelling its shares to unprecedented heights and marking a significant milestone in its financial trajectory. The 52-week high underscores the robust performance and investor optimism surrounding Blackstone's strategic initiatives and growth prospects in the competitive asset management landscape.
In other recent news, Blackstone Inc. reported third-quarter earnings and revenue that exceeded analyst expectations. The alternative asset manager posted adjusted earnings per share of $1.01, surpassing the consensus estimate of $0.98. Revenue came in at $3.66 billion, notably higher than analysts' projections of $2.68 billion.
In addition to these financial results, Blackstone's total assets under management reached $1.01 trillion, up 6% year-over-year. The firm also raised over $25 billion in new capital during the quarter, bringing total inflows over the last twelve months to $138.9 billion. Blackstone deployed $12.4 billion in the quarter and $61.4 billion over the past year.
Furthermore, the company declared a quarterly dividend of $0.80 per share. These recent developments highlight Blackstone's resilient performance and strong financial position.
InvestingPro Insights
Blackstone's recent stock performance aligns with several key metrics and insights from InvestingPro. The company's market capitalization stands at an impressive $195.02 billion, reflecting its significant presence in the asset management industry. InvestingPro data shows that Blackstone has delivered a strong return over the last three months, with a 19.12% price total return, and an even more substantial 31.28% return over the past six months. These figures corroborate the article's mention of the 56.12% surge in stock value over the year.
InvestingPro Tips highlight that Blackstone is trading near its 52-week high, which is consistent with the article's focus on the stock reaching an all-time high. Additionally, the company has maintained dividend payments for 18 consecutive years, suggesting a track record of consistent shareholder returns that may contribute to investor confidence.
It's worth noting that while Blackstone's P/E ratio is relatively high at 60.45, InvestingPro Tips indicate that the company is trading at a low P/E ratio relative to near-term earnings growth. This could suggest that investors are pricing in strong future performance expectations.
For readers interested in a more comprehensive analysis, InvestingPro offers 11 additional tips for Blackstone, providing a deeper understanding of the company's financial health and market position.
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