Asset management firm The Blackstone Group L.P. (BX) reported early on Thursday a jump in first quarter profits on higher revenues, as the company saw a record in assets under management.
The New York-based firm said its first quarter net income rose to $167.63 million, or 29 cents per share, up from $58.32 million, or 11 cents per share last year.
Adjusted, economic net income for the quarter rose to $628.31 million, or 55 cents per share, up from $491.22 million, or 44 cents per share, last year. The company benefited from strong performance by its various funds. Analysts, according to Thomson Reuters, were expecting the company to report earnings of 51 cents per share.
Total revenues for the first quarter rose to $1.26 billion from $974.07 million in the same period last year. Analysts were looking for revenues of $1.16 billion.
Blackstone’s total assets under management rose 15% from last year to hit a record $218 billion. The company saw strong, double-digit growth across all investing businesses.
Blackstone shares were down 29 cents, or -1.44%, during Thursday morning trading. The stock is up +28.61% year-to-date.
The Bottom Line
Shares of Blackstone (BX) have a dividend yield of 3.57% based on Thursday’s intraday trading price of $20.14 and the company’s annualized dividend payout of 72 cents per share.
The Blackstone Group L.P. (BX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.