Blackstone Group saw earnings gain 3% in its third quarter as economic net income (ENI), its measure of profitability on the market value of its portfolio, rose to $640.2 million from $621.8 million in the year-ago quarter. The alternative asset manager reported record portfolio value of $248 billion, a 21% year-on-year increase.
"Blackstone attracted $12 billion of organic capital informs and $53 billion in total inflows over the past year," CEO Stephen A. Schwarzman explained in a statement. "We are actively deploying this capital, as our global scale and diversification allow us to source investment opportunities around the world."
Despite the positive earnings report, shares dropped 0.7% to $26.83 just after the market opened.
TheStreet Ratings team rates BLACKSTONE GROUP LP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate BLACKSTONE GROUP LP (BX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."
- You can view the full analysis from the report here: BX Ratings Report
Written by Keris Alison Lahiff.