Blackstone Q2 Earnings Surge; Declares Dividend (BX)

Blackstone Q2 Earnings Surge; Declares Dividend (BX)

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Financial advisory firm The Blackstone Group L.P. (BX) reported a big jump in earnings on Thursday and declared its next quarterly dividend.

The New York, NY based company reported second quarter net income of $703 million, or 62 cents per share, which came in well above analysts estimate of 52 cents per share. Last year, the company reported earnings of $212 million, or 19 cents per share.

Revenue rose to $1.4 billion, from just $644 million a year ago. Second quarter revenue included $719 million in performance based fees, $605 million in real estate activities and $356 million in private equity.

The company also declared its next quarterly dividend of 23 cents per share. The dividend will be payable on on August 5 to shareholders of record on July 29, with an expected ex-dividend date of July 25.

Blackstone shares were up 49 cents, or 2.23% during premarket trading Thursday. The stock is up 41% YTD.

The Bottom Line
Shares of The Blackstone Group L.P. (BX) have a 4.19% yield, based on Wednesday’s closing price of $21.96.

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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