Blackstone Turns a Profit in Q4; Declares Quarterly Dividend (BX)

Blackstone Turns a Profit in Q4; Declares Quarterly Dividend (BX)


On Thursday asset management company The Blackstone Group L.P. (BX) posted a profit in the fourth quarter of 2012 compared to a loss in the same period a year ago. Economic net income and revenue beat the Wall Street view.

The New York, New York based company reported a fourth quarter net income of $106.41 million, or 19 cents per share, versus a loss of $22.68 million, or 5 cents per share, earned in the year prior.

Economic net income increase to $669.98 million, or 59 cents per share, from $468.15 million, or 42 cents per share, a year ago. Analysts were expecting 47 cents per share.

Total revenue was up to $1.23 billion from $925.01 million last year. Analysts were expecting fourth quarter revenue to be $1.11 billion.

Furthermore, the company declared a quarterly dividend of 42 cents per share to shareholders of record on February 11.

Blackstone also said that it intendeds to increase its base quarterly distribution from 10 cents per share to 12 cents per share in 2013. Any excess net cash available at the end of each quarter will be distributed to shareholders.

Blackstone shares were up $1.21, or +6.94%, during morning trading on Thursday. The stock is up +17.77% over the past year.

The Bottom Line
Shares of Blackstone (BX) have a dividend yield of 2.84% based on Thursday’s morning price of $18.31.

The Blackstone Group L.P. (BX) is not recommended at this time, holding a 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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