On Sep 15, 2014, we issued an updated research report on The Blackstone Group L.P. (BX). This New York-based investment management firm remains focused on improving its top line.
Blackstone reported second-quarter 2014 economic net income of $1.15 per share on Jul 17, beating the Zacks Consensus Estimate by a huge 64%. Also, the reported figure compared favorably with 62 cents earned in the prior-year quarter.
Results were aided by higher top-line growth, driven primarily by a steep rise in the performance fees. This was, however, partly offset by higher expenses. Further, the company boasted a strong asset under management (AUM) and balance sheet position during the quarter. Blackstone’s total revenue grew 57% year over year to $2.26 billion. The increase was mainly attributable to a 95% rise in performance fees and 72% boost in investment income.
We believe that company’s diversified products and revenue mix will help it adapt to the changing requirements of the clients and in turn to keep its growth momentum going.
The Zacks Consensus Estimate for 2014 climbed 3.2% to $3.84 per share over the past 60 days. For 2015, the Zacks Consensus Estimate inched up 0.6% to $3.53 per share during the same time frame.
Blackstone currently carries a Zacks Rank #2 (Buy).
Some better-ranked investment managers include AllianceBernstein Holding L.P. (AB), Monroe Capital Corporation (MRCC) and SEI Investments Co. (SEIC). All these stocks sport a Zacks Rank #1 (Strong Buy).
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