Blackstone (NYSE:BX) shares are down nearly 5% in the pre-market session after the largest alternative asset manager in the world delivered a lower-than-anticipated third-quarter performance. During the quarter, revenue declined 10.4% year-over-year to $2.32 billion, missing estimates by $260 million. EPS of $0.94 also lagged expectations by $0.07.
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In Q3, fee-related earnings (FRE) stood at $1.1 billion, with total assets under management rising by 6% year-over-year to $1,007.4 billion. While the company’s Private Equity, Credit & Insurance, and Hedge Fund solutions investments fared well, its Real Estate portfolio witnessed pressure amid the higher interest rate environment.
The company attracted inflows of $25.3 billion and deployed $12.4 billion. Importantly, it is sitting on $200 billion of dry powder for opportunistic deployments. Additionally, BX has announced a dividend of $0.80 per share. The BX dividend is payable on November 6 to investors of record on October 30.
Is BX a Good Stock to Buy?
Overall, the Street has a Moderate Buy consensus rating on Blackstone. The average BX price target of $115.50 implies a nearly 13% potential upside.
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