|Bid||45.92 x 800|
|Ask||45.93 x 1200|
|Day's Range||45.07 - 47.36|
|52 Week Range||26.88 - 47.93|
|Beta (3Y Monthly)||1.63|
|PE Ratio (TTM)||18.87|
|Earnings Date||Jul 18, 2019|
|Forward Dividend & Yield||1.48 (3.27%)|
|1y Target Est||50.45|
Sen. Elizabeth Warren on Thursday unveiled a proposal for new rules on private-equity firms, likening companies to vampires as she took her latest get-tough approach to the financial industry.
(Bloomberg) -- Blackstone Group Inc.’s fundraising machine is accelerating, gathering $45.1 billion in the second quarter and putting it on pace to exceed its goal for the year.Key InsightsBlackstone, the largest alternative asset manager, has benefited from a fundraising boom as investors dole out more money to the biggest firms. Its second-quarter haul gives it a total of $88 billion for the first half, and the firm expects to raise ‘significantly more’ than $100 billion -- its previous goal -- for the year, President Jonathan Gray said on the conference call Thursday. As a sign of the times, Blackstone is poised to raise a $25 billion flagship buyout fund, the biggest ever. Alternative investment shops have been accumulating dry powder, or undeployed capital, as asset prices soar and competition for deals grows fierce. Blackstone’s cash pile grew in the quarter to a record $150.3 billion, according to the earnings statement. Industrywide the massive stockpile of capital is a concern and may push down investment returns, Bloomberg Intelligence analyst Paul Gulberg wrote in a July note. Blackstone deployed $18.3 billion in capital compared with $8.4 billion in the year-ago quarter. Digging DeeperBlackstone’s distributable earnings rose 1.3% to $709 million, or 57 cents a share, from $700 million, or 56 cents, in the year-ago quarter. The results beat the average estimate of 48 cents from analysts surveyed by Bloomberg. Assets under management rose to a record $545.5 billion.Market ReactionThe shares rose 1% to $45.72 in New York trading at 10:38 am. Blackstone’s fundraising, coupled with its conversion to a corporation announced in April, spurred the firm’s biggest quarterly share gain since 2010. The stock jumped 27% in the second period, but has lost some ground in July.Blackstone said on the call that following the C-corp shift it expects to be added to three indexes in the fall. Chief Executive Officer Steve Schwarzman said the conversion was one of his firm’s most significant decisions in its history. (Updates with comments from Schwarzman in last bullet point.)\--With assistance from Melissa Karsh.To contact the reporter on this story: Heather Perlberg in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Alan Mirabella at email@example.com, Vincent BielskiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Blackstone Group LP is talking with prospective buyers for some of the warehouses it will amass as part of an $18.7 billion acquisition agreed to last month with GLP Pte Ltd., according to people with knowledge of the matter.The investment firm has solicited interest for bespoke portfolios of properties from suitors including Prologis Inc., said some of the people, who asked not to be identified because the discussions are private. At least one portfolio is valued at $1 billion or more, one of the people said.Representatives for Blackstone and Prologis declined to comment.It’s not uncommon for real estate investors to divest non-core or non-strategic holdings they amass from large transactions. Blackstone sold a myriad of properties to a variety of buyers as part of its almost $40 billion purchase of Equity Office Properties Trust in 2007.Warehouse tenants such as Amazon.com Inc. got a respite in the second quarter from what’s been a tight market. The available supply of U.S. industrial and logistics real estate -- the sum of vacant space as well as occupied space being marketed for new tenants -- snapped a streak of declines that lasted 34 quarters, according to a report this week from CBRE Group Inc.Still, big landlords remain bullish there will be ongoing institutional investment in the sector. Colony Capital Inc. is exploring the sale of its warehouse business, which may fetch more than $5 billion, Bloomberg reported this week.To contact the reporter on this story: Gillian Tan in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Alan Goldstein at email@example.com, Steve Dickson, Daniel TaubFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Blackstone today announced that it has held the final close of its inaugural fundraising phase for Blackstone Infrastructure Partners . Together with previously announced commitments, this closing brings total commitments for BIP to $14 billion.
Higher earnings from the sale of assets in Blackstone's private equity, credit and fund-of-hedge-funds divisions was almost offset by a plunge in proceeds from divestments in its real estate unit. Investors focused on the better-than-expected distributable earnings, which show the cash available for paying dividends, sending shares of Blackstone up 0.7% to $45.59 at midday. "We view this earnings release as very positive.
Blackstone Group Inc, the world's largest manager of alternative assets such as private equity and real estate, said on Thursday its distributable earnings in the second quarter rose 1% year-on-year, more than most analysts expected. Higher earnings from the sale of assets in Blackstone's private equity, credit and fund-of-hedge-funds divisions was almost offset by a plunge in proceeds from divestments in its real estate unit. Investors focused on the better-than-expected distributable earnings, which show the cash available for paying dividends, sending shares of Blackstone up 0.7% to $45.59 at midday.
Blackstone beat expectations for distributable earnings and recorded an “unprecedented” surge in assets under management to $545bn in its final quarter as a publicly traded partnership. The world’s biggest private equity firm has amassed a $150bn warchest of undrawn capital to spend on new deals.
NEW YORK, NY / ACCESSWIRE / July 18, 2019 / The Blackstone Group LP (NYSE: BX ) will be discussing their earnings results in their 2019 Second Quarter Earnings to be held on July 18, 2019 at 9:00 AM Eastern ...
The biggest U.S. private-equity firm says second-quarter net income tumbles 58% to $647 million, as investment income slid. CEO Stephen Schwarzman touted the company's success in luring new money from big investors, including public-pension funds.
If there is a skill that Stephen Schwarzman has most effectively mastered, it is getting people to hand over their cash. Blackstone’s founder has emerged as a key fundraiser for President Trump’s re-election bid. on Thursday that assets under management had reached a staggering $545bn, after taking in $150bn in the last 12 months.
US stocks eyed their third consecutive daily drop as investors absorbed a mixed bag of earnings news. Heavy losses for shares in Netflix weighed on the communication services sector, which led a 0.1 per cent retreat for the S&P 500 on Thursday and offset gains in financials and consumer staples.
Blackstone today announced that Gabriel Sod Hoffs has joined Blackstone Alternative Asset Management as a Managing Director and Head of Emerging Markets and Global Macro Strategy.
By John Jannarone Colony Capital (ticker: CLNY) is exploring a sale of its industrial real-estate unit, according to a Bloomberg report Wednesday, news that comes less than a week after CorpGov published an an analysis showing the company could be more valuable if it were broken up or sold outright. The asset, which is structured […]
Blackstone Group has hired a portfolio manager from hedge fund Caxton Associates to head its global macro and emerging markets strategies as uncertainty about interest rates is creating fresh investment opportunities in these areas. Gabriel Sod Hoffs joined Blackstone Alternative Asset Management, the company's $80 billion hedge fund unit, as a managing director, Blackstone confirmed on Wednesday.
Strategic Partners, Blackstone’s secondary and fund solutions business, announced today the final close on over $11 billion for Strategic Partners VIII L.P. and its related committed program vehicles .
(Bloomberg) -- Energy Transfer LP, the U.S. pipeline giant controlled by billionaire Kelcy Warren, is weighing the sale of its 33% stake in a conduit that carries Appalachian natural gas to customers across the Midwest, according to people familiar with the matter.The Dallas-based pipeline operator has hired an adviser to pursue a potential sale of its operated interest in the Rover pipeline, said the people, who asked not to be named because the information isn’t public. The stake could fetch as much as $2.5 billion, one of the people said.No decision has been made and Energy Transfer could opt not to sell, the people said. A representative for the company declined to comment. Energy Transfer rose 0.6% to close at $14.91 a share.Rover is 713 miles (1,148 kilometers) long and can shuttle 3.25 billion cubic feet of gas daily to customers across Ohio and Michigan, and as far away as Ontario. The project was originally expected to cost $4.2 billion and entered full service last year after a series of delays and construction missteps, including the bulldozing of a historic house in Ohio that the company had said it was buying for office space.When the project came online, gas drillers got relief from bottlenecks that had plagued the Marcellus and Utica shale fields in Appalachia, where a production boom aggravated shipping constraints. Rover can handle as much as 10% of total Appalachian gas output.Energy Transfer sold a 32% stake in Rover to funds managed by Blackstone for about $1.57 billion in 2017. Together, Energy Transfer and Blackstone control 65% of Rover through an entity called “HoldCo,” according to a regulatory filing. Traverse Midstream, formed in 2014 by a former affiliate of private equity firm NGP Energy Capital Management, owns the remaining 35%.Proceeds from a sale of the Rover stake could be used by Energy Transfer to make an acquisition. The company is among those looking at a 20% stake in a crude-oil export project in Corpus Christi, Texas, a person familiar with the matter said last month.“We kiss a lot of frogs looking for a prince,” Warren said during a conference call in November. “We are working it hard. I will tell you, though, we are not finding any deals.”To contact the reporters on this story: Rachel Adams-Heard in Houston at firstname.lastname@example.org;Kiel Porter in Chicago at email@example.comTo contact the editors responsible for this story: Simon Casey at firstname.lastname@example.org, Christine BuurmaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- CRH Plc, which counts activist investor Cevian Capital as an investor, agreed to sell its European plumbing and heating distribution business to Blackstone Group Inc. for 1.64 billion euros ($1.9 billion) in cash to create a more focused building-materials group.The business supplying professional builders and home renovators generated sales of 3.7 billion euros and earnings of 155 million euros last year, Dublin-based CRH said in a statement on Tuesday. Bloomberg reported late Monday a deal with the U.S. private equity firm was imminent.The sale marks CRH’s exit from distribution as Chief Executive Officer Albert Manifold steers the company toward higher growth markets including cement. As part of a more sweeping overhaul to generate cash for acquisitions, the CEO spent the “last several months” exploring options for the business, concluding that a sale would generate the most value for shareholders, according to the company.Blackstone beat out other bidders, including Bain Capital and Lone Star Funds, according to people with knowledge of the matter. The distribution business also sells products such as roof tiles and flooring.Shares of CRH gained 0.8% to 29.74 euros as of 8:13 a.m. in Dublin. The transaction will be “well received given the clean sale and the attractive price,” Davy analyst Robert Gardiner wrote in an investor note.(Updates with analyst and share price in last paragraph.)\--With assistance from Jan-Henrik Förster and Dinesh Nair.To contact the reporters on this story: Aaron Kirchfeld in London at email@example.com;Sarah Syed in London at firstname.lastname@example.org;Andrew Noël in London at email@example.comTo contact the editors responsible for this story: Aaron Kirchfeld at firstname.lastname@example.org, Tara PatelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Irish building materials supplier CRH announced it will sell its European distribution business to private equity funds managed by Blackstone. The European business, which supplies roof tiles, sanitary heating and plumbing to a network of builders, will be sold for €1.64bn, including net debt. Proceeds will be used for future acquisitions and to fund the FTSE 100 company’s share buyback programme, according to the company.
Irish building materials supplier CRH is selling its underperforming European distribution unit to Blackstone-backed private equity funds for 1.64 billion euros ($1.85 billion), including net debt. With the sale, the Dublin-based company, which provides cement, asphalt and other building materials, would completely exit the distribution business as it tries to improve core profit margins.
CRH’s largest deal in two years merited only a muted nod of approval from shareholders. Albert Manifold, chief executive of CRH, which is listed in London and rooted in Ireland, has extracted a decent price from the private equity group. Blackstone is paying 11 times enterprise value to ebitda.
The Global CIO of fixed income at BlackRock said the Federal Reserve should aggressively cut interest rates.