Blackstone Announces Preliminary Realization Update: Retail Sentiment Inches Higher

Shares of the world’s largest alternative asset manager Blackstone Inc (BX) were in focus on Tuesday after the firm announced its preliminary realization estimate from Oct. 1, 2024 to Dec. 23, 2024.

Blackstone expects total realized performance revenues and total realized principal investment income to exceed $775 million. The estimate comprises approximately 95% realized performance revenues and approximately 5% realized principal investment income.

Blackstone clarified that the estimate includes revenue related to investment realizations closed to date in the fourth quarter. It also comprises certain non-fee related incentive fees included in realized performance revenues and other investment income expected to be realized at quarter end.

Following the announcement, retail sentiment surrounding Blackstone was trending in the ‘neutral’ territory (47/100) versus ‘bearish’ a month ago.

BX’s Sentiment Meter and Message Volume as of 7:28 a.m. ET on Dec. 24, 2024 | Source: Stocktwits

Blackstone made headlines last month after it announced that private equity funds managed by the firm will acquire a majority ownership position in Jersey Mike’s, a franchisor of fast-casual submarine sandwich stores.

Blackstone said the deal is intended to help Jersey Mike’s accelerate its expansion across and beyond the U.S. market and its continued investment in technology and digital transformation.

Meanwhile, Piper Sandler has raised its price target on Blackstone shares to $179 from $168 while keeping an ‘Overweight’ rating on the shares, according to The Fly.

The firm noted that asset managers have outperformed financials and the broader market in recent months, leading up to and through the start of the Federal Reserve rate-cutting cycle and the presidential election.

Piper Sandler expects an increasingly accommodating environment for asset managers due to a likely growth in deal activity, initial public offerings, and a lighter regulatory environment.

Notably, shares of Blackstone have gained over 34% since the beginning of the year, outperforming the benchmark U.S. indices.

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