Blackstone's earnings surge on strong asset sales [Reuters]
Blackstone Inc. (BX)
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Source: Reuters
By Chibuike Oguh 3 Min Read NEW YORK (Reuters) - Blackstone Group Inc, the world’s largest manager of alternative assets, said on Wednesday its fourth-quarter distributable earnings rose 60% year-on-year, driven by a surge in asset sales across its private equity and real estate business lines. Distributable earnings - cash available for paying dividends to shareholders - totaled $1.46 billion, up from $914 million a year earlier. This translated into distributable earnings per share of $1.13, outperforming analysts’ average estimate of 89 cents, according to financial data provider Refinitiv.Blackstone’s stock was up 3% at $66.78 in afternoon trading in New York on Wednesday. “They are entering 2021 with substantial momentum especially in insurance,” said JMP analyst Devin Ryan. “There may be market volatility in the near term and short-term risks to performance, but they’re well positioned to navigate it given that we just went to through a real life stress-test.”During the quarter
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