Blackstone had $8.7 billion in total cash, cash equivalents, and corporate treasury investments as of June 30, 2024, alongside $17.7 billion in cash and net investments, with a $4.3 billion undrawn credit revolver. Fee-earning AUM increased by 11% year over year to $808.7 billion, contributing to total AUM reaching $1.08 trillion by the same date, up by 7% year over year. Despite expectations of top-line growth facilitated by rising AUM, Blackstone holds a Zacks Rank #4 (Sell), due to potential challenges from high expenses and a tough operating environment. In comparison, BlackRock, Inc. (NYSE: BLK) exceeded expectations for the second quarter, with adjusted earnings of $10.36 per share, showing a 12% increase from the previous year.
BlackRock’s results were boosted by revenue growth and a rise in AUM fueled by net inflows and market appreciation. However, the company faced hurdles from increased expenses and decreased non-operating income in the quarter. Looking ahead, Invesco (NYSE: IVZ) is set to announce its second-quarter 2024 figures on July 23, with a Zacks Consensus Estimate of 41 cents per share. This represents a significant 32.3% surge from the prior year. Overall, while differentiating performance results for Blackstone and BlackRock were witnessed in the second quarter, the market continues to closely monitor these key players within the financial sector for future developments.
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