Financials

Blackstone Q1 2024 Adj EPS $1.11 Beats $0.97 Estimate, Sales $3.69B Beat $2.49B Estimate

/ / Financials /

Blackstone (NYSE:BX) reported quarterly earnings of $1.11 per share which beat the analyst consensus estimate of $0.97 by 14.43 percent. The company reported quarterly sales of $3.69 billion which beat the analyst consensus estimate of $2.49 billion by 48.13 percent. This is a 48.32 percent increase over sales of $2.49 billion the same period last year.

Blackstone Q1 2024 Adj EPS $1.11 Beats $0.97 Estimate, Sales $3.69B Beat $2.49B Estimate Read Post »

CFRA Keeps Hold Rating On Shares Of Blackstone Inc.

/ / Financials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We believe BX’s outlook is positive, but valuation may be stretched a bit. We cut our target $5 to $130, a forward P/E of 26.5x our ’24 distributed cash earnings (DE) view, above the three-year historical average at 24.0x. Private markets (equity, real estate, credit, infrastructure) are active, but we see a more gradual upward curve on DE in ’24. We drop our ’24 DE to $4.90 ($5.25) and ’25’s to $6.20 ($6.35). Our revenue forecast is $13.0B in ’24 and $15.5B in ’25. For industry financial metrics, performance revenues were flat in Q1 24, total net realizations were +9%, and DE was +11% ($0.96, $0.01 below consensus). LTM Investment performance was best in Infrastructure (+18.9%), Private Credit (+17.2%), Corporate Private Equity (+12.7%), and Liquid Credit (+12.4%),

CFRA Keeps Hold Rating On Shares Of Blackstone Inc. Read Post »

Blackstone (BX) Q1 2024 Earnings Conference

/ / Financials /

The following is a summary of the Blackstone Inc. (BX) Q1 2024 Earnings Call Transcript: Financial Performance: Blackstone reported a GAAP net income of $1.6 billion for Q1 2024. Distributable earnings for the quarter were $1.3 billion or $0.98 per common share. The company declared a quarterly dividend of $0.83 per share. Blackstone’s fee-related earnings were at $1.2 billion, marking its highest level in six quarters. Management fees for Q1 2024 reached a record level of $1.7 billion, marking the 57th consecutive quarter of year-over-year growth. A significant $25 billion was invested in the first quarter, bringing the total to $56 billion in the past two quarters. Business Progress: The company successfully invested $25 billion in Q1 and committed an additional $15 million to pending deals. Major investments were made in sectors like digital infrastructure, particularly data centers. Sales in the Private Wealth channel increased by over 80% from Q4

Blackstone (BX) Q1 2024 Earnings Conference Read Post »

Goldman Sachs’ Q1 Results Showed ‘Simpler, More Profitable’ Company, BofA Says

/ / Financials /

Goldman Sachs’ (GS) Q1 results showed a “a less distracted and a more profitable” company, which will likely lead to an improved stock valuation, BofA Securities said in a note to clients emailed Tuesday. The results “provided a credible proof point for our positive investment thesis on the stock,” BofA said. “A more streamlined business mix and sharpened management focus should lead to better financial outcomes and has the potential to drive upside earnings surprises, in our view,” it added. Goldman reported Q1 earnings Monday of $11.58 per diluted share, up from $8.79 a year earlier. Analysts polled by Capital IQ expected $8.68. Revenue for the quarter, expressed as the sum of noninterest income and net interest income, was $14.21 billion, up from $12.22 billion a year earlier. Analysts expected $12.93 billion. Goldman shareholders will also get exposure to cyclical and secular themes, BofA said. “We believe GS shares offer

Goldman Sachs’ Q1 Results Showed ‘Simpler, More Profitable’ Company, BofA Says Read Post »

Bank of America’s First-Quarter Results Decline Amid Lower Net Interest Income

/ / Financials /

Bank of America’s (BAC) first-quarter top- and bottom-line results fell year over year amid a drop in net interest income, which the bank said will likely hit a trough in the current quarter before rebounding later this year. Revenue, expressed as the sum of net interest and noninterest income, dipped to $25.82 billion for the three months ended March 31 from $26.26 billion a year ago but topped the $25.39 billion average analyst estimate on Capital IQ. GAAP earnings per share dipped to $0.76 from $0.94 and missed the Street’s view by a penny. Net interest income, or NII, was $14.03 billion, down from $14.45 billion a year ago. Sequentially, NII rose from $13.95 billion amid benefits of higher-yielding assets and an improvement in global markets NII, Chief Financial Officer Alastair Borthwick told analysts on a conference call, according to a Capital IQ transcript. “Good deposit growth provided a strong

Bank of America’s First-Quarter Results Decline Amid Lower Net Interest Income Read Post »

CFRA Reiterates Buy Opinion On Shares Of Morgan Stanley

/ / Financials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: MS stands to significantly benefit from the early stage recovery in investment banking and asset management. We lift our target $11 to $108 on a forward P/E of 15.2x, above the 13.6x three-year historic average. We raise our ’24 EPS to $7.10 ($6.60) and ’25’s to $7.75 ($7.20). Our investment thesis is underwriting and advisory (M&A) fees could benefit with CEOs renewing capital formation, and ALT firms later this year needing to monetize from $1T+ investment funds to satisfy limited partners. Our revenue forecast is $59.8B in ’24 and $63.0B in ’25. MS posted Q1 EPS of $2.02, a $0.37 earnings beat. In Institutional Securities, MS realized +113% Y/Y growth in equity underwriting and debt underwriting was +37%. While M&A was -28%, we are confident that will

CFRA Reiterates Buy Opinion On Shares Of Morgan Stanley Read Post »

CFRA Retains Hold Rating On Shares Of Bank Of America Corporation

/ / Financials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: This was not BAC’s best quarter with flat growth Y/Y in net interest income (NII), total loans, and total deposits, but investment banking and wealth management were better. We raise our target by $3 to 38 on a forward P/E of 11.7x, near the three-year historic average at 11.5x. We lower our ’24 EPS view by $0.05 to $3.25 and keep ’25’s unchanged at $3.40. BAC posted Q1 EPS of $0.76, $0.01 below consensus. Our revenue forecast is $100.5B in ’24 and $103.2B in ’25. In Q1, noninterest expense was 6% Y/Y higher with compensation expense up 3%, despite a 1.7% decline in total net revenue. Consumer revenue was -5% Y/Y with flat credit card income. In Global Banking, investment banking fees were +27% Y/Y, business lending

CFRA Retains Hold Rating On Shares Of Bank Of America Corporation Read Post »

Bank of America (BAC) Q1 2024 Earnings Conference

/ / Financials /

The following is a summary of the Bank of America (BAC) Q1 2024 Earnings Call Transcript: Financial Performance: Bank of America reported net income of $6.7 billion and earnings per share of $0.76 for Q1, rising to $7.2 billion and $0.83 after excluding the additional FDIC assessment. Net interest income exceeded guidance at $14.2 billion. Deposits grew by over $20 billion quarter-end. Nearly $1.6 billion was reported in investment banking fees, a 35% increase from Q1 2023. Investment and brokerage services revenue increased 11% to nearly $3.6 billion year-over-year. The bank returned $4.4 billion to shareholders by way of dividends and share repurchases. The bank reported a return on average assets of 83 basis points and a return on tangible common equity of 12.7%. The bank ended the quarter with total assets of $3.27 trillion, up $94 billion from the previous quarter due to increased global market activity. The bank

Bank of America (BAC) Q1 2024 Earnings Conference Read Post »

Morgan Stanley (MS) Q1 2024 Earnings Conference

/ / Financials /

The following is a summary of the Morgan Stanley (MS) Q1 2024 Earnings Call Transcript: Financial Performance: In Q1 2024, Morgan Stanley reported revenue of $15 billion, yielding earnings per share of $2.02 with an efficiency ratio of 71%. Wealth Management and Institutional Securities revenues stood at $6.9 billion and $7 billion respectively. Investment banking revenues rose 16% from last year, reaching $1.4 billion for the quarter. Net new asset growth rose by $95 billion. The CET1 ratio decreased by 0.14% from the previous quarter to 15.1%. The company repurchased $1 billion of common stock during Q1. Business Progress: Growth in client assets, totaling $7 trillion, indicates strong momentum across Wealth and Investment Management. The company is increasing its investment in cloud infrastructure to support growth and the development of its AI platform. Strategic hires are being made in M&A and technology is being upgraded to improve client services. A

Morgan Stanley (MS) Q1 2024 Earnings Conference Read Post »

Morgan Stanley First Quarter 2024 Earnings Results

/ / Financials /

Morgan Stanley First Quarter 2024 Earnings Results Morgan Stanley Reports Net Revenues of $15.1 Billion, EPS of $2.02 and ROTCE of 19.7% April 16, 2024– Morgan Stanley (NYSE: MS) today reported net revenues of $15.1 billion for the first quarter ended March 31, 2024 compared with $14.5 billion a year ago. Net income applicable to Morgan Stanley was $3.4 billion, or $2.02 per diluted share,(1) compared with net income of $3.0 billion, or $1.70 per diluted share,(1) for the same period a year ago. Ted Pick, Chief Executive Officer, said, “In the first quarter of 2024 Morgan Stanley generated net revenues of $15 billion and earnings of $2.02 per share for a 20% return on tangible equity. As a result of strong net new asset growth, the Firm has reached $7 trillion of client assets across Wealth and Investment Management. Institutional Securities also saw strength across the markets and underwriting

Morgan Stanley First Quarter 2024 Earnings Results Read Post »

Goldman Sachs CEO Expects AI to Create Financing Boom Due to Demand for Infrastructure

/ / Financials /

By Ciara Linnane AI is already creating an ecosystem of activity in Goldman’s investment-banking and markets businesses Goldman Sachs is expecting the development of artificial-intelligence technologies to create strong demand for infrastructure that will require financing and thus become a major tailwind for its business. Speaking to analysts on the company’s earnings call on Monday, Chief Executive David Solomon said AI is already creating an ecosystem of activity in Goldman’s (GS) investment-banking and markets businesses. “I actually think it’s a very constructive runway of opportunity sets for our clients as people reposition businesses, and we’re talking about a level of scale that is candidly … unprecedented,” Solomon said, according to a FactSet transcript. The opportunity will stretch out over the next five to 10 years and include investment by governments as they move to create infrastructure. For Goldman itself, AI is expected to create productivity and efficiency gains, he said.

Goldman Sachs CEO Expects AI to Create Financing Boom Due to Demand for Infrastructure Read Post »

CFRA Reiterates Buy Rating On Shares Of The Goldman Sachs Group, Inc.

/ / Financials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We think GS is an attractive constituent in the financial sector given our view of a rebound in the capital markets, and the firm’s franchise strength in asset management. We raise our target by $20 to $450 using a forward P/E of 11.8x, a wider risk premium than the three-year historic average at 10.4x. We lift our 2024 EPS estimate by $3.60 to $38.00 and 2025’s by $2.15. GS posted Q1 EPS of $11.58, $2.94 above consensus, and revenue rose 16% Y/Y. Our revenue forecast is $51.8B in 2024 and $53.9B in 2025. Global Banking & Markets (18% ROE) delivered 15% Y/Y revenue growth, with significantly higher debt underwriting (+38% Y/Y), equity underwriting (+45%), and advisory (+24%). Outsize growth in the segment was seen in both equities

CFRA Reiterates Buy Rating On Shares Of The Goldman Sachs Group, Inc. Read Post »

Scroll to Top