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Blackstone Inc. (BX) Soars 3.6%: Is Further Upside Left in the Stock?
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Blackstone Inc. (BX - Free Report) shares soared 3.6% in the last trading session to close at $108.24. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 0.5% gain over the past four weeks.
The increase in share price is a result of the S&P Dow Jones Indices' announcement that BX will join the S&P 500 index. In a press release, S&P Dow Jones Indices said that as part of the quarterly rebalancing, BX will replace Lincoln National Corp. prior to the start of trading on Sep 18.
Blackstone has a dual share structure with unequal voting rights. After the S&P Dow Jones gave a decision in April to no longer follow a 2017 rule that barred corporations with multiple share classes from index membership, it was already expected that BX would to be added to the S&P 500.
This investment manager is expected to post quarterly earnings of $0.99 per share in its upcoming report, which represents a year-over-year change of -6.6%. Revenues are expected to be $2.53 billion, down 2.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Blackstone Inc., the consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on BX going forward to see if this recent jump can turn into more strength down the road.
Blackstone Inc. belongs to the Zacks Financial - Miscellaneous Services industry. Another stock from the same industry, Triumph Financial (TFIN - Free Report) , closed the last trading session 1.7% lower at $63.73. Over the past month, TFIN has returned -6%.
For Triumph Financial, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.37. This represents a change of -40.3% from what the company reported a year ago. Triumph Financial currently has a Zacks Rank of #3 (Hold).
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Blackstone Inc. (BX) Soars 3.6%: Is Further Upside Left in the Stock?
Blackstone Inc. (BX - Free Report) shares soared 3.6% in the last trading session to close at $108.24. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 0.5% gain over the past four weeks.
The increase in share price is a result of the S&P Dow Jones Indices' announcement that BX will join the S&P 500 index. In a press release, S&P Dow Jones Indices said that as part of the quarterly rebalancing, BX will replace Lincoln National Corp. prior to the start of trading on Sep 18.
Blackstone has a dual share structure with unequal voting rights. After the S&P Dow Jones gave a decision in April to no longer follow a 2017 rule that barred corporations with multiple share classes from index membership, it was already expected that BX would to be added to the S&P 500.
This investment manager is expected to post quarterly earnings of $0.99 per share in its upcoming report, which represents a year-over-year change of -6.6%. Revenues are expected to be $2.53 billion, down 2.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Blackstone Inc., the consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on BX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Blackstone Inc. belongs to the Zacks Financial - Miscellaneous Services industry. Another stock from the same industry, Triumph Financial (TFIN - Free Report) , closed the last trading session 1.7% lower at $63.73. Over the past month, TFIN has returned -6%.
For Triumph Financial, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.37. This represents a change of -40.3% from what the company reported a year ago. Triumph Financial currently has a Zacks Rank of #3 (Hold).