Near a 52-Week Low, This Enticing Dividend Stock Could Be Bottoming Out
Shares of Blackstone Group (NYSE: BX) have tumbled this year. The leading alternative asset manager has shed about 40% of its value. The stock recently fell back into the $80s, close to its 52-week low of $79.52 per share. That slumping stock price pushed Blackstone's dividend yield to 5.5%.
That looks like an enticing yield for a company with Blackstone's pedigree. Here's why now could be a good time to buy.
Despite what the slumping stock price might suggest, Blackstone is having a great year. Assets under management (AUM) topped $950 billion in the third quarter, up 30% year over year. That has helped drive a 51% year-over-year increase in its fee-related earnings. Meanwhile, total distributable earnings have risen 36% year to date when factoring in the impact of performance revenues.
Source Fool.com
