Gabelli Comments on BlackRock Inc.’s FY2016 Earnings (BLK)
BlackRock Inc. (NYSE:BLK) – Equities research analysts at Gabelli reduced their FY2016 earnings per share (EPS) estimates for shares of BlackRock in a research report issued on Wednesday. Gabelli analyst M. Sykes now forecasts that the brokerage will post earnings of $19.30 per share for the year, down from their previous forecast of $19.32. Gabelli also issued estimates for BlackRock’s Q4 2016 earnings at $5.25 EPS.
Several other brokerages also recently commented on BLK. Goldman Sachs Group Inc. downgraded shares of BlackRock from a “conviction-buy” rating to a “buy” rating and lifted their target price for the stock from $390.00 to $400.00 in a report on Monday, August 8th. Deutsche Bank AG lifted their target price on shares of BlackRock from $404.00 to $414.00 and gave the stock a “buy” rating in a report on Friday, September 9th. Barclays PLC lifted their target price on shares of BlackRock from $364.00 to $375.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 24th. Vetr downgraded shares of BlackRock from a “buy” rating to a “hold” rating and set a $382.97 price objective for the company. in a report on Tuesday, August 16th. Finally, Zacks Investment Research raised shares of BlackRock from a “sell” rating to a “hold” rating in a report on Wednesday, August 10th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $383.37.
Shares of BlackRock (NYSE:BLK) opened at 349.34 on Thursday. BlackRock has a one year low of $280.55 and a one year high of $376.65. The firm has a market cap of $57.45 billion, a price-to-earnings ratio of 18.61 and a beta of 1.46. The company has a 50 day moving average of $364.46 and a 200-day moving average of $356.98.
BlackRock (NYSE:BLK) last issued its quarterly earnings results on Thursday, July 14th. The company reported $4.78 earnings per share for the quarter, missing analysts’ consensus estimates of $4.82 by $0.04. The company earned $2.80 billion during the quarter, compared to analyst estimates of $2.81 billion. BlackRock had a net margin of 28.12% and a return on equity of 11.07%. The business’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same period in the prior year, the business earned $4.96 EPS.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 23rd. Shareholders of record on Friday, September 2nd were given a $2.29 dividend. This represents a $9.16 annualized dividend and a yield of 2.62%. The ex-dividend date was Wednesday, August 31st. BlackRock’s dividend payout ratio (DPR) is currently 48.83%.
In other BlackRock news, Director Susan Wagner sold 79,346 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $366.35, for a total value of $29,068,407.10. Following the completion of the transaction, the director now directly owns 587,365 shares in the company, valued at approximately $215,181,167.75. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Ryan Stork sold 1,400 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $367.24, for a total transaction of $514,136.00. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of BlackRock by 2.1% in the second quarter. Vanguard Group Inc. now owns 7,326,122 shares of the company’s stock valued at $2,509,417,000 after buying an additional 150,093 shares during the period. FMR LLC raised its stake in BlackRock by 1.6% in the second quarter. FMR LLC now owns 4,139,658 shares of the company’s stock worth $1,417,958,000 after buying an additional 65,452 shares in the last quarter. JPMorgan Chase & Co. raised its stake in BlackRock by 7.0% in the second quarter. JPMorgan Chase & Co. now owns 3,372,334 shares of the company’s stock worth $1,155,126,000 after buying an additional 219,654 shares in the last quarter. Capital World Investors raised its stake in BlackRock by 1.0% in the second quarter. Capital World Investors now owns 3,282,208 shares of the company’s stock worth $1,124,255,000 after buying an additional 31,191 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in BlackRock by 0.6% in the second quarter. Ameriprise Financial Inc. now owns 1,878,497 shares of the company’s stock worth $643,336,000 after buying an additional 10,918 shares in the last quarter. Hedge funds and other institutional investors own 81.58% of the company’s stock.
BlackRock Company Profile
BlackRock, Inc is an investment management company. The Company provides a range of investment and risk management services to institutional and retail clients across the world. Its offerings include single and multi-asset class portfolios investing in equities, fixed income, alternatives and money market instruments.
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