BlackRock Inc. (BLK) Posts Earnings Results, Beats Expectations By $0.16 EPS
BlackRock Inc. (NYSE:BLK) issued its quarterly earnings results on Tuesday. The company reported $5.14 earnings per share for the quarter, topping analysts’ consensus estimates of $4.98 by $0.16. The company earned $2.84 billion during the quarter, compared to analyst estimates of $1.01 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 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $5.00 EPS.
BlackRock (NYSE:BLK) opened at 356.59 on Wednesday. The company has a market capitalization of $58.65 billion, a PE ratio of 19.00 and a beta of 1.46. The company has a 50 day moving average price of $363.11 and a 200-day moving average price of $357.55. BlackRock has a one year low of $280.55 and a one year high of $376.65.
In other BlackRock news, Director James Grosfeld sold 25,379 shares of the business’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $374.22, for a total value of $9,497,329.38. Following the completion of the sale, the director now owns 514,402 shares in the company, valued at $192,499,516.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ryan Stork sold 1,400 shares of the business’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 value of $514,136.00. The disclosure for this sale can be found here. 2.20% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Cohen & Steers Inc. increased its stake in shares of BlackRock by 5,080.7% in the second quarter. Cohen & Steers Inc. now owns 1,484,377 shares of the company’s stock valued at $38,371,000 after buying an additional 1,455,725 shares during the last quarter. Emerald Acquisition Ltd. bought a new stake in shares of BlackRock during the second quarter valued at $87,641,000. JPMorgan Chase & Co. increased its stake in shares of BlackRock by 7.0% in the second quarter. JPMorgan Chase & Co. now owns 3,372,334 shares of the company’s stock valued at $1,155,126,000 after buying an additional 219,654 shares during the last quarter. Alleghany Corp DE increased its stake in shares of BlackRock by 77.8% in the second quarter. Alleghany Corp DE now owns 400,000 shares of the company’s stock valued at $136,984,000 after buying an additional 175,000 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake 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 last quarter. Hedge funds and other institutional investors own 81.57% of the company’s stock.
A number of analysts have recently weighed in on the stock. Barclays PLC reaffirmed a “hold” rating on shares of BlackRock in a research note on Sunday, July 17th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $392.00 price target (up from $372.00) on shares of BlackRock in a research note on Sunday, July 10th. Jefferies Group reissued a “hold” rating on shares of BlackRock in a research note on Friday, August 5th. Zacks Investment Research raised shares of BlackRock from a “sell” rating to a “hold” rating in a research note on Wednesday, August 10th. Finally, Keefe, Bruyette & Woods lowered shares of BlackRock from an “outperform” rating to a “market perform” rating and cut their target price for the company from $390.00 to $383.00 in a research note on Friday, July 15th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $385.26.
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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