BlackRock Inc. (BLK) Posts Quarterly Earnings Results, Beats Estimates By $0.16 EPS
BlackRock Inc. (NYSE:BLK) announced its quarterly earnings results on Tuesday. The company reported $5.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.98 by $0.16. The business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $1.01 billion. BlackRock had a return on equity of 11.07% and a net margin of 28.12%.
BlackRock (NYSE:BLK) opened at 354.60 on Tuesday. The firm’s 50 day moving average price is $363.60 and its 200-day moving average price is $357.45. BlackRock has a 52 week low of $280.55 and a 52 week high of $376.65. The stock has a market cap of $58.32 billion, a price-to-earnings ratio of 18.89 and a beta of 1.46.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 23rd. Shareholders of record on Friday, September 2nd were paid a dividend of $2.29 per share. This represents a $9.16 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend was Wednesday, August 31st. BlackRock’s dividend payout ratio is presently 48.83%.
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In other BlackRock news, Director James Grosfeld sold 10,911 shares of the firm’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $371.98, for a total value of $4,058,673.78. Following the sale, the director now owns 514,402 shares in the company, valued at $191,347,255.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ryan Stork sold 1,400 shares of the firm’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.
Several large investors have recently made changes to their positions in the stock. WFG Advisors LP raised its stake in shares of BlackRock by 7.6% in the second quarter. WFG Advisors LP now owns 563 shares of the company’s stock valued at $193,000 after buying an additional 40 shares during the last quarter. HBK Sorce Advisory LLC raised its stake in shares of BlackRock by 0.8% in the second quarter. HBK Sorce Advisory LLC now owns 608 shares of the company’s stock valued at $208,000 after buying an additional 5 shares during the last quarter. Miles Capital Inc. purchased a new stake in shares of BlackRock during the second quarter valued at approximately $232,000. Lebenthal Wealth Advisors LLC purchased a new stake in shares of BlackRock during the second quarter valued at approximately $248,000. Finally, Stratos Wealth Partners LTD. purchased a new stake in shares of BlackRock during the second quarter valued at approximately $264,000. Institutional investors own 81.57% of the company’s stock.
Several brokerages have recently commented on BLK. Barclays PLC reissued a “hold” rating on shares of BlackRock in a research note on Sunday, July 17th. Deutsche Bank AG reissued a “buy” rating and set a $392.00 price target (up previously 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 BlackRock from a “sell” rating to a “hold” rating in a research note on Wednesday, August 10th. Finally, Keefe, Bruyette & Woods lowered BlackRock from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $390.00 to $383.00 in a research note on Friday, July 15th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus 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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