Brokerages Anticipate BlackRock, Inc. (NYSE:BLK) Will Post Quarterly Sales of $3.10 Billion
Wall Street brokerages expect that BlackRock, Inc. (NYSE:BLK) will post sales of $3.10 billion for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for BlackRock’s earnings. The highest sales estimate is $3.13 billion and the lowest is $3.08 billion. BlackRock posted sales of $2.84 billion during the same quarter last year, which would indicate a positive year over year growth rate of 9.2%. The business is expected to issue its next quarterly earnings report on Tuesday, October 17th.
On average, analysts expect that BlackRock will report full year sales of $3.10 billion for the current fiscal year, with estimates ranging from $12.13 billion to $12.33 billion. For the next financial year, analysts expect that the firm will report sales of $13.34 billion per share, with estimates ranging from $13.06 billion to $13.54 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for BlackRock.
BlackRock (NYSE:BLK) last released its quarterly earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share for the quarter, missing the consensus estimate of $5.39 by $0.15. BlackRock had a return on equity of 11.79% and a net margin of 29.92%. The firm had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $3.01 billion. During the same quarter last year, the firm posted $4.78 earnings per share. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year.
Several research analysts have recently weighed in on BLK shares. Deutsche Bank AG reaffirmed a “buy” rating and set a $455.00 target price (down from $465.00) on shares of BlackRock in a research note on Tuesday, July 18th. Zacks Investment Research raised BlackRock from a “hold” rating to a “buy” rating and set a $480.00 target price for the company in a research note on Tuesday, June 20th. Bank of America Corporation reissued a “buy” rating and issued a $450.00 price objective on shares of BlackRock in a research note on Monday, June 19th. BidaskClub downgraded BlackRock from a “strong-buy” rating to a “buy” rating in a research note on Monday. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $387.00 price objective on shares of BlackRock in a research note on Wednesday, May 17th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $434.93.
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In other BlackRock news, insider Mark Mccombe sold 500 shares of the firm’s stock in a transaction on Friday, May 26th. The stock was sold at an average price of $405.98, for a total value of $202,990.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan Wagner sold 2,500 shares of the firm’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $414.31, for a total value of $1,035,775.00. Following the completion of the sale, the director now directly owns 484,386 shares of the company’s stock, valued at $200,685,963.66. The disclosure for this sale can be found here. Insiders sold a total of 3,772 shares of company stock valued at $1,567,516 over the last ninety days. Corporate insiders own 1.86% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Chevy Chase Trust Holdings Inc. boosted its position in BlackRock by 2.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 113,736 shares of the asset manager’s stock worth $43,619,000 after buying an additional 2,805 shares in the last quarter. Trust Co boosted its position in BlackRock by 7.8% in the fourth quarter. Trust Co now owns 4,237 shares of the asset manager’s stock worth $1,613,000 after buying an additional 307 shares in the last quarter. CHURCHILL MANAGEMENT Corp acquired a new position in BlackRock during the first quarter worth $279,000. Osborn Williams & Donohoe LLC boosted its position in BlackRock by 1.2% in the first quarter. Osborn Williams & Donohoe LLC now owns 21,310 shares of the asset manager’s stock worth $8,173,000 after buying an additional 263 shares in the last quarter. Finally, Weaver C. Barksdale & Associates Inc. boosted its position in BlackRock by 42.3% in the first quarter. Weaver C. Barksdale & Associates Inc. now owns 3,950 shares of the asset manager’s stock worth $1,515,000 after buying an additional 1,175 shares in the last quarter. 80.76% of the stock is owned by institutional investors and hedge funds.
BlackRock (BLK) opened at 425.55 on Thursday. The stock has a market capitalization of $69.03 billion, a PE ratio of 20.43 and a beta of 1.71. BlackRock has a 12-month low of $336.84 and a 12-month high of $442.83. The company’s 50-day moving average is $427.11 and its 200 day moving average is $397.31.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Tuesday, September 5th will be paid a $2.50 dividend. This represents a $10.00 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Thursday, August 31st. BlackRock’s dividend payout ratio (DPR) is presently 47.98%.
BlackRock, Inc (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients.
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