$3.10 Billion in Sales Expected for BlackRock, Inc. (BLK) This Quarter
Equities research analysts expect that BlackRock, Inc. (NYSE:BLK) will announce $3.10 billion in sales for the current fiscal quarter, Zacks reports. Four analysts have made estimates for BlackRock’s earnings, with the lowest sales estimate coming in at $3.08 billion and the highest estimate coming in at $3.13 billion. BlackRock reported sales of $2.84 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 9.2%. The company is expected to issue its next earnings results 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 year, analysts forecast that the company will report sales of $13.34 billion per share, with estimates ranging from $13.06 billion to $13.54 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow BlackRock.
BlackRock (NYSE:BLK) last issued its quarterly earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $5.39 by $0.15. BlackRock had a return on equity of 11.74% and a net margin of 29.92%. The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $3.01 billion. During the same quarter last year, the company earned $4.78 EPS. BlackRock’s revenue for the quarter was up 5.7% compared to the same quarter last year.
Several brokerages recently weighed in on BLK. Bank of America Corporation reissued a “buy” rating and issued a $450.00 price objective on shares of BlackRock in a report on Monday, June 19th. Jefferies Group LLC reaffirmed a “hold” rating and set a $440.00 target price on shares of BlackRock in a report on Friday, August 18th. Barclays PLC initiated coverage on BlackRock in a report on Friday. They set an “overweight” rating and a $475.00 target price for the company. Morgan Stanley reaffirmed an “overweight” rating and set a $476.00 target price (up from $460.00) on shares of BlackRock in a report on Tuesday, July 18th. Finally, 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 report on Tuesday, June 20th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. BlackRock currently has a consensus rating of “Buy” and an average price target of $449.08.
In other BlackRock news, insider Robert W. Fairbairn sold 3,675 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $415.31, for a total value of $1,526,264.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeff A. Smith sold 250 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $434.87, for a total value of $108,717.50. The disclosure for this sale can be found here. Insiders sold 4,447 shares of company stock valued at $1,855,015 over the last 90 days. 1.86% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in BLK. State of Alaska Department of Revenue acquired a new stake in BlackRock in the first quarter worth approximately $108,000. Waldron LP lifted its position in BlackRock by 108.2% in the first quarter. Waldron LP now owns 1,164 shares of the asset manager’s stock worth $446,000 after purchasing an additional 605 shares during the period. Schmidt P J Investment Management Inc. lifted its position in BlackRock by 36.0% in the first quarter. Schmidt P J Investment Management Inc. now owns 12,160 shares of the asset manager’s stock worth $4,663,000 after purchasing an additional 3,221 shares during the period. iAB Financial Bank lifted its position in BlackRock by 9.2% in the first quarter. iAB Financial Bank now owns 4,737 shares of the asset manager’s stock worth $1,817,000 after purchasing an additional 400 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. lifted its position in BlackRock by 1.9% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 11,184 shares of the asset manager’s stock worth $4,289,000 after purchasing an additional 213 shares during the period. Hedge funds and other institutional investors own 82.77% of the company’s stock.
BlackRock (BLK) opened at 415.95 on Friday. The stock has a 50 day moving average price of $422.53 and a 200-day moving average price of $404.80. The stock has a market cap of $67.47 billion, a P/E ratio of 19.96 and a beta of 1.71. BlackRock has a 12-month low of $336.84 and a 12-month high of $442.84.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Tuesday, September 5th will be given a $2.50 dividend. The ex-dividend date is Thursday, August 31st. This represents a $10.00 dividend on an annualized basis and a yield of 2.40%. BlackRock’s dividend payout ratio (DPR) is 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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