BlackRock, Inc. (BLK) Releases Earnings Results, Beats Estimates By $0.43 EPS
BlackRock, Inc. (NYSE:BLK) posted its quarterly earnings data on Wednesday. The asset manager reported $5.92 EPS for the quarter, topping the Zacks’ consensus estimate of $5.49 by $0.43, Bloomberg Earnings reports. BlackRock had a net margin of 29.92% and a return on equity of 11.74%. The company had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.10 billion. During the same period in the prior year, the business posted $5.14 EPS. The company’s quarterly revenue was up 14.0% on a year-over-year basis.
Shares of BlackRock (BLK) opened at 473.93 on Thursday. The firm has a 50-day moving average of $433.75 and a 200 day moving average of $414.44. BlackRock has a 12 month low of $336.84 and a 12 month high of $474.37. The company has a market cap of $76.87 billion, a price-to-earnings ratio of 22.75 and a beta of 1.72.
The company also recently declared a quarterly dividend, which was paid on Friday, September 22nd. Investors of record on Tuesday, September 5th were issued a dividend of $2.50 per share. This represents a $10.00 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend was Thursday, August 31st. BlackRock’s dividend payout ratio (DPR) is presently 47.98%.
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In related news, insider Robert W. Fairbairn sold 3,675 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were 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 SEC, which is available at this hyperlink. Also, insider Jeff A. Smith sold 250 shares of the firm’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 transaction of $108,717.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,447 shares of company stock worth $1,855,015. Insiders own 1.86% of the company’s stock.
A number of brokerages have recently issued reports on BLK. Deutsche Bank AG upped their target price on shares of BlackRock from $447.00 to $449.00 and gave the company a “buy” rating in a report on Tuesday, July 4th. BidaskClub cut shares of BlackRock from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Bank of America Corporation restated a “buy” rating and set a $450.00 target price on shares of BlackRock in a research report on Monday, June 19th. Goldman Sachs Group, Inc. (The) upgraded shares of BlackRock from a “neutral” rating to a “buy” rating and increased their target price for the stock from $440.00 to $500.00 in a research report on Thursday, September 28th. Finally, Zacks Investment Research upgraded shares of BlackRock from a “hold” rating to a “buy” rating and set a $501.00 target price on the stock in a research report on Tuesday, October 3rd. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $468.54.
BlackRock Company Profile
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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