BlackRock (NYSE:BLK) Releases Quarterly Earnings Results, Beats Estimates By $0.48 EPS

BlackRock (NYSE:BLK) issued its quarterly earnings results on Tuesday, April 16th. The asset manager reported $6.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $6.13 by $0.48, MarketWatch Earnings reports. The firm had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.30 billion. BlackRock had a return on equity of 13.35% and a net margin of 30.58%. The company’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter last year, the company posted $6.48 EPS.

Shares of NYSE:BLK traded down $1.25 during trading on Thursday, hitting $464.22. 429,780 shares of the company’s stock were exchanged, compared to its average volume of 604,674. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.64. BlackRock has a 52-week low of $360.79 and a 52-week high of $557.00. The stock has a market capitalization of $74.84 billion, a P/E ratio of 17.24, a P/E/G ratio of 1.74 and a beta of 1.44.

Several equities analysts have recently issued reports on the company. Wells Fargo & Co boosted their target price on BlackRock from $460.00 to $480.00 and gave the company an “average” rating in a research note on Wednesday, April 17th. Barclays boosted their target price on BlackRock from $490.00 to $515.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Jefferies Financial Group raised BlackRock from a “hold” rating to a “buy” rating and set a $405.36 target price on the stock in a report on Tuesday, January 29th. Credit Suisse Group dropped their target price on BlackRock from $573.00 to $529.00 and set an “outperform” rating on the stock in a report on Monday, January 14th. Finally, Morgan Stanley boosted their target price on BlackRock from $536.00 to $545.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $509.38.

In related news, CFO Gary Shedlin sold 2,750 shares of the stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $467.99, for a total transaction of $1,286,972.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeff A. Smith sold 75 shares of the stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $479.40, for a total value of $35,955.00. The disclosure for this sale can be found here. Insiders have sold 88,346 shares of company stock valued at $39,030,645 in the last quarter. 1.42% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of BlackRock during the 4th quarter worth approximately $1,092,934,000. Northern Trust Corp increased its holdings in BlackRock by 0.9% during the 4th quarter. Northern Trust Corp now owns 1,666,574 shares of the asset manager’s stock worth $654,663,000 after purchasing an additional 14,587 shares during the period. Geode Capital Management LLC increased its holdings in BlackRock by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 1,443,990 shares of the asset manager’s stock worth $566,150,000 after purchasing an additional 60,941 shares during the period. Rehmann Capital Advisory Group increased its holdings in BlackRock by 51,763.3% during the 3rd quarter. Rehmann Capital Advisory Group now owns 1,084,461 shares of the asset manager’s stock worth $2,300,000 after purchasing an additional 1,082,370 shares during the period. Finally, Pennsylvania Trust Co increased its holdings in BlackRock by 5,049.8% during the 1st quarter. Pennsylvania Trust Co now owns 1,084,132 shares of the asset manager’s stock worth $44,805,000 after purchasing an additional 1,063,080 shares during the period. 83.67% of the stock is owned by institutional investors.

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BlackRock Company Profile

BlackRock, Inc is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks.

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Earnings History for BlackRock (NYSE:BLK)

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