Zacks Research Comments on BlackRock, Inc.’s Q1 2024 Earnings (NYSE:BLK)

BlackRock, Inc. (NYSE:BLK) – Equities research analysts at Zacks Research cut their Q1 2024 earnings per share estimates for BlackRock in a research note issued on Monday, November 6th. Zacks Research analyst R. Department now anticipates that the asset manager will post earnings per share of $8.65 for the quarter, down from their previous forecast of $8.69. The consensus estimate for BlackRock’s current full-year earnings is $36.43 per share. Zacks Research also issued estimates for BlackRock’s Q2 2024 earnings at $9.02 EPS, Q3 2024 earnings at $9.18 EPS, Q4 2024 earnings at $9.23 EPS, FY2024 earnings at $36.08 EPS, Q1 2025 earnings at $10.01 EPS, Q2 2025 earnings at $9.79 EPS, Q3 2025 earnings at $10.07 EPS and FY2025 earnings at $40.16 EPS.

BlackRock (NYSE:BLK) last posted its quarterly earnings data on Friday, October 13th. The asset manager reported $10.91 EPS for the quarter, topping analysts’ consensus estimates of $8.34 by $2.57. The business had revenue of $4.52 billion for the quarter, compared to analyst estimates of $4.52 billion. BlackRock had a return on equity of 14.72% and a net margin of 30.66%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $9.55 earnings per share.

BLK has been the topic of a number of other reports. Jefferies Financial Group decreased their target price on BlackRock from $781.00 to $754.00 in a research report on Tuesday, October 10th. Deutsche Bank Aktiengesellschaft decreased their price objective on BlackRock from $814.00 to $800.00 and set a “buy” rating on the stock in a report on Wednesday, October 11th. Morgan Stanley lifted their price objective on BlackRock from $836.00 to $897.00 and gave the company an “overweight” rating in a report on Monday, October 16th. Wells Fargo & Company decreased their price objective on BlackRock from $820.00 to $720.00 and set an “overweight” rating on the stock in a report on Wednesday, October 4th. Finally, Bank of America decreased their price objective on BlackRock from $921.00 to $868.00 in a report on Wednesday, October 4th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, BlackRock has a consensus rating of “Moderate Buy” and an average price target of $764.75.

BlackRock Trading Up 1.0 %

BlackRock stock opened at $655.27 on Wednesday. BlackRock has a 52 week low of $596.18 and a 52 week high of $785.65. The firm has a market capitalization of $97.83 billion, a PE ratio of 18.38, a PEG ratio of 2.07 and a beta of 1.28. The business’s 50-day simple moving average is $653.24 and its 200-day simple moving average is $674.81. The company has a debt-to-equity ratio of 0.36, a quick ratio of 4.21 and a current ratio of 4.21.

Institutional Trading of BlackRock

Institutional investors have recently modified their holdings of the stock. Herold Advisors Inc. lifted its holdings in shares of BlackRock by 12.3% during the 3rd quarter. Herold Advisors Inc. now owns 1,557 shares of the asset manager’s stock worth $1,007,000 after acquiring an additional 171 shares during the period. W.G. Shaheen & Associates DBA Whitney & Co increased its stake in shares of BlackRock by 0.4% in the 3rd quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 16,227 shares of the asset manager’s stock valued at $10,490,000 after purchasing an additional 68 shares during the last quarter. Wade G W & Inc. raised its holdings in shares of BlackRock by 2.7% during the 3rd quarter. Wade G W & Inc. now owns 27,389 shares of the asset manager’s stock worth $17,707,000 after buying an additional 726 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of BlackRock during the 3rd quarter worth $111,000. Finally, Shepherd Financial Partners LLC boosted its stake in BlackRock by 4.1% in the third quarter. Shepherd Financial Partners LLC now owns 4,465 shares of the asset manager’s stock valued at $2,888,000 after buying an additional 174 shares in the last quarter. 77.01% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Laurence Fink sold 15,385 shares of BlackRock stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $652.03, for a total transaction of $10,031,481.55. Following the completion of the sale, the chief executive officer now directly owns 435,260 shares of the company’s stock, valued at approximately $283,802,577.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.06% of the company’s stock.

BlackRock Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 22nd. Shareholders of record on Thursday, December 7th will be issued a $5.00 dividend. This represents a $20.00 annualized dividend and a yield of 3.05%. BlackRock’s dividend payout ratio is currently 56.10%.

About BlackRock

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.