BlackRock (BLK) Issues Quarterly Earnings Results, Beats Expectations By $0.30 EPS
BlackRock (NYSE:BLK) announced its earnings results on Thursday. The asset manager reported $6.24 earnings per share for the quarter, beating the consensus estimate of $5.94 by $0.30, Bloomberg Earnings reports. BlackRock had a return on equity of 12.01% and a net margin of 29.52%. The firm had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the prior year, the company earned $5.14 EPS. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year.
Shares of BlackRock (BLK) opened at $555.53 on Friday. The company has a quick ratio of 2.89, a current ratio of 2.89 and a debt-to-equity ratio of 1.09. BlackRock has a 52-week low of $365.83 and a 52-week high of $556.37. The company has a market capitalization of $89,070.00, a P/E ratio of 26.01, a price-to-earnings-growth ratio of 1.48 and a beta of 1.81.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 22nd. Shareholders of record on Wednesday, March 7th will be given a $2.88 dividend. This represents a $11.52 dividend on an annualized basis and a dividend yield of 2.07%. This is an increase from BlackRock’s previous quarterly dividend of $2.50. BlackRock’s dividend payout ratio (DPR) is currently 46.82%.
In related news, insider Jeff A. Smith sold 100 shares of the firm’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $477.54, for a total transaction of $47,754.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan Wagner sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $506.10, for a total value of $2,024,400.00. Following the transaction, the director now owns 481,915 shares of the company’s stock, valued at approximately $243,897,181.50. The disclosure for this sale can be found here. 1.86% of the stock is currently owned by company insiders.
Several brokerages recently weighed in on BLK. Zacks Investment Research upgraded BlackRock from a “hold” rating to a “strong-buy” rating and set a $614.00 target price for the company in a research note on Thursday. JPMorgan Chase & Co. increased their target price on BlackRock to $558.00 and gave the company an “overweight” rating in a research note on Thursday, October 12th. Credit Suisse Group reiterated an “outperform” rating on shares of BlackRock in a research report on Thursday, October 12th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $500.00 price objective on shares of BlackRock in a research report on Thursday, October 12th. Finally, Jefferies Group reiterated a “hold” rating and issued a $465.00 price objective on shares of BlackRock in a research report on Thursday, October 12th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $510.67.
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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