BlackRock, Inc. (NYSE:BLK) Forecasted to Earn Q1 2024 Earnings of $9.00 Per Share

BlackRock, Inc. (NYSE:BLK) – Analysts at Zacks Research upped their Q1 2024 EPS estimates for shares of BlackRock in a report released on Tuesday, March 26th. Zacks Research analyst R. Department now expects that the asset manager will earn $9.00 per share for the quarter, up from their previous estimate of $8.91. The consensus estimate for BlackRock’s current full-year earnings is $39.81 per share. Zacks Research also issued estimates for BlackRock’s Q2 2024 earnings at $9.65 EPS, Q3 2024 earnings at $9.73 EPS, Q4 2024 earnings at $10.25 EPS, FY2024 earnings at $38.63 EPS, Q1 2025 earnings at $10.92 EPS, Q2 2025 earnings at $10.71 EPS, Q3 2025 earnings at $11.04 EPS, Q4 2025 earnings at $11.85 EPS and FY2025 earnings at $44.53 EPS.

BlackRock (NYSE:BLK) last posted its quarterly earnings data on Friday, January 12th. The asset manager reported $9.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.84 by $0.82. The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.65 billion. BlackRock had a return on equity of 14.74% and a net margin of 30.81%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period last year, the company earned $8.93 EPS.

Several other equities research analysts have also issued reports on BLK. TD Cowen upgraded shares of BlackRock from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $819.00 to $938.00 in a report on Tuesday, January 16th. The Goldman Sachs Group upped their target price on BlackRock from $719.00 to $793.00 and gave the company a “buy” rating in a research note on Thursday, November 30th. JPMorgan Chase & Co. lowered BlackRock from an “overweight” rating to a “neutral” rating and set a $708.00 price target for the company. in a research note on Friday, December 15th. BNP Paribas upgraded BlackRock from a “neutral” rating to an “outperform” rating and set a $885.00 price objective for the company in a report on Tuesday, December 12th. Finally, UBS Group increased their target price on BlackRock from $720.00 to $818.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 10th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $785.73.

BlackRock Stock Down 0.3 %

Shares of BLK opened at $832.59 on Wednesday. The company has a quick ratio of 3.48, a current ratio of 3.48 and a debt-to-equity ratio of 0.32. BlackRock has a 52-week low of $596.18 and a 52-week high of $845.00. The company has a market cap of $124.01 billion, a PE ratio of 22.80, a P/E/G ratio of 1.80 and a beta of 1.37. The business has a fifty day moving average of $805.17 and a 200 day moving average of $742.68.

BlackRock Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Thursday, March 7th were issued a $5.10 dividend. The ex-dividend date of this dividend was Wednesday, March 6th. This is an increase from BlackRock’s previous quarterly dividend of $5.00. This represents a $20.40 dividend on an annualized basis and a yield of 2.45%. BlackRock’s payout ratio is currently 55.88%.

Insider Buying and Selling at BlackRock

In related news, Director Stephen Cohen sold 950 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $805.55, for a total value of $765,272.50. Following the completion of the sale, the director now owns 4,437 shares of the company’s stock, valued at approximately $3,574,225.35. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, General Counsel Christopher J. Meade sold 18,000 shares of the business’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $282.54, for a total transaction of $5,085,660.60. Following the completion of the sale, the general counsel now directly owns 11,914 shares in the company, valued at $3,366,142.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen Cohen sold 950 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $805.55, for a total value of $765,272.50. Following the completion of the transaction, the director now owns 4,437 shares in the company, valued at approximately $3,574,225.35. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 100,511 shares of company stock valued at $71,864,028. 0.96% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BlackRock

Hedge funds and other institutional investors have recently modified their holdings of the business. West Tower Group LLC purchased a new position in BlackRock in the 2nd quarter worth approximately $27,000. Tennessee Valley Asset Management Partners acquired a new stake in shares of BlackRock in the fourth quarter valued at approximately $27,000. Private Wealth Management Group LLC purchased a new position in BlackRock during the fourth quarter worth approximately $28,000. Pineridge Advisors LLC purchased a new stake in BlackRock in the 4th quarter valued at $28,000. Finally, LFA Lugano Financial Advisors SA increased its stake in shares of BlackRock by 208.3% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 37 shares of the asset manager’s stock worth $30,000 after acquiring an additional 25 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

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.