BlackRock (NYSE:BLK) Announces Quarterly Earnings Results, Beats Expectations By $0.39 EPS

BlackRock (NYSE:BLK) posted its quarterly earnings data on Friday. The asset manager reported $9.81 EPS for the quarter, topping the consensus estimate of $9.42 by $0.39, RTT News reports. The company had revenue of $4.73 billion during the quarter, compared to analyst estimates of $4.65 billion. BlackRock had a net margin of 30.81% and a return on equity of 14.74%. BlackRock’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $7.93 earnings per share.

BlackRock Stock Down 2.9 %

Shares of BLK opened at $763.40 on Friday. The firm has a fifty day moving average price of $808.88 and a 200-day moving average price of $752.88. The firm has a market capitalization of $113.70 billion, a P/E ratio of 19.40, a P/E/G ratio of 1.65 and a beta of 1.37. BlackRock has a 12-month low of $596.18 and a 12-month high of $845.00. The company has a current ratio of 3.48, a quick ratio of 3.48 and a debt-to-equity ratio of 0.32.

Analyst Ratings Changes

Several research analysts have commented on BLK shares. TD Cowen raised shares of BlackRock from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $819.00 to $938.00 in a research note on Tuesday, January 16th. UBS Group lifted their price objective on shares of BlackRock from $818.00 to $850.00 and gave the stock a “neutral” rating in a research note on Friday. JPMorgan Chase & Co. lifted their price objective on shares of BlackRock from $742.00 to $767.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 2nd. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $930.00 price objective (up from $918.00) on shares of BlackRock in a research note on Friday, April 5th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, BlackRock has a consensus rating of “Moderate Buy” and a consensus target price of $802.29.

Insider Activity at BlackRock

In other BlackRock news, General Counsel Christopher J. Meade sold 18,000 shares of the company’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 value of $5,085,660.60. Following the sale, the general counsel now owns 11,914 shares in the company, valued at approximately $3,366,142.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other BlackRock news, General Counsel Christopher J. Meade sold 18,000 shares of the company’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 value of $5,085,660.60. Following the sale, the general counsel now owns 11,914 shares in the company, valued at approximately $3,366,142.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Rachel Lord sold 36,059 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $818.06, for a total value of $29,498,425.54. Following the transaction, the director now owns 17,004 shares in the company, valued at approximately $13,910,292.24. The disclosure for this sale can be found here. Insiders have sold a total of 100,511 shares of company stock worth $71,864,028 over the last quarter. Insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On BlackRock

Several institutional investors have recently bought and sold shares of the company. Tennessee Valley Asset Management Partners acquired a new position in shares of BlackRock during the fourth quarter worth about $27,000. Private Wealth Management Group LLC acquired a new position in shares of BlackRock during the fourth quarter worth about $28,000. Pineridge Advisors LLC acquired a new position in shares of BlackRock during the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA grew its position in shares of BlackRock by 208.3% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 37 shares of the asset manager’s stock worth $30,000 after buying an additional 25 shares in the last quarter. Finally, Wetzel Investment Advisors Inc. acquired a new position in shares of BlackRock during the fourth quarter worth about $32,000. 80.69% of the stock is owned by institutional investors and hedge funds.

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.