Gabelli Weighs in on BlackRock, Inc.’s FY2017 Earnings (BLK)

BlackRock, Inc. (NYSE:BLK) – Research analysts at Gabelli lifted their FY2017 EPS estimates for shares of BlackRock in a research note issued on Tuesday, according to Zacks Investment Research. Gabelli analyst M. Sykes now expects that the asset manager will post earnings of $22.47 per share for the year, up from their prior estimate of $22.13. Gabelli also issued estimates for BlackRock’s FY2022 earnings at $50.25 EPS.

BlackRock (NYSE:BLK) last released its quarterly earnings data on Friday, January 12th. The asset manager reported $6.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $5.94 by $0.30. The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. BlackRock had a net margin of 39.79% and a return on equity of 12.54%. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.14 earnings per share.

A number of other research firms have also weighed in on BLK. Citigroup lowered shares of BlackRock from a “buy” rating to a “neutral” rating and set a $625.00 price objective on the stock. in a research note on Thursday, January 25th. Wells Fargo & Co reiterated a “market perform” rating and issued a $555.00 price objective (up previously from $535.00) on shares of BlackRock in a research note on Tuesday, January 16th. Jefferies Group increased their price objective on shares of BlackRock to $565.00 and gave the stock a “hold” rating in a research note on Monday, January 15th. Argus reiterated a “buy” rating and issued a $620.00 price objective (up previously from $520.00) on shares of BlackRock in a research note on Tuesday, January 16th. Finally, Credit Suisse Group restated a “buy” rating and set a $680.00 price target on shares of BlackRock in a research report on Friday, January 12th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $547.92.

BlackRock (BLK) traded up $3.39 during trading hours on Wednesday, hitting $565.19. 659,597 shares of the stock were exchanged, compared to its average volume of 692,705. The firm has a market capitalization of $90,620.00, a price-to-earnings ratio of 18.65, a P/E/G ratio of 1.51 and a beta of 1.81. BlackRock has a 1 year low of $365.83 and a 1 year high of $594.52. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.89 and a quick ratio of 2.89.

Several hedge funds and other institutional investors have recently made changes to their positions in BLK. Salem Investment Counselors Inc. grew its position in shares of BlackRock by 14.3% in the second quarter. Salem Investment Counselors Inc. now owns 240 shares of the asset manager’s stock valued at $101,000 after purchasing an additional 30 shares during the period. Penserra Capital Management LLC acquired a new stake in shares of BlackRock in the second quarter valued at about $104,000. Invictus RG acquired a new stake in shares of BlackRock in the third quarter valued at about $110,000. Harfst & Associates Inc. grew its position in shares of BlackRock by 17.3% in the second quarter. Harfst & Associates Inc. now owns 265 shares of the asset manager’s stock valued at $111,000 after purchasing an additional 39 shares during the period. Finally, Tower Research Capital LLC TRC lifted its stake in shares of BlackRock by 133.3% in the second quarter. Tower Research Capital LLC TRC now owns 280 shares of the asset manager’s stock worth $118,000 after buying an additional 160 shares in the last quarter. Institutional investors and hedge funds own 83.27% of the company’s stock.

In other news, Director Susan Wagner sold 4,000 shares of BlackRock stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $506.10, for a total value of $2,024,400.00. Following the sale, the director now owns 481,915 shares in the company, valued at $243,897,181.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jeff A. Smith sold 100 shares of BlackRock stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $477.54, for a total transaction of $47,754.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,525 shares of company stock worth $2,312,687. 1.86% of the stock is owned by company insiders.

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Wednesday, March 7th will be given a dividend of $2.88 per share. This represents a $11.52 annualized dividend and a yield of 2.04%. The ex-dividend date is Tuesday, March 6th. This is a positive change from BlackRock’s previous quarterly dividend of $2.50. BlackRock’s dividend payout ratio (DPR) is currently 33.00%.

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About BlackRock

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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