Gabelli Comments on BlackRock Inc.’s FY2016 Earnings (BLK)
BlackRock Inc. (NYSE:BLK) – Stock analysts at Gabelli cut their FY2016 EPS estimates for shares of BlackRock in a research note issued to investors on Wednesday. Gabelli analyst M. Sykes now anticipates that the brokerage will earn $19.30 per share for the year, down from their prior estimate of $19.32. Gabelli also issued estimates for BlackRock’s Q4 2016 earnings at $5.25 EPS.
BLK has been the subject of several other reports. Deutsche Bank AG reaffirmed a “buy” rating and issued a $392.00 price objective (up from $372.00) on shares of BlackRock in a research note on Sunday, July 10th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of BlackRock in a research note on Tuesday, July 12th. Keefe, Bruyette & Woods downgraded BlackRock from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $390.00 to $383.00 in a research note on Friday, July 15th. Zacks Investment Research raised BlackRock from a “hold” rating to a “buy” rating and set a $410.00 price objective for the company in a research note on Monday, September 19th. Finally, Citigroup Inc. reaffirmed a “buy” rating on shares of BlackRock in a research note on Thursday, June 16th. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $383.37.
BlackRock (NYSE:BLK) opened at 349.34 on Thursday. The firm has a market cap of $57.45 billion, a price-to-earnings ratio of 18.61 and a beta of 1.46. BlackRock has a 52 week low of $280.55 and a 52 week high of $376.65. The stock has a 50 day moving average price of $364.46 and a 200 day moving average price of $356.98.
BlackRock (NYSE:BLK) last announced its quarterly earnings results on Thursday, July 14th. The company reported $4.78 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $4.82 by $0.04. BlackRock had a net margin of 28.12% and a return on equity of 11.07%. The business earned $2.80 billion during the quarter, compared to analyst estimates of $2.81 billion. During the same period last year, the company earned $4.96 EPS. The business’s revenue for the quarter was down 3.5% on a year-over-year basis.
The company also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Investors of record on Friday, September 2nd were issued a $2.29 dividend. This represents a $9.16 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date was Wednesday, August 31st. BlackRock’s payout ratio is currently 48.83%.
In other BlackRock news, Director Susan Wagner sold 79,346 shares of the business’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $366.35, for a total transaction of $29,068,407.10. Following the transaction, the director now owns 587,365 shares in the company, valued at $215,181,167.75. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Ryan Stork sold 1,400 shares of the business’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $367.24, for a total value of $514,136.00. The disclosure for this sale can be found here. 2.20% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of BlackRock by 2.1% in the second quarter. Vanguard Group Inc. now owns 7,326,122 shares of the company’s stock worth $2,509,417,000 after buying an additional 150,093 shares in the last quarter. FMR LLC boosted its position in shares of BlackRock by 1.6% in the second quarter. FMR LLC now owns 4,139,658 shares of the company’s stock worth $1,417,958,000 after buying an additional 65,452 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of BlackRock by 7.0% in the second quarter. JPMorgan Chase & Co. now owns 3,372,334 shares of the company’s stock worth $1,155,126,000 after buying an additional 219,654 shares in the last quarter. Capital World Investors boosted its position in shares of BlackRock by 1.0% in the second quarter. Capital World Investors now owns 3,282,208 shares of the company’s stock worth $1,124,255,000 after buying an additional 31,191 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of BlackRock by 0.6% in the second quarter. Ameriprise Financial Inc. now owns 1,878,497 shares of the company’s stock worth $643,336,000 after buying an additional 10,918 shares in the last quarter. Institutional investors own 81.58% of the company’s stock.
BlackRock, Inc is an investment management company. The Company provides a range of investment and risk management services to institutional and retail clients across the world. Its offerings include single and multi-asset class portfolios investing in equities, fixed income, alternatives and money market instruments.
Receive News & Ratings for BlackRock Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BlackRock Inc. and related companies with MarketBeat.com's FREE daily email newsletter.