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Based in New York, BlackRock, Inc. (BLK) is the largest public investment management firm. Valued at $116.25 billion by market cap, the company offers a range of products, including single- and multi-asset portfolios in equities, fixed income, alternatives, and money market instruments. It provides its services to institutional, intermediary, and individual investors. The world’s largest asset manager is expected to announce its fiscal second-quarter earnings for 2024 on Friday, July 12.
Ahead of the event, analysts expect BLK to report a profit of $9.88 per share on a diluted basis, up 6.5% from $9.28 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports. BLK’s assets hit a record $10.5 trillion in the previous quarter.
For fiscal 2024, analysts expect BLK to report EPS of $41.25, up 9.2% from $37.77 in fiscal 2023.
BLK has underperformed the broader market in 2024, with the shares down 3.6% on a YTD basis. By contrast, the S&P 500 ($SPX) has gained 14.8% this year, and the US Financials iShares ETF (IYF) is up 11.1%.
BLK’s overall performance can be attributed to the influx into its bitcoin ETF. By surpassing rival Grayscale, BLK became the largest spot Bitcoin exchange-traded funds custodians. The company’s iShares Bitcoin Trust ($IBIT) garnered investor capital of $102 million on May 28.
On Apr. 12, BLK reported its Q1 results. Its adjusted EPS was $9.81, surpassing the consensus estimate of $9.42. The company’s revenue was $4.73 billion, beating the Wall Street estimates of $4.69 billion. BLK shares closed down more than 2% on the day the results were released.
Analysts’ consensus opinion on BLK stock is bullish, with a “Strong Buy” rating overall. Out of 16 analysts covering the stock, 12 advise a “Strong Buy” rating, two have a “Moderate Buy” rating, and two suggest a “Hold.” The average analyst price target for BLK is $911.93, indicating a 16.6% potential upside from the current levels.
On the date of publication, Dipanjan Banchur did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
