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New York-based BlackRock, Inc. (BLK) is a publicly owned investment manager that provides investment management services to institutional clients and retail investors. With a market cap of $140.5 billion, the company offers investment, advisory, and risk management services. The global investment manager is expected to announce its fiscal third-quarter earnings for 2024 before the market opens on Friday, Oct. 11.
Ahead of the event, analysts expect BLK to report a profit of $10.30 per share on a diluted basis, down 5.6% from $10.91 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
For the full year, analysts expect BLK to report EPS of $41.37, up 9.5% from $37.77 in fiscal 2023. Its EPS is expected to rise 11% year over year to $45.92 in fiscal 2025.
BLK stock has outperformed the S&P 500’s ($SPX) 34.4% gains over the past 52 weeks, with shares up 46.9% during this period. Similarly, it outshined the S&P 500 Financials Sector SPDR’s (XLF) 36.6% gains over the same time frame.
BLK’s overall performance can be attributed to its recent partnership with Partners Group Holding AG (PGPHF), that has generated excitement for the financial services company by introducing a platform to simplify investing in private market assets, catering mainly to wealth management companies and financial advisors. Additionally, Velo Labs announced that its stablecoin, USDV, is now backed by BlackRock's Institutional Digital Liquidity Fund, providing diversification and stability. Moreover, the company’s strong track record and commitment to shareholder returns have driven its performance.
On Jul. 15, BLK shares closed down marginally after reporting its Q2 results. Its adjusted EPS of $10.36 topped Wall Street expectations of $9.96. The company’s revenue was $4.8 billion, missing Wall Street forecasts of $4.9 billion.
Analysts’ consensus opinion on BLK stock is bullish, with a “Strong Buy” rating overall. Out of 18 analysts covering the stock, 14 advise a “Strong Buy” rating, two suggest a “Moderate Buy” rating, and two give a “Hold.” While BLK currently trades above its mean price target of $940.71, the Street-high price target of $1036 suggests an upside potential of 9.1%.
On the date of publication, Neha Panjwani 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.
