What to expect from BlackRock’s report — TradingView News

BlackRock, Inc. is headquartered in New York. BLACK is the largest publicly traded investment manager. The firm, valued at $116.25 billion by market capitalization, offers a range of products, including single and multi-asset portfolios in equities, fixed income, alternatives and money market instruments. It serves institutional, intermediary and individual investors. The world’s largest asset manager is expected to report its fiscal second quarter 2024 financial results on Friday, July 12.

Ahead of the event, analysts expect BLK to report earnings 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 topped Wall Street earnings per share estimates in its last four quarterly reports. BLK’s assets reached a record $10.5 trillion in the previous quarter.

For fiscal 2024, analysts forecast BLK will post earnings per share of $41.25, up 9.2% from earnings per share of $37.77 in fiscal 2023.

In 2024, BLK underperformed the broader market, International Youth Day increased by 11.1%.

BLK’s overall performance can be attributed to the inflows into its Bitcoin ETF. Surpassing rival Grayscale, BLK has become the largest custodian of spot Bitcoin exchange-traded funds. The company’s iShares Bitcoin Trust ($IBIT) raised $102 million in investor capital on May 28.

On April 12, BLK reported its first-quarter earnings. Adjusted earnings per share came in at $9.81, beating the consensus estimate of $9.42. The company’s revenue came in at $4.73 billion, beating Wall Street estimates of $4.69 billion. BLK shares closed down more than 2% on the day of the earnings release.

Analysts are unanimously bullish on BLK stock, with an overall rating of “Strong Buy.” Of the 16 analysts covering the stock, 12 recommend 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 current levels.

On the date of publication, Dipanjan Banchur did not hold (directly or indirectly) a position in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. For more information, please refer to Barchart’s Disclosure Policy here.