By
Chimamanda U. Martha
April 24th, 2024
BLK stock has gained approximately 30.69%, and 15.89% in the past year and YTD respectively.
BlackRock Inc (NYSE: BLK) stock traded around $852.00, up approximately 1.89% during today’s pre-market and is 3% up now when the market opened. The New York-based multinational investment management corporation reported its third-quarter earnings report that beat analysts’ expectations. According to the Q3 2021 report, BlackRock revealed a 16% increase in revenue year-over-year basis. On a GAAP basis, the company reported a revenue of $5,050 million against last year’s third quarter of $4,369.
Additionally, BlackRock reported $98 billion in long-term net inflows driven by increased momentum in ETFs.
“Clients continue to seek BlackRock’s insights and advice regarding their entire portfolios, reflecting the benefits of the investments we have made to better serve their evolving needs. BlackRock generated $98 billion of long-term net inflows in the third quarter, representing 9% annualized organic base fee growth and our 6th consecutive quarter in excess of our 5% target, once again demonstrating the strength of our diversified investment and technology platform,” noted Laurence D. Fink, Chairman, and CEO.
During the third quarter, the company recorded diluted earnings per share of $10.89 against $8.87 reported the same time last year. Thereby representing a change of approximately 23%.
“Organic growth was broad-based, spanning our active platform as well as in each of our ETF product categories. We delivered our 10th consecutive quarter of active equity inflows and client demand for ESG remains strong, with $31 billion of inflows across our sustainable active and index strategies”, the company wrote.
Performance of BlackRock in Q3
The company has significantly reorganized its business structure to fit in the new world order. From a broad perspective, the company outshined analyst expectations during the third quarter. According to a survey conducted by FactSet, analysts expected the company to report diluted earnings per share of $9.39 on revenue of $4.82 billion.
“Our long-term strategy remains centered on staying ahead of our client’s needs and living our purpose of helping more and more people experience financial well-being. Whether through expanding investment choices, developing new retirement solutions, or enhancing our data analytics and technology capabilities, BlackRock remains committed to investing in high growth opportunities and industry-leading innovation,” Fink added.
According to market analytics provided by MarketWatch, BLK stock has gained approximately 30.69%, and 15.89% in the past year and YTD respectively through Tuesday. However, the company’s stock market has dropped approximately 5% and 8% in the past three months and one month respectively.
A study by the same media shows out of 14 ratings in BLK shares, the average rating is Buy. Hereby indicating analysts are bullish on the BLK stock market on a short-term and long-term basis.