BlackRock

The following is a summary of the BlackRock, Inc. (BLK) Q4 2023 Earnings Call Transcript: Financial Performance: BlackRock posted $17.9 billion in full-year revenue in 2023, remaining relatively flat compared to the previous year. The company’s operating income was at $6.6 billion, a 2% decrease from 2022, while earnings per share increased by 7%, reaching $37.77. In Q4 2023, revenue was $4.6 billion, a 7% YOY increase. Operating income in Q4 increased by 9%, achieving $1.7 billion, while earnings per share of $9.66 increased by 8% compared to the same period in the previous year. BlackRock generated $289 billion in total net inflows and delivered 1% organic base fee growth. The company ended 2023 with significant momentum, generating $96 billion in total net inflows in Q4. For the year 2023, BlackRock returned over $4.5 billion to shareholders through dividends and share repurchases. Business Progress: BlackRock plans to accelerate in 2024, […]

BlackRock Reports Full Year 2023 Diluted EPS of $36.51, or $37.77 as Adjusted BlackRock Announces Agreement to Acquire Global Infrastructure Partners (“GIP”) — Creating a World Leading Infrastructure Investment Platform NEW YORK–(BUSINESS WIRE)–January 12, 2024– BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months and year ended December 31, 2023. BlackRock’s acquisition of GIP will create a combined infrastructure platform of over $150 billion*, well positioned to meet fast-growing investor demand $10 trillion in AUM following $289 billion of full year net inflows, including $96 billion in the fourth quarter Flat full year revenue primarily driven by the negative impact of markets on average AUM, partially offset by higher technology services revenue Restructuring charge of $61 million from initiative to reorganize specific platforms, primarily Aladdin and illiquid alternative investments, to stay ahead of client needs, excluded from as adjusted results 2% decrease in full year operating income

BlackRock (NYSE:BLK) reported quarterly earnings of $9.66 per share which beat the analyst consensus estimate of $8.84 by 9.28 percent. This is a 8.17 percent increase over earnings of $8.93 per share from the same period last year. The company reported quarterly sales of $4.63 billion which beat the analyst consensus estimate of $4.61 billion by 0.39 percent. This is a 6.78 percent increase over sales of $4.34 billion the same period last year.

BlackRock (BLK) reported Q4 adjusted earnings Friday of $9.66 per diluted share, up from $8.93 a year earlier. Analysts surveyed by Capital IQ expected $8.84. Revenue for the quarter ended Dec. 31 was $4.63 billion compared with $4.34 billion a year earlier. Analysts surveyed by Capital IQ estimated $4.63 billion. The company said its board approved a 2% increase in the quarterly cash dividend to $5.10 per share, payable on March 22 to shareholders on record as of March 7. In a separate statement, BlackRock and Global Infrastructure Partners, or GIP, said they signed a deal for BlackRock’s acquisition of GIP for $3 billion in cash and about 12 million common BlackRock shares. BlackRock plans to fund the transaction’s cash consideration using $3 billion in additional debt, while the stock consideration will be deferred and issued in about five years, according to the statement. The company said the acquisition is

BlackRock (NYSE:BLK) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/10/2024 2.96% UBS $720 → $818 Maintains Neutral 01/04/2024 3.08% TD Cowen → $819 Initiates Coverage On → Market Perform 12/15/2023 -10.89% JP Morgan $708 → $708 Downgrades Overweight → Neutral 12/12/2023 11.39% Exane BNP Paribas → $885 Upgrades Neutral → Outperform 11/30/2023 -0.19% Goldman Sachs $719 → $793 Maintains Buy 10/16/2023 -10.89% JP Morgan $736 → $708 Maintains Overweight 10/16/2023 12.9% Morgan Stanley $836 → $897 Maintains Overweight 10/11/2023 0.69% Deutsche Bank $814 → $800 Maintains Buy 10/06/2023 5.22% Morgan Stanley $888 → $836 Maintains Overweight 10/04/2023 -9.38% Wells Fargo $820 → $720 Maintains Overweight 07/18/2023 11.77% Morgan Stanley $881 → $888 Maintains Overweight 07/17/2023 -1.2% Deutsche Bank $780 → $785 Maintains Buy 07/14/2023 2.58% Citigroup $750 → $815 Maintains Buy 07/12/2023 10.88% Morgan Stanley $861 → $881 Maintains Overweight 07/10/2023

BlackRock (NYSE:BLK) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/04/2024 3.87% TD Cowen → $819 Initiates Coverage On → Market Perform 12/15/2023 -10.2% JP Morgan $708 → $708 Downgrades Overweight → Neutral 12/12/2023 12.24% Exane BNP Paribas → $885 Upgrades Neutral → Outperform 11/30/2023 0.58% Goldman Sachs $719 → $793 Maintains Buy 10/16/2023 -10.2% JP Morgan $736 → $708 Maintains Overweight 10/16/2023 13.77% Morgan Stanley $836 → $897 Maintains Overweight 10/11/2023 1.46% Deutsche Bank $814 → $800 Maintains Buy 10/06/2023 6.03% Morgan Stanley $888 → $836 Maintains Overweight 10/04/2023 -8.68% Wells Fargo $820 → $720 Maintains Overweight 07/18/2023 12.62% Morgan Stanley $881 → $888 Maintains Overweight 07/17/2023 -0.44% Deutsche Bank $780 → $785 Maintains Buy 07/14/2023 3.37% Citigroup $750 → $815 Maintains Buy 07/12/2023 11.74% Morgan Stanley $861 → $881 Maintains Overweight 07/10/2023 5.9% Keefe, Bruyette & Woods $770 → $835

TD Cowen analyst Bill Katz initiates coverage on BlackRock (NYSE:BLK) with a Market Perform rating and announces Price Target of $819.

Morgan Stanley Boosts Price Target on BlackRock to $952 From $897, Cites ‘Robust Organic Growth,’ Keeps Overweight, Top Pick。

BlackRock (NYSE:BLK) Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/15/2023 -12.28% JP Morgan $708 → $708 Downgrades Overweight → Neutral 12/12/2023 9.65% Exane BNP Paribas → $885 Upgrades Neutral → Outperform 11/30/2023 -1.75% Goldman Sachs $719 → $793 Maintains Buy 10/16/2023 -12.28% JP Morgan $736 → $708 Maintains Overweight 10/16/2023 11.13% Morgan Stanley $836 → $897 Maintains Overweight 10/11/2023 -0.88% Deutsche Bank $814 → $800 Maintains Buy 10/06/2023 3.58% Morgan Stanley $888 → $836 Maintains Overweight 10/04/2023 -10.8% Wells Fargo $820 → $720 Maintains Overweight 07/18/2023 10.02% Morgan Stanley $881 → $888 Maintains Overweight 07/17/2023 -2.74% Deutsche Bank $780 → $785 Maintains Buy 07/14/2023 0.98% Citigroup $750 → $815 Maintains Buy 07/12/2023 9.15% Morgan Stanley $861 → $881 Maintains Overweight 07/10/2023 3.45% Keefe, Bruyette & Woods $770 → $835 Upgrades Market Perform → Outperform 07/03/2023 -4.6% JP Morgan $780 → $770 Maintains

JPMorgan analyst Kenneth Worthington downgrades BlackRock (NYSE:BLK) from Overweight to Neutral and maintains the price target from $708 to $708.

Morgan Stanley analyst Mike Cyprys maintains BlackRock (NYSE:BLK) with a Overweight and raises the price target from $836 to $897.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We keep our 12-month target of $750, valuing BLK shares (currently yielding 3.1%) at 18.3x our 2024 EPS estimate of $41.03 and 17x our 2025 EPS estimate of $44.05, versus its three-year average forward multiple of 20x and a peer average of 13x. We lift our 2023 EPS view by $2.41 to $37.52 after Q3 EPS of $10.91 versus $9.55 topped our $8.50 EPS estimate and the $8.34 consensus view on 5% higher revenues with slightly wider operating margins (42.3% versus 42.0%) due to 14% higher AUM and 20% higher tech revenues. But the shares’ tepid performance today likely reflects the disappointing Q3 fund flow trends, with Q3 inflows of $3B versus $16.9B amid $36B institutional index outflows and $13B in precision ETF outflows. We see 2023