Shares of global investment management firm Blackrock (BLK) closed 3.1% lower on Wednesday despite its solid financial results for the second quarter ended June 30. The company offers advisory, risk management and investment management services.
Revenue increased 32% year-over-year to $4.82 billion, beating the Street’s estimates of $4.61 billion. (See Blackrock stock chart on TipRanks)
Quarterly earnings per share (EPS) rose 28% year-over-year to $10.03 and surpassed analysts’ expectations of $9.36.
The Chairman and CEO of Blackrock, Laurence D. Fink, said, “In sustainability, we are investing in products, data and analytics and technology to help investors capture the opportunity and manage the risks presented by sustainable factors.”
Jefferies analyst Gerald O’Hara had expected the company to report EPS of $9.34 in the second quarter.
Overall, the stock has a Strong Buy consensus based on 13 Buys. The average Blackrock price target of $954.46 implies 8.4% upside potential. The company’s shares have gained 54.8% over the past year.
According to TipRanks’ Smart Score rating system, Blackrock scores a 9 out of 10, suggesting that the stock is likely to outperform market averages.
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