BlackRock (NYSE:BLK), the world’s largest asset manager, has gained about 6% so far in 2023. Despite macro headwinds, the company continues to see strength in its ETF categories, particularly in iShares bond ETFs. Given its solid profit margins, consistent dividend profile, and robust demand for products, the stock is likely to attract investors.
Last Friday, the company reported better-than-expected fourth-quarter results. BlackRock’s CEO, Larry Fink, said, “We ended the year with strong momentum, generating $114B of Q4 net inflows, representing 3% annualized organic base fee growth, reflecting continued strength in ETFs and significant outsourcing mandates.”
Moreover, BlackRock continues to invest in areas where it sees room for expansion. It recently disclosed having invested in Human Interest Inc., a tech-enabled 401(k) provider. With this investment, Human Interest plans to expand its workforce and enhance its technology platform capabilities.
Is BlackRock Stock a Buy?
Wall Street is bullish on BLK stock with a Strong Buy consensus rating based on eight Buys and two Holds. The average price target of $771.10 implies 2.27% upside potential.
Supporting the view of analysts, hedge funds bought 1.5M shares of BLK in the last quarter. Further, the stock has positive signals from bloggers.
