Financials

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lift our 12-month target price by $45 to $895, or 19.8x our ’25 EPS estimate of $45.10 (upped by $1.05) and 20.8x our ’24 EPS estimate of $43.08 (raised by $2.05), in line with BLK’s three-year average forward multiple of 20x. Q4 EPS of $9.66 versus $8.93 topped our $9.40 EPS estimate and the $8.84 consensus view on a 7% revenue rise (above our 3%-5% forecast), and ’23 EPS of $37.77 (versus $35.36) beat our $37.52 EPS estimate and the $37.09 consensus view. December 31, 2023 AUM of $10T rose 16% Y/Y, aided by $289B of net inflows (3% organic growth). We applaud BLK’s accretive acquisition of Global Infrastructure Partners (GIP) for $12.5B in cash ($3B) and stock (12M shares) in a deal that creates a […]

By Jack Pitcher BlackRock has agreed to buy private-equity firm Global Infrastructure Partners for roughly $12.5 billion in cash and stock, a significant push into private-market investments for the world’s largest asset manager. New York-based GIP owns and operates energy, transportation, and water and waste companies, including a stake in London’s Gatwick Airport. The acquisition would be BlackRock’s largest since it bought Barclays’s asset management business in 2009. BlackRock separately reported its assets under management topped $10 trillion at the end of the fourth quarter for just the second time in its history. To acquire GIP, BlackRock will pay $3 billion in cash and 12 million of its own shares, worth about $9.5 billion based on Thursday’s closing price. GIP is majority owned by its six founding partners, who will collectively become among the largest shareholders of BlackRock by acquiring about 8% of the shares outstanding, according to a person

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.