8chan/8kun QResearch Posts (1)
#7820251 at 2020-01-15 14:22:04 (UTC+1)
Q Research General #10009: Under The Big Tent Edition
BlackRock beats profit estimates as assets swell to record $7.43 trillion
BlackRock Inc (BLK.N), the world's largest asset manager, beat analysts' estimates for quarterly profit on Wednesday, helped by strong flows into its exchange-traded fund business that boosted overall assets under management to a record $7.43 trillion. A rally in global equity markets and strong inflows across business segments helped the company lure $128.84 billion in new money during the fourth quarter through Dec. 31. "I think it's quite evident from our flows in the fourth quarter that we are winning more of our clients' share of wallet," Chief Executive Larry Fink said in an interview with Reuters.
BlackRock's iShares-branded ETFs took in $75.20 billion of new money, up from $41.50 billion in the prior quarter, taking the net inflow for the year to $183 billion.
Those flows helped lift total assets to $7.43 trillion. "A lot of times, if a company is big, the law of big numbers makes it hard to grow, we are not seeing that with BlackRock," said Kyle Sanders, an analyst with St. Louis-based financial services firm Edward Jones.
"The size is actually allowing them to continue to be more aggressive and push into new products and take market share," said Sanders, who maintained a 'buy' rating on the company.
With its growing heft, BlackRock has drawn increased scrutiny of its fossil fuel investments. On Tuesday, Fink warned company boards to step up efforts to tackle climate change, a significant shift by the world's top asset manager.
In his annual letter to CEOs posted on the company's website on Tuesday, Fink forecast a "fundamental reshaping of finance" and said companies must act or face anger from investors over how unsustainable business practices might curb their future wealth. The New York-based company's fourth-quarter net income here surged to $1.30 billion, or $8.29 per share, in the three months ended Dec. 31, from $927 million, or $5.78 per share, a year earlier.
Excluding items, BlackRock earned $8.34 per share, while analysts had expected $7.69, according to IBES data from Refinitiv. "We had high expectations this quarter, just given the good market backdrop, and they still exceeded what the Street was looking for," said Sanders.
A thawing in U.S.-China trade tensions during the fourth quarter supported global equity markets, especially U.S. stocks. The benchmark S&P 500 index climbed 8.5% during the period, taking the year's surge to 29%.
For the fourth quarter, BlackRock's cash management business drew net inflows of $29.80 billion, taking total assets for the business to $545.95 billion.
BlackRock shares were down 0.25% in premarket trading.
https://www.reuters.com/article/us-blackrock-results/blackrock-beats-profit-estimates-as-assets-swell-to-record-7-43-trillion-idUSKBN1ZE1E4
cap #2 sauce 5 yr of sales.
https://www.secform4.com/insider-trading/1059245.htm
8chan/8kun QRB Posts (1)
#72210 at 2021-07-14 16:58:07 (UTC+1)
QRB General #409: July 24 is World Ivermectin Day Edition
BlackRock profit beats as assets grow to a record $9.5 trillion
BlackRock Inc, the world's largest asset manager, reported a better-than-expected quarterly profit on Wednesday as investors poured more money into the company's funds, driving robust fee growth and boosting its assets under management to a record high.
BlackRock's assets under management jumped to a record $9.49 trillion in the second quarter from $7.32 trillion a year earlier. "More than ever, our voice is resonating deeper and more broadly with our clients worldwide," BlackRock's chief executive, Larry Fink, said in an interview.
The company continued to gather assets at a robust pace as investors deployed money across BlackRock's product types and asset classes. Global equity markets' strength during the second quarter helped boost both assets under management as well as fee growth. The U.S. economy displayed signs of a recovery over the past quarter, helped by large government stimulus and steady vaccination programs. Global financial market continue to display strength a year after the coronavirus pandemic crashed asset prices and hurt risk sentiment. "It seems like everything is going their way right now. It's just strength across the entire platform," said Kyle Sanders, an analyst with St. Louis-based financial services firm Edward Jones.
Net inflows for the quarter stood at $81 billion, driven by higher investments in BlackRock's various funds, including its exchange-traded funds. That figure is well below $81 billion, but well below the $172 billion record set in the prior quarter, with most of the decline due the loss of a $58 billion equity index mandate from a U.S. pension fund client, Sanders said. "Despite them having $9.5 trillion and being so big, they are still best positioned to deliver the best growth over the next couple of years, relative to their peers," Sanders said.
The company's adjusted net income rose to $1.55 billion, or $10.03 per share, in the three months ended June 30, from $1.21 billion, or $7.85 per share, a year earlier. Analysts on average had expected a profit of $9.46 per share, according to IBES data from Refinitiv. Revenue rose 32% to $4.82 billion, helped by higher performance fees and 14% growth in revenue from technology services. BlackRock's shares, which hit a record high on Monday, ahead of the results, rose 16% during the quarter ended June 30, compared with a 15% gain for a Thomson Reuters index that includes more than a dozen of BlackRock's industry rivals in the United States.
https://www.reuters.com/article/blackrock-results/update-4-blackrock-profit-beats-as-assets-grow-to-a-record-9-5-trillion-idUSL4N2OQ2N1