The largest money manager in the world – BlackRock Inc. made an official statement today, revealing that its profit over the second fiscal quarter increased by 11% as investors added more money into its funds, boosting the companys assets.
Before the official announcement of the quarterly results, one of the analysts, who works at Gabelli & Co. – Macrae Sykes commented in a telephone interview that was cited by Bloomberg: “As the world’s largest asset manager with exposure to all asset classes they should benefit directly” from the rising stock market prices.
According to the statement of BlackRock Inc., the companys net income rose from 729 million dollars over the same period a year ago to 808 million dollars over the second quarter. BlackRock Inc. also explained that its adjusted earnings amounted to 4.89 dollars per share, surpassing the 4.46-dollar predicted by analysts. The companys revenue increased by 12% and reached 2.78 billion dollars.
The total assets under management rose by 19% compared to the same quarter a year ago and amounted to 4.59 trillion dollars at the end of the period. BlackRock Inc. also said that its total long-term net inflows were estimated at 38.02 billion dollars over the second three months of the year, while its retail inflows amounted to 13.13 billion dollars.
Recently, the Chief Executive Officer of BlackRock – Mr. Laurence D. Fink has been primarily focused on reorganizing the management team of the company in an attempt to make its performance better, especially when it comes to active products. Mr. Fink also put his efforts into increasing individual investors interest towards the company as well as boosting BlackRock Inc.s funds globally.
The company has been dealing with regulatory authorities close examination this year. The regulator still recommends taking actions against one of the companys divisions over an ex money manager.
BlackRock Inc. was 0.15% up to close at 323.74 dollars per share yesterday, marking a one-year change of +20.64%. According to the information published on CNN Money, the 18 analysts offering 12-month price forecasts for BlackRock Inc. have a median target of 359.50, with a high estimate of 387.00 and a low estimate of 300.00. The median estimate represents a +11.05% increase from the last price of 323.74.
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