BlackRock Q2 revenue beats estimates on base fees and inflow strength
BLK•Q2 results beat estimates
BlackRock said its second-quarter revenue rose 31% year over year, beating analyst expectations. Diluted earnings per share for the quarter increased 20% year over year, driven by higher base fees and inflows.
The company also announced a $450 million share repurchase in the current quarter.
Analyst coverage and valuation
The current average analyst rating on the shares is buy and the breakdown of recommendations is 16 strong buy or buy, 3 hold and no sell or strong sell.
Wall Street's median 12-month price target for BlackRock Inc is $1,260.00, about 22.9% above its July 14 closing price of $1,025.44.
The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 17 three months ago.
Drivers of the revenue increase
BlackRock attributed revenue growth to higher base fees, positive market performance, and strong inflows, especially in ETFs and technology-driven solutions.
