Today, BlackRock Inc. (NYSE:BLK), the world's largest asset manager, disclosed its financial performance for the first half of 2024, including the second quarter ending June 30. The announcement was made through an 8-K filing with the Securities and Exchange Commission.
The New York-based company, recognized for its broad range of investment management services, has released its earnings report, which is attached as Exhibit 99.1 to the 8-K form. Additionally, BlackRock has provided supplemental materials for its investor conference call and webcast scheduled for today. These materials are available as Exhibit 99.2 in the filing.
The earnings release provides a detailed account of BlackRock's financial results for the three and six-month periods ending on June 30, 2024. The company, which operates under the SIC code for security brokers, dealers, and flotation companies, has not disclosed specific figures in the provided summary of the 8-K filing.
BlackRock, incorporated in Delaware and headquartered at 50 Hudson (NYSE:HUD) Yards in New York, also trades its 1.250% Notes due 2025 under the ticker symbol BLK25 on the New York Stock Exchange.
The 8-K filing also confirms Martin S. Small as the Senior Managing Director and Chief Financial Officer of BlackRock, who has signed off on the report in accordance with SEC regulations.
In other recent news, Temasek Holdings, Singapore's state investor, reported a 1.8% increase in its net portfolio value, reaching $288.5 billion. This growth was primarily driven by profitable investments in the United States and India, offsetting weaker performance in China. For the first time in a decade, Temasek's investments in the Americas surpassed its China holdings. The firm intends to increase investments in Japan and Southeast Asia, and explore opportunities in the Middle East.
In parallel, BlackRock Inc. has been active in the market, reaffirming its acquisition of Preqin, a private market data provider, for $3.2 billion, a move that UBS has maintained a neutral stance on. The acquisition is anticipated to have a slight dilutive effect on BlackRock's earnings per share in 2025. The firm has also announced its intention to enter the private markets space with indexes and exchange-traded funds (ETFs) following this acquisition.
In a recent shareholder vote, BlackRock successfully defended its board of directors against a challenge from Saba Capital Management, retaining its position as the manager of the funds. Meanwhile, Citi has maintained its Buy rating on BlackRock post-acquisition, indicating a positive outlook for the firm's future performance.
InvestingPro Insights
As BlackRock Inc. (NYSE:BLK) releases its financial performance for the first half of 2024, investors may find additional context through real-time data and insights. BlackRock's commitment to shareholder returns is evidenced by its consecutive 14-year dividend increase, a testament to its financial resilience and management's confidence in the company's stability. Moreover, with 8 analysts recently revising their earnings projections upward, there is an optimistic outlook on the company's upcoming performance.
Key metrics from InvestingPro show a robust financial picture: BlackRock's market capitalization stands at a solid $123.04 billion, and it boasts a P/E ratio of 21.02. The company's revenue growth over the last twelve months as of Q1 2024 is 5.32%, indicating a steady upward trajectory in its earnings capability. Additionally, BlackRock's dividend yield as of mid-2024 is an attractive 2.46%, which coupled with a PEG ratio of 0.94, suggests that the company's earnings growth is reasonably priced relative to its peers.
For investors seeking to delve deeper into BlackRock's financials and future prospects, there are 8 additional InvestingPro Tips available at https://www.investing.com/pro/BLK. These tips provide further analysis that could be crucial for making informed decisions. To access these insights, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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