On Wednesday the world's largest money manager, BlackRock, Inc.
( BLK ), reported an 8% increase in third quarter
profits, beating analysts' expectations.
The New York based company reported net income of $642 million,
or $3.65 per share. That is up 8% from $595 million, or $3.23 per
share, a year earlier. Excluding certain items, the earnings per
share was $3.47; that is 4.8% larger than analysts' expectations of
$3.31 per share, according to Reuters.
The increase in profits was due in part to investors pouring
money into BlackRock's iShares line of ETFs. Also the company
showed strength in bond mutual funds, its Lifepath funds for
401(k)-type retirement accounts, hedge fund performance fees and
risk management services.
Revenue rose to $2.3 billion, up 4% from a year earlier.
BlackRock's total assets managed increased to $3.67 trillion, up
3% during the quarter and up 10% from this time last year.
BlackRock shares were flat in premarket trading on
The Bottom Line
Shares of Blackrock ( BLK ) have a 3.16% dividend
yield, based on last night's closing stock price of $189.97. The
stock has technical support in the $176-$180 price area. If the
shares can firm up, we see overhead resistance around the $193-$199
BlackRock, Inc. ( BLK ) is not recommended
at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5
Be sure to visit our complete recommended list of the Best Dividend Stocks , as well
as a detailed explanation of our ratings system here .
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