Asset manager BlackRock, Inc. ( BLK
The New York-based company reported second quarter net income of $432 million, or $2.21 per share, compared with $218 million, or $1.59 per share, in the year-ago period. Excluding one-time items, adjusted profit was $2.37 per share.
On average, Wall Street analysts expected a smaller adjusted profit of $2.29 per share.
Meanwhile, revenue almost doubled from last year, to $2.03 billion. Last year's results are a difficult comparison this year's, since 2010 results include income from its big acquisition of Barclays Global Investors and its iShares ETF business last year.
BlackRock shares rose 63 cents, or +0.4%, in premarket trading Wednesday.
The Bottom Line
We had removed shares of BLK from our recommended list back on Apr.30, when the stock was trading at $190.39. The company has a 2.68% dividend yield, based on last night's closing stock price of $149.36. The stock has technical support in the $140 price area. If the shares can firm up, we see overhead resistance around the $160 price level. We would remain on the sidelines for now.
BlackRock, Inc. ( BLK ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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