BlackRock, Inc. (NYSE:BLK), the world's largest asset manager with a market capitalization of $149 billion, disclosed its financial results for the fourth quarter and full year ended December 31, 2024, today. The company, which boasts a solid dividend yield of 2.12% and has maintained dividend payments for 22 consecutive years according to InvestingPro, released its earnings report and provided supplemental materials, which are now available as exhibits to the Form 8-K filed with the Securities and Exchange Commission (SEC).
The New York-based firm, which operates under the SIC code for security brokers, dealers, and flotation companies, announced that it would be conducting an investor conference call and webcast to discuss the earnings results. With 10 analysts recently revising their earnings expectations downward according to InvestingPro, the call is intended to offer investors a deeper understanding of the company's financial performance over the past quarter and the entire year.
In other recent news, significant developments have been unfolding at BlackRock Inc (NYSE:BLK). Mark Wiedman, a top executive and potential successor to CEO Larry Fink, has decided to leave the company after a 20-year tenure. In response, BlackRock is expected to promote several executives.
TD (TSX:TD) Cowen has maintained a Buy rating on BlackRock but slightly reduced the price target from $1,224 to $1,223 following a revision of the firm's earnings forecasts for upcoming years. Despite a lower net asset value impacting assets under management, TD Cowen's forecasts for 2025 and 2026 remain mostly aligned with the consensus.
Additionally, BlackRock has announced plans to reduce its workforce by approximately 1%, even as it plans to hire an additional 2,000 employees this year. This follows a $25 billion expenditure on acquisitions last year. Keefe, Bruyette & Woods (KBW) has adjusted its price target for BlackRock, reducing it from $1,225.00 to $1,160.00, while maintaining an Outperform rating. KBW's analysis suggests a mixed outlook for BlackRock's upcoming earnings.
Finally, BlackRock has made a strategic move to acquire HPS Investment Partners for $12 billion, set to significantly enhance BlackRock's private credit portfolio. Analysts from Evercore ISI have raised their price target for BlackRock to $1,180 in light of this acquisition, maintaining an Outperform rating on the stock.
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