BlackRock (BLK) closed at $1,046.49 in the latest trading session, marking a -2.23% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 0.58%. Meanwhile, the Dow gained 0.05%, and the Nasdaq, a tech-heavy index, added 0.91%.
Prior to today's trading, shares of the investment firm had gained 2.98% outpaced the Finance sector's gain of 1.37% and lagged the S&P 500's gain of 4.96%.
Market participants will be closely following the financial results of BlackRock in its upcoming release. The company is forecasted to report an EPS of $12.53, showcasing a 3.98% upward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $6.67 billion, indicating a 23.03% growth compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $52.8 per share and a revenue of $27.65 billion, signifying shifts of +9.79% and +14.19%, respectively, from the last year.
Investors should also take note of any recent adjustments to analyst estimates for BlackRock. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.06% higher. At present, BlackRock boasts a Zacks Rank of #3 (Hold).
Looking at its valuation, BlackRock is holding a Forward P/E ratio of 20.27. For comparison, its industry has an average Forward P/E of 11.16, which means BlackRock is trading at a premium to the group.
It's also important to note that BLK currently trades at a PEG ratio of 1.39. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Financial - Investment Management was holding an average PEG ratio of 1.07 at yesterday's closing price.
The Financial - Investment Management industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 202, placing it within the bottom 18% of over 250 industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
Radical New Technology Could Hand Investors Huge Gains
Quantum Computing is the next technological revolution, and it could be even more advanced than AI.
While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.
Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power .
Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.
See Top Quantum Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
BlackRock (BLK): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).