BlackRock, Inc. has reported its fourth-quarter earnings, posting $14 trillion in assets under management, a new record for the firm. The asset manager's net profit per share was $13.16, exceeding estimates of $12.21.
Following the earnings release, Jefferies raised BlackRock's share price target to $1,351 from $1,333, maintaining a Buy rating. The firm cited a 12% organic fee growth in the fourth quarter and platform expansion in areas like digital assets as factors in its analysis.
Jim Cramer discussed BlackRock among 15 stocks recently. He praised the company and its CEO, Larry Fink, stating, "Winner winner, chicken dinner. Best one there is. We should recognize the fact that there is something wholesale going on perhaps in the way people save, it's possible. . it's also, David, their technology is fantastic. But the amount of money coming in is just extraordinary."
BlackRock's shares have risen 14.9% over the past year and 7.2% year-to-date. The company is one of the largest asset managers globally.