BlackRock (NYSE:BLK) Stock, Quote.Headers.trade-ideas

BlackRock

BlackRock is the largest asset manager in the world, with $10.473 trillion in assets under management at the end of March 2024. Its product mix is fairly diverse, with 54% of managed assets in equity strategies, 27% in fixed income, 9% in multi-asset classes, 7% in money market funds, and 3% in alternatives. Passive strategies account for around two thirds of long-term AUM, with the company's ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which by our calculations account for around 80% of AUM. BlackRock is geographically diverse, with clients in more than 100 countries and more than one third of managed assets coming from investors domiciled outside the US and Canada.

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SEIC

SEI Investments Co.&#39;s (NASDAQ: SEIC) second-quarter 2024 earnings of $1.05 per share surpassed the Zacks Consensus Estimate by a penny. The bottom line reflected a rise of 18% from the prior-year quarter&#39;s level.

SEI Investments Q2 Earnings Beat as Revenues &amp; AUM Rise

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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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CBOE

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Nine spot Ethereum ETFs began trading on US exchanges Tuesday, marking another milestone in the mainstream adoption of digital assets.

Ethereum ETFs Are Live: Here&#39;s How Experts Assess Their Launch

Invesco&#39;s (NYSE: IVZ) second-quarter 2024 adjusted earnings of 43 cents per share surpassed the Zacks Consensus Estimate of 41 cents. The bottom line increased 38.7% from the prior-year quarter.

Invesco Q2 Earnings Beat Despite Y/Y Revenue Decline

BlackRock Inc

Blackbaud Inc

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

GLOBAL GAMING TECHS by Global Gaming Technologies Corp.

Global Gaming Technologies Corp

BLACKLINE SAFETY CORP by Blackline Safety Corp

Blackline Safety Corp

Blackstone

BLACK UNICORN FACTORY

BLACKWELL INTELLIGNCE INC by BLACKWELL INTELLIGENCE INC

Blackwell Intelligence Inc

BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) has outperformed the market over the past 20 years by 5.63% on an annualized basis producing an average annual return of 13.93%. Currently, BlackRock has a market capitalization of $126.66 billion. 
Buying $100 In BLK: If an investor had bought $100 of BLK stock 20 years ago, it would be worth $1,363.48 today based on a price of $854.63 for BLK at the time of writing.
<h3>BlackRock's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1722022299_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In This Stock 20 Years Ago Would Be Worth $1,400 Today

<a href="https://www.bloomberg.com/news/articles/2024-07-26/blackrock-elliott-among-thames-creditors-leading-crisis-talks?srnd=util" title="https://www.bloomberg.com/news/articles/2024-07-26/blackrock-elliott-among-thames-creditors-leading-crisis-talks?srnd=util">https://www.bloomberg.com/news/articles/2024-07-26/blackrock-elliott-among-thames-creditors-leading-crisis-talks?srnd=util</a>
&nbsp;
A group of <a href="https://www.thameswater.co.uk/">Thames Water&#39;s</a> creditors including BlackRock Inc. and Elliott Investment Management LP formed a coordination committee as talks kicked off with the struggling utility over options to restructure its debt load, according to people familiar with the matter.
The committee formed last week is part of a larger group of creditors who are being advised by investment bank Jefferies and law firm <a href="https://www.akingump.com/en/lawyers-advisors">Akin Gump</a>, said the people, who asked not to be named discussing private information. The broader group holds about &pound;8.5 billion ($10.9 billion) of Thames Water debt.

"BlackRock, Elliott Among Thames Creditors Leading Crisis Talks; Invesco, MetLife Also Are On Committee For Debt Negotiations; Committee Is A Sign That Pace Of Talks Is Likely To Pick Up" - Bloomberg News

SEI Investments Co.&#39;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/seic#NASDAQ">SEIC</a>) second-quarter 2024 earnings of $1.05 per share surpassed the Zacks Consensus Estimate by a penny. The bottom line reflected a rise of 18% from the prior-year quarter&#39;s level.
Results benefited from higher revenues and an increase in the assets under management balance. Higher expenses acted as a headwind.
Net income was $139.1 million, up 17% from the year-ago quarter&#39;s level. Our estimate for the metric was $129.4 million.
<h3>Revenues &amp; AUM Improve, Expenses Rise</h3>
Total revenues were $519 million, up 6% year over year. The rise was driven by higher asset management, administration and distribution fees. However, the top line missed the Zacks Consensus Estimate of $524 million.
Total expenses were $382.5 million, up 2% year over year. The increase was due to higher compensation, benefits and other personnel costs, stock-based compensation expenses, amortization costs, and data processing and computer-related costs. Our estimate for the metric was $399.6 million.
Operating income increased 21% year over year to $136.5 million. Our estimate for the metric was $119.9 million.
As of Jun 30, 2024, AUM was $470.5 billion, reflecting a rise of 13% from the prior-year quarter&#39;s reported actuals. Client assets under administration (AUA) were $1 trillion, up 16% year over year. Client AUA did not include $8.5 billion related to Funds of Funds assets reported as of Jun 30, 2024.
<h3>Share Repurchase Update</h3>
In the reported quarter, SEI Investments bought back 1.6 million shares for $111.2 million.
<h3>Conclusion</h3>
Elevated expenses are expected to hurt the company&#39;s bottom line. SEIC&#39;s increased exposure to fee-based revenues is another major concern. However, its robust AUM balance, global presence and diverse range of product offerings are expected to continue to drive growth.
<div class="chart_embed">
<h3>SEI Investments Company Price, Consensus and EPS Surprise</h3>
<img alt="SEI Investments Company Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/d5/1721912100.png" style="height:265px; width:577px" title="" />
SEI Investments Company price-consensus-eps-surprise-chart | SEI Investments Company Quote
Currently, SEI Investments carries a Zacks Rank #2 (Buy).
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<h3>Performance of Other Asset Managers</h3>
BlackRock, Inc.&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) second-quarter 2024 adjusted earnings of $10.36 per share handily surpassed the Zacks Consensus Estimate of $9.96. The figure reflects a rise of 12% from the year-ago quarter&#39;s level.
BLK&#39;s results benefited from a rise in revenues. AUM witnessed a solid improvement, driven by net inflows and market appreciation. However, higher expenses and a fall in non-operating income acted as headwinds for BLK.
Blackstone&#39;s&nbsp;second-quarter 2024 distributable earnings of 96 cents per share lagged the Zacks Consensus Estimate of 99 cents. The figure declined 3.2% from the prior-year quarter&#39;s figure.
BX&#39;s results were primarily hurt by an increase in GAAP expenses. Nevertheless, a rise in segment revenues and an improvement in the AUM balance were tailwinds.
<a href="https://www.zacks.com/stock/news/2309156/sei-investments-seic-q2-earnings-beat-as-revenues-aum-rise?cid=CS-BENZ-FT-analyst_blog|earnings_article-2309156">To read this article on Zacks.com click here.</a>

SEI Investments Q2 Earnings Beat as Revenues & AUM Rise

<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39911348/ethereum-etfs-start-trading-and-price-discovery-is-inevitable-trader-asserts">Nine spot Ethereum ETFs</a> began trading on US exchanges Tuesday, marking another milestone in the mainstream adoption of digital assets.
What Happened: This launch comes just six months after the debut of <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39906763/bitcoin-stuck-below-67k-despite-526m-in-etf-inflows-what-is-going-on">spot Bitcoin ETFs</a> in the United States, which have already accumulated over $54 billion in assets under management.
The new ETH ETFs, offered by major financial players including BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), Fidelity, Grayscale, and others, are now available on the Cboe (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>), NYSE Arca, and Nasdaq exchanges.
Grayscale&#8217;s Ethereum Mini Trust stands out with the lowest fee of 0.15% and is set to start with approximately $1 billion in assets.
In the early hours of trading, the newly launched Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) ETFs demonstrated significant market interest.
According to data from Yahoo Finance, <a href="https://www.theblock.co/post/306970/ethereum-etfs-hit-300-million-in-trading-volume-in-first-hour-of-being-live-on-the-market?utm_source=rss&amp;utm_medium=rss">analyzed</a> by The Block Pro Research, these funds collectively amassed $205 million in trading volume within the first 60 minutes.
The momentum continued, with the total volume reaching $300 million approximately 75 minutes after the market opened, at around 10:45 a.m. EST.
To put these figures into perspective, Bloomberg&#8217;s Senior ETF Analyst Eric Balchunas offered his insights on the initial trading performance.
&#8220;Here&#8217;s volume after first 15 minutes of trading. Total of $112m traded for the group (which is A TON vs a normal ETF launch but only about half of what bitcoin ETFs&#8217; volume pace was on DAY ONE, altho 50% would exceed expectations IMO),&#8221; he <a href="https://x.com/EricBalchunas/status/1815767604453138738">said</a>.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Here&#39;s where we at after 90 minutes. $361m total. As a group that number would rank them about 15th overall in ETF volume (about what <a href="https://twitter.com/search?q=%24TLT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TLT</a> and <a href="https://twitter.com/search?q=%24EEM&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$EEM</a> trade), which is Top 1%. But again compared to a normal ETF launch, which rarely see more than $1m on Day One, all of them have… <a href="https://t.co/R5UgQFR1L6">pic.twitter.com/R5UgQFR1L6</a>
&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1815767604453138738?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
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</figure>
He added that the comparison excluded GBTC and if it was included the ETH ETFs do about 20% to 25% of the volume of the BTC ETFs. &#8220;Regardless, very solid showing,&#8221; he said.
Also Read: <a href="EXCLUSIVE: How AI Can Unlock The True Potential Of Web3">EXCLUSIVE: How AI Can Unlock The True Potential Of Web3</a>
What Others Said: Nathan McCauley, CEO of Anchorage Digital, hailed the launch as &#8220;a major step forward in regulatory clarity for the digital asset class.&#8221;
He emphasized that the ETF wrapper will provide a new pathway for safe and compliant exposure to Ethereum, potentially driving billions in inflows from both institutions and consumers.
Konstantin Shulga, CEO and co-founder of Finery Markets, noted the accelerated adoption rate of digital assets and increased institutional involvement. 
He pointed out that Ethereum trading volumes rose by 32% in the first half of 2024 compared to the same period in 2023 in the OTC market. 
However, Shulga cautioned that the full impact of ETF approvals may not be realized for six to nine months, as it takes time for innovative products to be fully integrated into financial players&#8217; portfolios.
Tom Duff Gordon, VP of International Policy at Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), described the approval of spot ETH ETFs as &#8220;a significant milestone in the crypto ecosystem,&#8221; highlighting the ongoing shift towards digital assets in the global financial system. 
Coinbase is serving as the custodian for 8 of the 9 newly approved ETH ETFs.
However, Sergei Gorev, risk manager at YouHodler, offered a more cautious perspective. 
He noted that despite the launch, ETH&#8217;s price dynamics appear weak, suggesting that the market may not fully believe in the great success of Ethereum ETFs. 
Gorev also pointed out the possibility of a &#8220;buy-on-hearsay and sell-on-facts&#8221; scenario, particularly given the timing of the launch during a period when many investors are on vacation.
David Ben Kay, a former advisor and member of the governing board of the Ethereum Foundation, said the launch is a step closer to broader adoption and closer integration into traditional financial markets.
This launch comes at a time of increasing institutional interest in digital assets, as Ethereum continues to solidify its position as a key player in the blockchain and decentralized finance (DeFi) sectors. 
By providing a regulated investment vehicle, investors may have a greater sense of security and compliance. 
However, due to fees and market inefficiencies the ETF price may not always perfectly track Ethereum&#8217;s spot price.
&#8220;Despite risk mitigation, Ethereum remains a volatile asset, and ETF values can fluctuate accordingly. Management fees and expenses associated with ETFs can impact overall returns compared to direct cryptocurrency holdings,&#8221; he said.
&#8220;All in all, the issuance of the spot ETH ETF is definitely a positive move in the journey of broad adoption for cryptocurrencies, but it's likely that initial adoption and market impact may be limited until there is broader acceptance and understanding of crypto ETFs,&#8221; he added.
As the cryptocurrency landscape continues to evolve rapidly with developments like these ETH ETFs, industry professionals and enthusiasts alike are eager to discuss the implications and future trends. 
What&#8217;s Next: The upcoming Benzinga <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19 will provide a timely platform for such discussions.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39905047/michelle-obama-for-democratic-nominee-crypto-bettors-think-her-odds-have-just-tripled">Michelle Obama For Democratic Nominee? Crypto Bettors Think Her Odds Have Just Tripled</a></li>
</ul>
Image: Shutterstock

Ethereum ETFs Are Live: Here's How Experts Assess Their Launch

Invesco&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ivz#NYSE">IVZ</a>) second-quarter 2024 adjusted earnings of 43 cents per share surpassed the Zacks Consensus Estimate of 41 cents. The bottom line increased 38.7% from the prior-year quarter.
Results have been primarily aided by a decline in adjusted expenses. An increase in the assets under management balance on decent inflows was a positive. However, marginally lower adjusted revenues hurt results to some extent.
On a GAAP basis, net income attributable to common shareholders was $132.2 million or 29 cents per share, unchanged from a year ago. Our estimate for the metric was $146.4 million.
<h3>Adjusted Revenues &amp; Expenses Decline</h3>
Adjusted net revenues were $1.09 billion, falling marginally year over year. The top line marginally surpassed the Zacks Consensus Estimate of $1.08 billion.
Adjusted operating expenses were $750.5 million, down 4.8% on a year-over-year basis. We expected the metric to be $787.9 million.
The adjusted operating margin was 30.9%, up from 27.7% a year ago.
<h3>AUM Balance Increases</h3>
As of Jun 30, 2024, AUM was $1.72 trillion, which increased 11.5% year over year. Our estimate for AUM was $1.67 trillion. The average AUM at second-quarter end totaled $1.67 trillion, up 11.7%.
The company witnessed long-term net inflows of $16.7 billion in the reported quarter.
<h3>Balance Sheet Strong</h3>
As of Jun 30, 2024, cash and cash equivalents were $878.5 million compared with $895.7 million as of Mar 31, 2024.
The long-term debt was $890.1 million.
<h3>Our View</h3>
Invesco is well-poised to benefit from its global footprint, product offerings and strategic buyouts. However, elevated expenses, a challenging market environment and high debt levels are major near-term concerns.
<div class="chart_embed">
<h3>Invesco Ltd. Price, Consensus and EPS Surprise</h3>
<img alt="Invesco Ltd. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/7a/1721735694.png" style="height:265px; width:577px" title="" />
Invesco Ltd. price-consensus-eps-surprise-chart | Invesco Ltd. Quote
</div>
Currently, IVZ carries a Zacks Rank #3 (Hold).
<h3>Performance of Other Asset Managers</h3>
BlackRock, Inc.&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) second-quarter 2024 adjusted earnings of $10.36 per share handily surpassed the Zacks Consensus Estimate of $9.96. The figure reflects a rise of 12% from the year-ago quarter.
BLK&#39;s results benefited from a rise in revenues. AUM witnessed a solid improvement, driven by net inflows and market appreciation. However, higher expenses and a fall in non-operating income acted as headwinds for BLK.
Blackstone&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bx#NYSE">BX</a>) second-quarter 2024 distributable earnings of 96 cents per share lagged the Zacks Consensus Estimate of 99 cents. The figure declined 3.2% from the prior-year quarter.
BX&#39;s results were primarily hurt by an increase in GAAP expenses. Nevertheless, a rise in segment revenues and an improvement in the AUM balance were tailwinds.
<a href="https://www.zacks.com/stock/news/2307093/invesco-ivz-q2-earnings-beat-despite-y-y-revenue-decline?cid=CS-BENZ-FT-analyst_blog|earnings_article-2307093">To read this article on Zacks.com click here.</a>

Franklin Resources, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEN#NYSE">BEN</a>), a global investment management organization operating as Franklin Templeton, has selected Aladdin&#xAE; by BlackRock to unify its investment management technology platform across public market asset classes.
Aladdin is a comprehensive technology solution that supports the entire investment management process across multiple asset classes and will also aid in the simplification of Franklin Templeton's operation and reduction of long-term capital expenses. Its distinctive features will enable Franklin Templeton to meet the diverse needs of its specialist investment managers and further support its growth initiatives.

Franklin Templeton Selects Aladdin By BlackRock To Unify Its Investment Management Technology

The registration statement for BlackRock's iShares Ethereum Trust ETF (ETHA), has been declared effective by the U.S. Securities and Exchange Commission (SEC). ETHA seeks to track the price of Ethereum's native token, ether, and is expected to begin trading on Nasdaq on July 23, 2024. ETHA carries a 0.25% sponsor fee with a one-year waiver reducing the fee to 0.12% on the first $2.5B assets under management (AUM)1.

ETFs

Blackrock's iShares Ethereum Trust ETF Set To Launch; Says ETHA Seeks To Track Price Of Ethereum's Native Token, Ether, And Is Expected To Begin Trading On Nasdaq On July 23

BlackRock&#8217;s(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) tokenized fund BUIDL (BlackRock USD Institutional Digital Liquidity Fund) has ammassed more than $500 million in assets under management (AUM) in three months, according to a new report.
What Happened: The research <a href="https://www.digift.sg/insights/2024/current-status-of-blackrocks-buidl.html">report</a> by Digift shows that as of July 9, 2024, the fund&#8217;s AUM reached $502.8 million, held across 17 addresses.
BUIDL, issued on the Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) blockchain as an ERC20 token, allows Web3 institutions to access real-world returns without navigating complex on-and-off ramp processes. 
BlackRock&#8217;s collaboration with key Web3 players such as Securitize, Circle (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>), and Ondo Finance (CRYPTO: ONDO) has been instrumental in bringing this project to fruition. 
Securitize, acting as a regulator-recognized transfer agent, enables the use of public blockchains as the primary accounting tool for recording ownership and transfers of issued assets. 
This partnership has effectively bridged the gap between traditional finance and the blockchain world, according to the report.
Circle&#8217;s involvement has further enhanced BUIDL&#8217;s utility by introducing a contract allowing real-time exchanges of BUIDL for USDC. 
This feature provides token holders with unprecedented liquidity options, setting a new standard for tokenized funds.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Ondo Finance (CRYPTO: ONDO), currently the largest holder of BUIDL tokens, has utilized this asset to create its own money market fund product, OUSG. This multi-layered approach allows stable, real-world returns to flow into the DeFi ecosystem, benefiting a broader range of investors.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39846707/wazirx-declares-230m-hack-a-force-majeure-event-pledges-full-investigation">WazirX Declares $230M Hack A Force Majeure Event, Pledges Full Investigation</a>
The success of BUIDL is evident in its rapid growth. 
This growth trajectory suggests strong institutional interest in tokenized financial products.
However, the path to widespread adoption is not without challenges. 
Regulatory hurdles and compliance issues remain significant obstacles, with most jurisdictions taking a conservative approach to asset tokenization. 
Despite these challenges, the initiatives by BlackRock and other financial giants are driving attention to the efficiencies of on-chain interactions and encouraging the development of new laws and standards.
As the financial world continues to evolve, the success of BUIDL and similar tokenized funds could pave the way for more traditional institutions to enter the DeFi space. 
What&#8217;s Next: This trend is likely to be a hot topic at Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event, where industry leaders will discuss the implications of such innovations on the future of finance.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39846584/president-bidens-odds-of-exiting-the-race-surge-to-80-heres-whos-favored-now">President Biden&#8217;s Odds Of Exiting The Race Surge To 80%: Here&#8217;s Who&#8217;s Favored Now</a></li>
</ul>
Image: Shutterstock

$USDC

BlackRock's BUIDL Tokenization Fund Hits $500M In Assets Under Management

Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) is set to initiate <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39716416/goldman-sachs-to-launch-three-tokenization-projects-by-year-end-itll-change-the-nature-of-">three tokenization projects by the end of the year</a>, aiming to transform how clients invest in financial assets. This move will tokenize assets like money market funds and real estate holdings, utilizing both public and private blockchains.
<h3 class="wp-block-heading">Goldman Sachs&#8217; New Ventures in Tokenization</h3>
According to&nbsp;<a href="https://fortune.com/crypto/2024/07/10/goldman-sachs-launch-tokenization-bitcoin-etfs-crypto-mcdermott/" target="_blank" rel="noreferrer noopener">Fortune</a>,&nbsp;Goldman Sachs is advancing its digital asset strategy with three new projects focused on tokenizing various asset classes. Matthew McDermott, global head of digital assets at Goldman Sachs, noted, &#8220;The feedback is clear: this will change the nature of investment.&#8221; These projects will include tokenizing U.S. fund complexes and debt issuance in Europe, with further details pending.
<figure class="wp-block-image size-full is-resized"><a href="https://www.benzinga.com/events/digital-assets/"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/19091021/905735A6-57D3-4874-9AA1-75D037842DB3-1-11.gif" alt="" class="wp-image-445730" style="width:417px;height:auto" /></a></figure>
<h3 class="wp-block-heading">Fractional Ownership and Investment Accessibility</h3>
Tokenization enables fractional ownership, allowing investors to own parts of high-value assets, such as real estate, without purchasing the entire property. This approach democratizes investment opportunities, making them accessible to a broader range of investors. Larry Fink, CEO of BlackRock Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), predicts that the market for tokenized assets could eventually surpass Bitcoin&#8217;s market cap.
<h3 class="wp-block-heading"> Potential Regulatory Shifts</h3>
As regulatory frameworks evolve, Goldman Sachs is preparing to expand its crypto-related activities. McDermott highlighted that upcoming regulatory changes, particularly in the U.S., could create new opportunities for the bank, including the possibility of holding spot crypto assets. This readiness to adapt to regulatory developments is crucial for maximizing investment potential.
<h3 class="wp-block-heading">Industry Leaders Converge</h3>
In November, the <a href="https://www.benzinga.com/events/digital-assets/">Benzinga Future of Digital Assets</a> event in New York City will gather over 1,000 leaders from the capital markets to discuss the future of digital assets. This one-day event will provide a platform for extensive networking and discussions on emerging trends in the digital asset space.
The event will feature 4,000 one-on-one meetings, executive roundtables, and exclusive networking sessions. Attendees will have the opportunity to engage with digital asset innovators and explore new investment strategies, gaining insights into the evolution of alternative asset classes.
Read Next:
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</ul>
Image: Shutterstock

Events

Goldman Sachs To Launch 3 Tokenization Projects That 'Will Change The Nature Of Investment'

Blackstone&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bx#NYSE">BX</a>) second-quarter 2024 distributable earnings of 96 cents per share lagged the Zacks Consensus Estimate of 99 cents. The figure reflects a decline of 3.2% from the prior-year quarter.
Shares of the company lost 1.5% in the pre-market trading. However, a full day&#39;s trading session will depict a clearer picture.
Results were primarily hurt by an increase in GAAP expenses. Nevertheless, a rise in segment revenues and improvement in the assets under management balance were tailwinds.
Net income attributable to Blackstone was $444.4 million compared with $601.3 million in the year-ago quarter.
<h3>Segment Revenues Improve, GAAP Expenses Rise</h3>
Total segment revenues were $2.52 billion, up 7% year over year. The top line outpaced the Zacks Consensus Estimate of $2.51 billion.
On a GAAP basis, revenues were $2.80 billion, down marginally year over year.
Total expenses (GAAP basis) were $1.63 billion, up 10.7% year over year.
As of Jun 30, 2024, Blackstone had $8.7 billion in total cash, cash equivalents and corporate treasury investments, and $17.7 billion in cash and net investments. The company has a $4.3-billion undrawn credit revolver.
<h3>AUM Rises</h3>
Fee-earning AUM grew 11% year over year to $808.7 billion as of Jun 30, 2024.
The total AUM amounted to $1.08 trillion as of the same date, up 7% year over year. The rise in total AUM was primarily driven by $39.4 billion in inflows in the reported quarter.
As of Jun 30, 2024, the undrawn capital available for investment was $181 billion.
<h3>Our Take</h3>
Blackstone is well-poised for top-line growth, supported by a continued rise in AUM. The company is expected to keep gaining from its fund-raising ability. However, high expenses and a challenging operating backdrop are expected to hurt the bottom line in the near term.
<div class="chart_embed">
<h3>Blackstone Inc. Price, Consensus and EPS Surprise</h3>
<img alt="Blackstone Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/1a/1721305539.png" style="height:265px; width:584px" title="" />
Blackstone Inc. price-consensus-eps-surprise-chart | Blackstone Inc. Quote
Currently, Blackstone carries a Zacks Rank #4 (Sell).
</div>
<h3>Performance &amp; Earnings Release Date of Other Asset Managers</h3>
BlackRock, Inc.&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) second-quarter 2024 adjusted earnings of $10.36 per share handily surpassed the Zacks Consensus Estimate of $9.96. The figure reflects a rise of 12% from the year-ago quarter.
BLK&#39;s results benefited from a rise in revenues. AUM witnessed solid improvement driven by net inflows and market appreciation. However, higher expenses and a fall in non-operating income acted as headwinds for BLK.
Invesco (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ivz#NYSE">IVZ</a>) is scheduled to announce second-quarter 2024 numbers on Jul 23.
Over the past month, the Zacks Consensus Estimate for IVZ&#39;s quarterly earnings has been unchanged at 41 cents. Also, the figure implies a jump of 32.3% from the prior-year reported number.
<a href="https://www.zacks.com/stock/news/2304334/blackstone-bx-q2-earnings-miss-stock-dips-as-costs-rise?cid=CS-BENZ-FT-analyst_blog|earnings_article-2304334">To read this article on Zacks.com click here.</a>

Earnings Misses

Blackstone Q2 Earnings Miss, Stock Dips as Costs Rise

$800 million aggregate principal amount of&nbsp;4.600%&nbsp;Notes due 2027
$500&nbsp;million aggregate principal amount of&nbsp;4.900%&nbsp;Notes due 2035
$1.20 billion aggregate principal amount of&nbsp;5.350%&nbsp;Notes due 2055
BlackRock intends to use the net proceeds of the offering to fund a portion of the cash consideration for BlackRock&#39;s proposed acquisition of Preqin Holding Limited (&quot;Preqin&quot; and the &quot;Preqin Transaction&quot;).&nbsp;

Offerings

BlackRock Prices $2.5B Debt Offering Consisting Of Three Tranches Of Senior Unsecured Notes; Intends To Use Net Proceeds To Fund Portion Of Cash Consideration For Preqin Deal

BlackRock, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) is selling $2.5 billion in U.S. investment-grade bonds to help pay for its <a href="https://www.benzinga.com/markets/equities/24/07/39570007/blackrocks-aladdin-gets-smarter-3-2b-deal-adds-preqins-private-markets-data">$3.2 billion acquisition</a> of private-markets data company Preqin.
What Happened: According <a href="https://www.bloomberg.com/news/articles/2024-07-17/blackrock-taps-blue-chip-bond-market-to-fund-preqin-purchase?srnd=markets-vp&amp;sref=TBDibEcD">to</a> Bloomberg, citing an anonymous source, BlackRock Funding plans to sell the notes in three tranches.
The longest part of the deal matures in 30 years. It expects to yield one percentage point above Treasuries.
BlackRock did not immediately respond to Benzinga&#8217;s request for comment on the reported transaction.
BlackRock agreed to acquire London-based Preqin as part of an effort to grow its presence in private-markets investing. In January, the firm spent $12.5 billion to take over Global Infrastructure Partners.
Also Read: <a href="https://feeds2.benzinga.com/markets/equities/24/07/39603383/blackrocks-preqin-acquisition-to-drive-revenue-synergies-analyst-sees-expansion-in-emerging-priv">BlackRock&#8217;s Preqin Acquisition To Drive Revenue Synergies: Analyst Sees Expansion In Emerging Private Markets</a>
Private markets are rapidly growing and expected to reach nearly $40 trillion by decade's end. This sector's data market, currently valued at $8 billion, is growing 12% annually and is projected to reach $18 billion by 2030.
The Preqin acquisition is expected to close by the end of this year. Bank of America Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) and Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) are leading the bond sale.
The three-year portion of the notes offering comes with a special mandatory redemption clause, which means BlackRock will buy back the notes at 101% if the Preqin deal fails to close by Sept. 2, 2025.
Price Action: BlackRock dipped 0.54% to $839.40 by late-afternoon trading on Wednesday, while exchange-traded funds that hold the stock rose and fell.
Fidelity Disruptive Finance ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDFF#NASDAQ">FDFF</a>) lost 0.35% as Schwab U.S. Dividend Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHD#NYSE">SCHD</a>) gained 1.32% and The Nightview Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NITE#NYSE">NITE</a>) slipped 3.1%. Madison Dividend Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIVL#NYSE">DIVL</a>) edged up 0.92% and Copper Place Global Dividend Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDVD#NYSE">GDVD</a>) rose 0.52%.GDVD
Read Now: 
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<li><a href="https://www.benzinga.com/news/earnings/24/07/39791571/blackrock-analysts-raise-their-forecasts-following-upbeat-earnings">BlackRock Analysts Raise Their Forecasts Following Upbeat Earnings</a></li>
</ul>

Bonds

Financing

DIVL

FDFF

GDVD

NITE

SCHD

BlackRock Sells $2.5B In Bonds To Help Fund Preqin Deal: Report

BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) has outperformed the market over the past 20 years by 5.32% on an annualized basis producing an average annual return of 13.89%. Currently, BlackRock has a market capitalization of $124.90 billion. 
Buying $1000 In BLK: If an investor had bought $1000 of BLK stock 20 years ago, it would be worth $13,582.59 today based on a price of $842.80 for BLK at the time of writing.
<h3>BlackRock's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1721158433_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much $1000 Invested In BlackRock 20 Years Ago Would Be Worth Today

Citigroup analyst William Katz maintains BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) with a Buy and raises the price target from $920 to $930.

Price Target

Citigroup Maintains Buy on BlackRock, Raises Price Target to $930

Deutsche Bank analyst Brian Bedell maintains BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) with a Buy and lowers the price target from $924 to $912.

Deutsche Bank Maintains Buy on BlackRock, Lowers Price Target to $912

Evercore ISI Group analyst Glenn Schorr maintains BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) with a Outperform and raises the price target from $910 to $920.

Evercore ISI Group Maintains Outperform on BlackRock, Raises Price Target to $920

Argus Research analyst Stephen Biggar maintains BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) with a Buy and raises the price target from $880 to $910.

Argus Research Maintains Buy on BlackRock, Raises Price Target to $910

BlackRock, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) reported better-than-expected second-quarter <a href="https://www.benzinga.com/quote/BLK/news">earnings on Monday</a>.
Revenue growth of 8% Y/Y to $4.805 billion, missing the consensus of $4.849 billion. Adjusted EPS increased 12% Y/Y to $10.36, beating the consensus of $9.93, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
BLK's Board of Directors paid a quarterly cash dividend per share of $5.10 and repurchased shares worth $500 million in the quarter.
"Organic growth was driven by private markets, retail active fixed income, and surging flows into our ETFs, which had their best start to a year on record." Laurence D. Fink, Chairman, and CEO said. "We are on pace to close our planned acquisition of Global Infrastructure Partners in the third quarter of 2024, which is expected to double private markets base fees and add approximately $100 billion of infrastructure AUM. And just a few weeks ago, we announced our agreement to acquire Preqin, a leading private markets data provider."
BlackRockshares fell 0.6% to close at $822.96 on Monday.
These analysts made changes to their price targets on BlackRock after the company reported quarterly results.
<ul>
<li>Keefe, Bruyette &amp; Woods analyst Aidan Hall maintained BlackRock with an Outperform and raised the price target from $915 to $934.</li>
<li>Morgan Stanley analyst Mike Cyprys maintained BlackRock with an Overweight rating, while increasing raises the price target from $1,013 to $1,036.</li>
</ul>
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39789748/wall-streets-most-accurate-analysts-weigh-in-on-3-industrials-stocks-delivering-high-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Weigh In On 3 Industrials Stocks Delivering High-Dividend Yields</a></li>
</ul>

BlackRock Analysts Raise Their Forecasts Following Upbeat Earnings

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
<ul>
<li>Mizuho raised the price target for Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) from $450 to $480. Mizuho analyst Gregg Moskowitz maintained an Outperform rating. Microsoft shares gained 0.1% to close at $453.96 on Monday. <a href="https://www.benzinga.com/quote/MSFT/analyst-ratings">See how other analysts view this stock.</a></li>
<li>HC Wainwright &amp; Co. boosted the price target for Revolution Medicines, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RVMD#NASDAQ">RVMD</a>) from $44 to $56. HC Wainwright &amp; Co. analyst Robert Burns maintained a Buy rating. Revolution Medicines shares gained 1.9% to close at $46.00 on Monday. <a href="https://www.benzinga.com/quote/RVMD/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Morgan Stanley increased the price target for The Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) from $475 to $513. Morgan Stanley analyst Betsy Graseck maintained an Overweight rating. Goldman Sachs shares gained 2.6% to close at $492.23 on Monday. <a href="https://www.benzinga.com/quote/GS/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Keefe, Bruyette &amp; Woods increased BlackRock, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) price target from $915 to $934. Keefe, Bruyette &amp; Woods analyst Aidan Hall maintained an Outperform rating. BlackRock shares fell 0.6% to close at $822.96 on Monday. <a href="https://www.benzinga.com/quote/BLK/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Evercore ISI Group cut the price target for Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) from $92 to $80. Evercore ISI Group analyst David Palmer downgraded the stock from Outperform to In-Line. Starbucks shares fell 2.8% to close at $72.75 on Monday. <a href="https://www.benzinga.com/quote/SBUX/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>B of A Securities raised S&amp;P Global Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPGI#NYSE">SPGI</a>) price target from $530 to $540. B of A Securities analyst Heather Balsky maintained a Buy rating. S&amp;P Global gained 0.9% to close at $482.55 on Monday. <a href="https://www.benzinga.com/quote/SPGI/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Stifel raised Profound Medical Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PROF#NASDAQ">PROF</a>) price target from $9 to $12. Stifel analyst Rick Wise upgraded the stock from Hold to Buy. Profound Medical shares fell 1.3% to close at $9.15 on Monday. <a href="https://www.benzinga.com/quote/PROF/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Piper Sandler cut Dollar Tree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) price target from $143 to $112. Piper Sandler analyst Peter Keith downgraded the stock from Overweight to Neutral. Dollar Tree shares fell 3.3% to close at $103.83 on Monday. <a href="https://www.benzinga.com/quote/DLTR/analyst-ratings">See how other analysts view this stock.</a></li>
<li>B of A Securities boosted Shopify Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) price target from $78 to $82. B of A Securities analyst Brad Sills upgraded the stock from Neutral to Buy. Shopify shares fell 1.1% to close at $64.21 on Monday. <a href="https://www.benzinga.com/quote/SHOP/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Mizuho slashed Atlassian Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEAM#NASDAQ">TEAM</a>) price target from $225 to $220. Mizuho analyst Gregg Moskowitz maintained an Outperform rating. Atlassian shares fell 0.8% to close at $179.95 on Monday. <a href="https://www.benzinga.com/quote/TEAM/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Check This Out: 
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<li><a href="https://www.benzinga.com/news/24/07/39789748/wall-streets-most-accurate-analysts-weigh-in-on-3-industrials-stocks-delivering-high-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Weigh In On 3 Industrials Stocks Delivering High-Dividend Yields</a></li>
</ul>

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SHOP

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TEAM

Microsoft To Rally Around 6%? Here Are 10 Top Analyst Forecasts For Tuesday

The world&#8217;s largest asset manager, BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), has noted a significant shift in fixed-income markets. Investors are increasingly favoring low-cost exchange-traded funds (ETFs) and alternative assets over traditional bond funds, creating a &#8220;barbell effect,&#8221; according to CEO Larry Fink.
What Happened: Fink discussed the trend during the announcement of BlackRock&#8217;s new high of $10.6 trillion in assets under management. He pointed out the record inflows into BlackRock&#8217;s ETF products and a surge in client interest in infrastructure products that invest in energy and data centers, the Financial Times<a href="https://www.ft.com/content/e94bf88a-a80e-466f-8a6c-35c70c36381d"> reported</a> on Tuesday.
&#8220;Assets are in motion,&#8221; Fink stated, as investors with large cash reserves anticipate a U.S. rate cut as early as September and acknowledge missing a significant equity rally this year.
He noted that the split between passive index funds and high-fee private equity funds, already evident among equity investors, is now appearing in fixed income. 
&#8220;It&#8217;s a moment when people are recalibrating out of cash and it&#8217;s going to be heavily into fixed income&#8230; ETFs and also the alternative income-oriented products,&#8221; Fink added.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39781712/bitcoin-ethereum-dogecoin-continue-their-green-streak-but-big-test-could-come-on-a-60k-ret?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Continue Their Green Streak, But &#8216;Big Test&#8217; Could Come On A $60K Retest</a>
Why It Matters: The shift in investor preference aligns with <a href="https://www.benzinga.com/personal-finance/financial-advisors/24/06/39565182/gen-z-millennial-high-net-worth-investors-abandon-traditional-investments">recent trends observed</a> among Generation Z and Millennial investors. These younger investors are increasingly turning to alternative investments, moving away from traditional stocks and bonds. This shift is likely contributing to the record inflows into BlackRock&#8217;s ETF products.
Moreover, market expectations for a <a href="https://www.benzinga.com/markets/bonds/24/06/39461432/markets-higher-neutral-rate-expectations-may-challenge-bond-etfs">higher neutral rate</a> could limit the Federal Reserve's ability to cut interest rates, potentially causing headwinds for bonds. This could further fuel the shift towards ETFs and alternative assets.
BlackRock, with its substantial iShares ETF business and pending acquisition of Global Infrastructure Partners, is well-positioned to capitalize on these trends, according to Fink. The acquisition is expected to close by the end of September.
The company <a href="https://www.benzinga.com/news/earnings/24/07/39768644/blackrock-q2-earnings-etf-boom-record-inflows-and-private-market-drive-growth">reported a quarterly revenue </a>of $4.81 billion, up 8% year on year, but slightly below the expected $4.84bn. Net income rose 9% from the previous year to $1.5 billion, surpassing expectations of $1.47 billion.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39764702/bitcoin-ethereum-dogecoin-recover-as-market-reacts-positively-to-trump-escaping-assassinat?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Recover As Market Reacts Positively To Trump Escaping Assassination Attempt:&nbsp;Analyst Predicts King Crypto&#8217;s Pullback Before Rise To $63.8K</a></li>
</ul>
Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Analyst Color

General

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Press Releases

BlackRock Strengthens Thematic Equity Offering with U.S. Manufacturing ETF

Dividends

BlackRock® Canada Announces July Cash Distributions for the iShares® ETFs

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Comments

BlackRock

BlackRock (BLK) Forecast

BlackRock (NYSE:BLK) Stock, Quote.Headers.trade-ideas