Published on 4 Jan 2024 on Zacks via Yahoo Finance
Interest rate cuts by the Fed are approaching fast. If one goes by current market sentiment, we should see the first rate-cut announcement as early as March 2024. Inflation is in check, albeit still not down to the Fed’s target rate of 2%. Investor mood is upbeat across sectors, and in this environment, BlackRock Inc. BLK, one of the world’s largest asset managers, is poised to make the most of these opportunities.
BlackRock was founded in the year 1988. Based in New York City, the company offers investment, advisory and risk management solutions in various asset classes like equity, fixed income, cash management, alternative investment and real estate. It has more than 19,000 employees and is present in more than 36 countries.
BlackRock reported that it had $9.1 trillion worth of assets under management as of Sep 30, 2023, as it beat earnings estimates in the third quarter. In the quarter, BLK reported adjusted earnings of $10.91/share, widely surpassing the Zacks Consensus Estimate of $8.47.