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BLK

BlackRock, Inc.

6/19/2013, 7:49 PM ET

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Monday, June 17, 9:58 AM It's still the "early days" for ETFs, according to iShares (BLK), which sees ETF AUM more than doubling to $3.5T by 2017. Among the key driving trends is the fast growth of self-directed accounts using ETFs - currently a $4T addressable market with a 9% growth rate. Along with BlackRock as industry giants are State Street (STT) and Vanguard. Smaller players include Schwab (SCHW), Northern Trust (NTRS), and WisdomTree (WETF). 1 Comment [Financials]
Thursday, June 13, 3:07 PM Should PNC unload its 21% stake in BlackRock (BLK) - currently worth $9.46B, but on the books at $5.6B (PNC's total market cap is $37.5B). A sale would enable a sizable buyback (subject to Fed approval), but "not a great trade-off vs. losing 14% of EPS," says Nomura's Keith Murray. Another issue the buildup of a deferred tax asset, meaning the bank would be liable for a $1.9B payment to the IRS if it sold. 1 Comment [Financials]
Wednesday, June 12, 1:31 PM Ahead of BlackRock's (BLK -1.6%) first-ever investor day (the 18th), Goldman - looking for a big move - is advising clients to pick up call options on the stock. Management will surely do a decent job explaining how the "financial Swiss Army knife" of a company is poised to profit. Then there's $3B in free cash flow that can be used for buybacks plus a 2.4% dividend yield (though not quite as attractive as it was 60 days ago). Comment! [Financials]
Friday, June 7, 2:21 PM BlackRock's (BLK +3%) price target is boosted to $281 at Credit Suisse, which continues with its Neutral rating on the stock, the analysts noting the growth in AUM. Money continues to pour into ETPs at ever-faster rates and BlackRock is garnering a big share of it. Comment! [Financials]
Thursday, June 6, 3:41 PM More than $107B has flowed into ETPs this year, an increase of 31.3% over the same period last year, according to ETFGI. Among providers, BlackRock (BLK) has seen inflows of $30.9B, up 65% Y/Y, but outflows from GLD have hit State Street (STT) which has gathered just $3.7B - down from $6.6B a year ago. Among smaller players, WisdomTree (WETF) has more than doubled its entire 2012 take thanks to the popularity of DXJ - its hedged Japan ETF. 2 Comments [Financials]
Tuesday, June 4, 3:07 PM Day 2 of Bank of America's (BAC) Article 77 hearing finds an AIG lawyer arguing those who approved the $8.5B settlement - including BlackRock (BLK) and MetLife (MET) were conflicted and never investigated how much money investors actually lost on the MBS originally valued at $105B. A lawyer for BlackRock says it and other firms agreed to the settlement rather than risk BofA putting Countrywide into bankruptcy. Observing the proceeding, Mike Mayo says there's "significant legal tail risk" for BofA. 24 Comments [Financials]
Monday, June 3, 3:22 AM A New York court is due to start a hearing today over whether it should approve Bank of America (BAC) $8.5B agreement to settle claims with investors over soured mortgage bonds. While heavyweights such as BlackRock (BLK) and Goldman Sachs (GS) support the deal, it faces opposition from AIG (AIG), which says it has $10.5B worth of claims against BofA. Approval of the agreement would enable the bank to take a major step in cleaning up the mess it inherited when it bought Countrywide. 4 Comments [Financials, Top Stories]
Thursday, May 30, 3:49 PM BlackRock (BLK) declares $1.68/share quarterly dividend, in line with previous. Forward yield 2.35%. For shareholders of record June 7. Payable June 24.Ex-div date June 5. (PR) Comment! [Dividends]
Thursday, May 30, 7:52 AM BlackRock (BLK) is downgraded to Hold from Buy at Susquehanna after the stock's big run leaves it less attractively valued, especially with the dividend yield (2.37%) now being challenged by the 10-year Treasury yield (2.13% this morning). Comment! [Financials]
Wednesday, May 29, 3:55 PM Sterne Agee's Jason Weyeneth raises estimates for asset managers who have been benefitting from strong markets. His top pick is Invesco (IVZ) thanks a discounted valuation combining with "rapidly expanding margins, strong diversified organic growth, (and) a well-balanced platform." Not everyone is gaining equally, he says, as weaker-than-expected inflows are an issue at T. Rowe Price (TROW), BlackRock (BLK), and Federated Investors (FII). Comment! [Financials]
Tuesday, May 21, 7:23 AM BlackRock (BLK) fills a void, purchasing P-E property investment advisory firm MGPA ($12B AUM) to boost its Asian real estate business. The transaction - price undisclosed - is expected to close in Q3 and won't materially affect EPS, says BlackRock. Comment! [Financials]
Tuesday, May 21, 7:03 AM BlackRock (BLK) is upgraded to Buy at Macquarie, with price target lifted to $315 from $253. The asset manager is up 40% YTD, up 68% Y/Y. Comment! [Financials]
Thursday, May 16, 1:28 PM Fund managers like BlackRock (BLK) and Legg Mason (LM) get ahead of what could be a "seismic reallocation of assets" by launching "ultra-short" funds with floating NAVs ahead of new money market regulations. These funds are different than the "ultra-short" funds which ran into trouble in 2008 in that their maturities are even shorter and they can only invest in high-grade debt. Somewhat similar ETF offerings: SHV, MINT, BIL, PVI, GSY, VRD, RAVI. 1 Comment [Financials]
Thursday, May 2, 7:08 AM BlackRock (BLK) plans to hire another 300 attorneys to deal with fragmented global regulation, says CEO Larry FInk. "And I'm not the one being regulated, I'm not a bank." Instead, BlackRock is the world's largest owner of bank equity and debt and needs to follow along closely. "There is no consistent manner in which bank resolution will be applied ... It is a mess." Comment! [Financials]
Friday, April 26, 3:05 PM BlackRock director (and Bank of America co-COO) Thomas Montag purchased 5K shares of BLK last week at $248.64 each - a total amount of nearly $1.25M. According to the SEC Form 4, it's his first direct holdings of BlackRock (he's been on the board about 2 years). Comment! [Financials]
Friday, April 19, 8:50 AM Lloyds (LYG) reportedly hires Deutsche Bank to advise on a sale of fund-management unti Scottish Widows Investment. The sluggish low-margin business is a drag on Lloyds - which needs to raise capital and pay off bailout loans - but would be of great value to a buyer with scale like BlackRock (BLK). Comment! [Financials]

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