Company Update (NYSE:BLK): Brexit to trigger UK recession over coming year: BlackRock

[Reuters] – Britain will fall into recession over the coming year and growth in each of the next five years will be at least 0.5 percentage points lower as a result of Britain leaving the European Union, BlackRock said on Tuesday. “Our base case is we will have a recession,” Richard Turnill, chief investment strategist at the world’s largest asset manager, told reporters at the firm’s investment outlook briefing. “There’s likely to be a significant reduction of investment in the UK,” he said, adding that Brexit will ensure political and economic uncertainty remains high. Read more on this. BlackRock, Inc. (BLK) , valued at $58.18B, started the session at $350.01. Looking at the equity, the company’s one day range is $349.55 to $352.75 with the price of the stock fluctuating between $275.00 to $369.33 over the last 52 weeks. BLK shares are currently priced at 17.98x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s -37.05x earnings multiple for the same period. And for passive income investors, the company pays shareholders $9.16 per share annually in dividends, yielding 2.65%. In a review of the consensus earnings estimate this quarter, 16 sell-side analysts are looking at $4.78 per share, which would be $0.18 worse than the year-ago quarter and a $0.10 sequential decrease. Furthermore, our analysis shows the full-year EPS estimate to be $19.33, which would be a $0.27 worse when compared to the last year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $2.81 Billion. If realized, that would be a 3.10% decrease over the year-ago quarter. Recently, Citigroup upgraded BLK from Neutral to Buy (Apr 19, 2016). Previously, Gabelli & Co upgraded BLK from Hold to Buy. The average price target for BLK shares by the analysts covering it is $386.57, which is 10.45% above where the stock opened. See more in (NYSE:BLK) Similar Articles: Company Update: BlackRock Inc (NYSE:BLK) – BlackRock helps ECB in bank stress test Company Update: BlackRock Inc (NYSE:BLK) – BlackRock to restructure after ‘tough’ 1st quarter Company Update: BlackRock Inc (NYSE:BLK) – BlackRock reshuffles senior leadership of investment teams