On Friday, BlackRock Inc. (BLK, Financial) shares jumped more than 3% on the back of the company reporting its financial results for the fourth quarter of fiscal 2017. The company posted adjusted EPS of $6.24 on revenue of $3.47 billion, beating earnings estimates of $6.02 and revenue expectations of $3.32 billion.
Chairman and CEO Laurence Fink said.
“BlackRock’s record 2017 results reflect the long-term investments we’ve consistently made in our business to better serve clients,” Chairman and CEO Laurence Fink said. “$367 billion of total net inflows for the year were the strongest flows in BlackRock’s history, and included $103 billion in the fourth quarter”.
In addition, the board of directors increased the dividend by 15% to $2.88 per share.
Another stock with upside movement on Friday was JPMorgan Chase & Co. (JPM, Financial). The stock gained 1.65% on the back of the company posting its financial results for the fourth quarter of 2017. The company reported annual net sales grew 4.6% to $25.45 billion, an increase from $24.33 billion in the prior-year quarter. Further, its earnings per share of $1.76 improved from $1.71 per share in the comparable quarter of 2016. The bank's results exceeded earnings estimates of $1.69 and revenue expectations of $25.15 billion.
On the other hand, shares of Wells Fargo & Co. (WFC, Financial) fell on Friday. The company reported fourth-quarter earnings per share of $1.16, which beat estimates of $1.04. Revenue of $22.1 billion increased 2.4% year over year but missed estimates by $240 million.
“Over the past year we have invested billions of dollars into our business and capabilities including risk management, accelerated the pace of innovation, increased our commitment to communities, enhanced team member benefits, and continued to execute on our business strategies to provide long-term value to our shareholders,” CEO Tim Sloan said.
This was capitalized through more deposits, loan growth –especially commercial loans- and an increase in debit and credit card transactions, as well as assets under management.
Disclosure: The author holds no positions in any stocks mentioned.
