BlackRock shares hit a fresh all-time high on Tuesday, company to acquire Citibanamex’s asset management unit

November 29, 2017 10:49 am

BlackRock Inc (BLK) is to acquire the asset management unit of Mexico’s Citibanamex, a statement by the world’s largest asset manager made clear. Under the agreement, BlackRock will be able to provide asset management solutions to customers of Citibanamex in Mexico. Citibanamex is a subsidiary of Citigroup Inc.

BlackRock shares closed higher for a third consecutive trading session on Tuesday. It has also been the sharpest daily surge since May 25th. The stock went up 2.30% ($11.10) to $493.06, after touching an intraday high at $493.51 and also a fresh all-time high.

In the week ended on November 26th the shares of the NYSE-listed asset management company added 1.21% to their market value compared to a week ago, which marked a second consecutive period of gains.

The stock has extended its advance to 4.72% so far during the current month, following a 5.31% surge in October. The latter has been a second consecutive month of gains.

For the entire past year, the shares of BlackRock Inc (BLK) rose 11.75%. The stock has gained another 29.57% so far in 2017.

Citibanamex currently has about 1 500 branches in Mexico and offers wealth management services to a client base of over 20 million.

Citibanamex has about $31 billion in managed assets spread across Mexico’s equity, fixed income and multi-asset products.

“Our goal is to create a state-of-the-art bank in Mexico focused on delivering a richer, smarter, more intuitive experience”, Jane Fraser, Latin America CEO for Citigroup, was quoted as saying by Reuters.

According to Fraser, Citigroup has had an 8% annual growth of its revenue from the Mexican financial markets system since 2010.

According to CNN Money, the 14 analysts, offering 12-month forecasts regarding BlackRock Inc’s stock price, have a median target of $512.50, with a high estimate of $612.00 and a low estimate of $465.00. The median estimate is a 3.94% surge compared to the closing price of $493.06 on November 28th.

The same media also reported that 12 out of 17 surveyed investment analysts had rated BlackRock Inc’s stock as “Buy”, while 5 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the BlackRock stock are presented as follows:

R1 – $494.23
R2 – $495.39
R3 (Range Resistance – Sell) – $496.56
R4 (Long Breakout) – $500.06
R5 (Breakout Target 1) – $504.14
R6 (Breakout Target 2) – $506.10

S1 – $491.89
S2 – $490.73
S3 (Range Support – Buy) – $489.56
S4 (Short Breakout) – $486.06
S5 (Breakout Target 1) – $481.98
S6 (Breakout Target 2) – $480.02

By using the traditional method of calculation, the weekly levels of importance for BlackRock Inc (BLK) are presented as follows:

Central Pivot Point – $478.76
R1 – $484.86
R2 – $490.00
R3 – $495.99
R4 – $502.00

S1 – $473.73
S2 – $467.73
S3 – $462.60
S4 – $457.48

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