BlackRock, Inc.'s Q2 earnings highlight modest revenue growth amid volatility. Click for my updated look at BLK stock and why I rate the shares as a Hold.

As Larry Fink reshapes BlackRock Inc. beyond public markets, its latest results show one thing: Expectations for the world’s largest asset manager are going up.

Shares of BlackRock Inc. shed 5.88% to $1,046.16 Tuesday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index falling 0.40% to 6,243.76 and Dow Jones Industrial Average falling 0.

Today's sell-off likely has more to do with profit-taking following the stock's near-40% recovery off of April's lows than anything else. BlackRock shares also came into the day trading around 27 times earnings, while paying a dividend yield just under 2%.

Even as BlackRock posted per-share earnings for the second quarter that topped Wall Street’s forecasts, the firm’s shares fell meaningfully on Tuesday and underperformed the market. Shares fell 6% as the S&P 500 rose 0.

An Asian institutional client pulled $52 billion from the asset manager during the second quarter, crimping net client inflows into the investment firm.

BlackRock said its assets under management reached a record $12.5 trillion in the second quarter, though its revenue missed estimates, sending shares lower Tuesday.