Wells Fargo & Company reaffirmed their market perform rating on shares of BlackRock, Inc. (NYSE:BLK) in a research note issued to investors on Thursday. Wells Fargo & Company currently has a $475.00 price objective on the asset manager’s stock, up from their previous price objective of $450.00.
Several other research firms have also recently weighed in on BLK. J P Morgan Chase & Co upped their target price on BlackRock to $558.00 and gave the stock an overweight rating in a research note on Thursday. Jefferies Group LLC restated a hold rating and set a $465.00 target price on shares of BlackRock in a research note on Thursday. Keefe, Bruyette & Woods restated a hold rating and set a $500.00 target price on shares of BlackRock in a research note on Thursday. Credit Suisse Group restated an outperform rating on shares of BlackRock in a research note on Thursday. Finally, Barclays PLC upped their target price on BlackRock from $475.00 to $500.00 and gave the stock an overweight rating in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $478.50.
BlackRock (NYSE BLK) traded down 1.06% during trading on Thursday, hitting $475.49. The company had a trading volume of 639,780 shares. The stock has a 50-day moving average of $435.54 and a 200 day moving average of $414.91. The company has a market capitalization of $77.13 billion, a price-to-earnings ratio of 22.27 and a beta of 1.72. BlackRock has a one year low of $336.84 and a one year high of $485.23.
BlackRock (NYSE:BLK) last issued its quarterly earnings results on Wednesday, October 11th. The asset manager reported $5.92 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $5.49 by $0.43. BlackRock had a return on equity of 12.09% and a net margin of 29.52%. The business had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.10 billion. During the same quarter in the prior year, the business posted $5.14 earnings per share. The firm’s quarterly revenue was up 14.0% compared to the same quarter last year. Equities analysts forecast that BlackRock will post $22.35 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 22nd. Stockholders of record on Tuesday, September 5th were paid a $2.50 dividend. This represents a $10.00 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date was Thursday, August 31st. BlackRock’s payout ratio is 46.82%.
In related news, insider Jeff A. Smith sold 522 shares of the firm’s stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $421.52, for a total transaction of $220,033.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Robert W. Fairbairn sold 3,675 shares of the firm’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $415.31, for a total value of $1,526,264.25. The disclosure for this sale can be found here. Insiders sold a total of 4,447 shares of company stock valued at $1,855,015 over the last quarter. 1.86% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. Intl Fcstone Inc. bought a new position in BlackRock during the 2nd quarter worth $383,000. Lord Abbett & CO. LLC raised its position in BlackRock by 22.0% during the 2nd quarter. Lord Abbett & CO. LLC now owns 180,141 shares of the asset manager’s stock worth $76,093,000 after purchasing an additional 32,541 shares during the last quarter. RNC Capital Management LLC raised its position in BlackRock by 3.1% during the 2nd quarter. RNC Capital Management LLC now owns 72,416 shares of the asset manager’s stock worth $30,589,000 after purchasing an additional 2,173 shares during the last quarter. WFG Advisors LP raised its position in BlackRock by 66.6% during the 2nd quarter. WFG Advisors LP now owns 1,096 shares of the asset manager’s stock worth $463,000 after purchasing an additional 438 shares during the last quarter. Finally, Cetera Investment Advisers bought a new position in BlackRock during the 2nd quarter worth $345,000. 82.47% of the stock is owned by institutional investors and hedge funds.
BlackRock, Inc (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients.
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