BlackRock (NYSE:BLK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “BlackRock’s shares have outperformed the industry, in the past six months. This performance is supported by impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. The company is undertaking initiatives to restructure its actively managed equities business with an aim to meet changing client needs. These along with technological changes and its efforts to expand globally via acquisitions will further help top-line growth going forward. However, mounting expenses mainly due to continued rise in marketing costs is likely to hurt the bottom-line growth. Also, high dependence on overseas revenues remains a major concern.”
Several other analysts have also weighed in on the stock. Barclays initiated coverage on shares of BlackRock in a research report on Friday, September 8th. They set an “overweight” rating and a $475.00 target price on the stock. Credit Suisse Group reiterated an “outperform” rating on shares of BlackRock in a research report on Tuesday, August 29th. Morgan Stanley reiterated an “overweight” rating and set a $501.00 target price (up from $476.00) on shares of BlackRock in a research report on Thursday, October 5th. Goldman Sachs Group upgraded shares of BlackRock from a “neutral” rating to a “buy” rating and lifted their target price for the company from $440.00 to $500.00 in a research report on Thursday, September 28th. Finally, J P Morgan Chase & Co lifted their target price on shares of BlackRock to $558.00 and gave the company an “overweight” rating in a research report on Thursday, October 12th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $489.08.
BlackRock (NYSE:BLK) last issued its earnings results on Wednesday, October 11th. The asset manager reported $5.92 earnings per share for the quarter, beating the consensus estimate of $5.49 by $0.43. BlackRock had a net margin of 29.52% and a return on equity of 12.01%. The business had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.10 billion. During the same period in the previous year, the business earned $5.14 EPS. The firm’s revenue was up 14.0% on a year-over-year basis. analysts anticipate that BlackRock will post 22.3 earnings per share for the current year.
In other BlackRock news, Director Susan Wagner sold 4,000 shares of the business’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $506.10, for a total value of $2,024,400.00. Following the completion of the transaction, the director now directly owns 481,915 shares of the company’s stock, valued at $243,897,181.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director J. Richard Kushel sold 100 shares of the business’s stock in a transaction dated Thursday, October 12th. The stock was sold at an average price of $481.58, for a total transaction of $48,158.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,200 shares of company stock worth $2,599,302. Company insiders own 1.86% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in BLK. Salem Investment Counselors Inc. raised its stake in shares of BlackRock by 14.3% in the second quarter. Salem Investment Counselors Inc. now owns 240 shares of the asset manager’s stock worth $101,000 after acquiring an additional 30 shares during the last quarter. Enterprise Financial Services Corp raised its stake in shares of BlackRock by 52.5% during the second quarter. Enterprise Financial Services Corp now owns 247 shares of the asset manager’s stock worth $104,000 after buying an additional 85 shares during the last quarter. Penserra Capital Management LLC bought a new stake in shares of BlackRock during the second quarter worth approximately $104,000. Invictus RG bought a new stake in shares of BlackRock during the third quarter worth approximately $110,000. Finally, Proficio Capital Partners LLC raised its stake in shares of BlackRock by 1.2% during the second quarter. Proficio Capital Partners LLC now owns 262 shares of the asset manager’s stock worth $111,000 after buying an additional 3 shares during the last quarter. 83.75% of the stock is owned by institutional investors.
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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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