BlackRock Inc. (BLK) Earns “Buy” Rating from Citigroup Inc.
BlackRock Inc. (NYSE:BLK)‘s stock had its “buy” rating reissued by equities research analysts at Citigroup Inc. in a research report issued to clients and investors on Monday. They currently have a $400.00 price objective on the stock. Citigroup Inc.’s price objective suggests a potential upside of 11.98% from the company’s previous close.
Several other analysts have also commented on BLK. Barclays PLC reaffirmed a “hold” rating on shares of BlackRock in a research report on Sunday, July 17th. Deutsche Bank AG reissued a “buy” rating and issued a $392.00 target price (up previously from $372.00) on shares of BlackRock in a research report on Sunday, July 10th. Jefferies Group cut their target price on BlackRock from $359.00 to $357.00 and set a “hold” rating on the stock in a research report on Monday, July 11th. Zacks Investment Research raised BlackRock from a “hold” rating to a “buy” rating and set a $410.00 target price on the stock in a research report on Monday, September 19th. Finally, Wells Fargo & Co. reissued a “hold” rating on shares of BlackRock in a research report on Monday, July 11th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. BlackRock currently has an average rating of “Buy” and an average price target of $382.56.
Shares of BlackRock (NYSE:BLK) opened at 360.16 on Monday. BlackRock has a one year low of $280.55 and a one year high of $376.65. The stock has a market cap of $59.23 billion, a price-to-earnings ratio of 19.19 and a beta of 1.46. The stock’s 50 day moving average price is $366.57 and its 200 day moving average price is $356.70.
BlackRock (NYSE:BLK) last released its quarterly earnings results on Thursday, July 14th. The company reported $4.78 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $4.82 by $0.04. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.81 billion. BlackRock had a net margin of 28.12% and a return on equity of 11.07%. The firm’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.96 EPS. Analysts forecast that BlackRock will post $19.23 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd were issued a $2.29 dividend. The ex-dividend date was Wednesday, August 31st. This represents a $9.16 dividend on an annualized basis and a dividend yield of 2.56%. BlackRock’s payout ratio is 48.83%.
In other news, Director J. Richard Kushel sold 8,000 shares of the company’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $356.55, for a total value of $2,852,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Grosfeld sold 25,379 shares of the company’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $374.22, for a total transaction of $9,497,329.38. Following the completion of the sale, the director now directly owns 514,402 shares of the company’s stock, valued at $192,499,516.44. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in the stock. Capital Fund Management S.A. boosted its stake in shares of BlackRock by 1,742.8% in the second quarter. Capital Fund Management S.A. now owns 31,327 shares of the company’s stock worth $10,730,000 after buying an additional 29,627 shares during the last quarter. Windward Capital Management Co. CA boosted its stake in shares of BlackRock by 0.8% in the second quarter. Windward Capital Management Co. CA now owns 44,866 shares of the company’s stock worth $15,368,000 after buying an additional 363 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of BlackRock by 1.7% in the first quarter. Legal & General Group Plc now owns 525,766 shares of the company’s stock worth $179,060,000 after buying an additional 8,694 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of BlackRock by 2.2% in the first quarter. Royal Bank of Canada now owns 436,900 shares of the company’s stock worth $148,796,000 after buying an additional 9,486 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in shares of BlackRock by 21.5% in the second quarter. Daiwa Securities Group Inc. now owns 37,784 shares of the company’s stock worth $12,942,000 after buying an additional 6,690 shares during the last quarter. 81.58% of the stock is owned by institutional investors and hedge funds.
BlackRock Company Profile
BlackRock, Inc is an investment management company. The Company provides a range of investment and risk management services to institutional and retail clients across the world. Its offerings include single and multi-asset class portfolios investing in equities, fixed income, alternatives and money market instruments.
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