BlackRock Inc. (BLK) Price Target Raised to $367.00
BlackRock Inc. (NYSE:BLK) had its price objective upped by equities research analysts at Jefferies Group from $357.00 to $367.00 in a report issued on Tuesday. The brokerage presently has a “hold” rating on the stock. Jefferies Group’s price target indicates a potential upside of 2.29% from the stock’s current price.
Several other equities research analysts have also recently weighed in on the company. Wells Fargo & Co. reiterated a “market perform” rating on shares of BlackRock in a report on Monday. Citigroup Inc. reissued a “buy” rating and issued a $400.00 price target on shares of BlackRock in a research report on Monday. Deutsche Bank AG boosted their price target on BlackRock from $412.00 to $418.00 and gave the stock a “buy” rating in a research report on Wednesday, October 5th. Zacks Investment Research raised BlackRock from a “hold” rating to a “buy” rating and set a $410.00 price target for the company in a research report on Monday, September 19th. Finally, Barclays PLC boosted their price target on BlackRock from $364.00 to $375.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 24th. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $383.19.
Shares of BlackRock (NYSE:BLK) traded down 2.07% on Tuesday, reaching $351.39. The company’s stock had a trading volume of 230,886 shares. The stock has a market cap of $57.79 billion, a PE ratio of 18.72 and a beta of 1.46. The firm has a 50 day moving average price of $366.19 and a 200-day moving average price of $357.12. BlackRock has a 12-month low of $280.55 and a 12-month high of $376.65.
BlackRock (NYSE:BLK) last issued its earnings results on Thursday, July 14th. The company reported $4.78 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $4.82 by $0.04. BlackRock had a return on equity of 11.07% and a net margin of 28.12%. The firm earned $2.80 billion during the quarter, compared to analysts’ expectations of $2.81 billion. During the same quarter in the prior year, the company posted $4.96 earnings per share. BlackRock’s quarterly revenue was down 3.5% compared to the same quarter last year. Equities research analysts expect that BlackRock will post $19.23 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd were paid 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 2.55%. BlackRock’s payout ratio is 48.83%.
In other BlackRock news, Director J. Richard Kushel sold 8,000 shares of the stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $356.55, for a total transaction of $2,852,400.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James Grosfeld sold 25,379 shares of the stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $374.22, for a total value of $9,497,329.38. Following the transaction, the director now owns 514,402 shares in the company, valued at approximately $192,499,516.44. The disclosure for this sale can be found here. 2.20% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of the company. Cohen & Steers Inc. increased its position in shares of BlackRock by 5,080.7% in the second quarter. Cohen & Steers Inc. now owns 1,484,377 shares of the company’s stock worth $38,371,000 after buying an additional 1,455,725 shares in the last quarter. Emerald Acquisition Ltd. acquired a new position in shares of BlackRock during the second quarter worth about $87,641,000. JPMorgan Chase & Co. increased its position in shares of BlackRock by 7.0% in the second quarter. JPMorgan Chase & Co. now owns 3,372,334 shares of the company’s stock worth $1,155,126,000 after buying an additional 219,654 shares in the last quarter. Alleghany Corp DE increased its position in shares of BlackRock by 77.8% in the second quarter. Alleghany Corp DE now owns 400,000 shares of the company’s stock worth $136,984,000 after buying an additional 175,000 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of BlackRock by 2.1% in the second quarter. Vanguard Group Inc. now owns 7,326,122 shares of the company’s stock worth $2,509,417,000 after buying an additional 150,093 shares in the last quarter. Institutional investors own 81.58% of the company’s stock.
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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