BlackRock (NYSE:BLK) Price Target Raised to $1,300.00

BlackRock (NYSE:BLK) had its price target lifted by BMO Capital Markets from $1,250.00 to $1,300.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the asset manager’s stock.

A number of other analysts also recently issued reports on the company. JPMorgan Chase & Co. raised BlackRock from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $1,165.00 to $1,364.00 in a report on Thursday. The Goldman Sachs Group reiterated a “buy” rating and issued a $1,389.00 price objective on shares of BlackRock in a report on Thursday. TD Cowen cut their target price on BlackRock from $1,238.00 to $1,105.00 and set a “hold” rating on the stock in a research report on Thursday, April 9th. UBS Group boosted their target price on BlackRock from $1,270.00 to $1,320.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Evercore reaffirmed an “outperform” rating and issued a $1,145.00 price target on shares of BlackRock in a report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, BlackRock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,304.29.

BlackRock Price Performance

BlackRock stock opened at $1,072.30 on Friday. The stock has a market cap of $166.20 billion, a P/E ratio of 25.63, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. The company has a fifty day simple moving average of $1,033.74 and a 200-day simple moving average of $1,042.82. BlackRock has a 12-month low of $917.39 and a 12-month high of $1,219.94. The company has a current ratio of 4.09, a quick ratio of 4.09 and a debt-to-equity ratio of 0.34.

BlackRock (NYSE:BLK) last issued its earnings results on Wednesday, July 15th. The asset manager reported $13.91 EPS for the quarter, topping analysts’ consensus estimates of $12.69 by $1.22. The firm had revenue of $7.08 billion during the quarter, compared to the consensus estimate of $6.73 billion. BlackRock had a net margin of 24.09% and a return on equity of 15.01%. The company’s revenue was up 30.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $12.05 earnings per share. Equities analysts expect that BlackRock will post 55.24 EPS for the current fiscal year.

BlackRock Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 5th were issued a dividend of $5.73 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $22.92 annualized dividend and a dividend yield of 2.1%. BlackRock’s dividend payout ratio (DPR) is presently 54.78%.

Insider Activity

In related news, President Robert Kapito sold 8,739 shares of the company’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $1,056.60, for a total value of $9,233,627.40. Following the completion of the sale, the president directly owned 210,186 shares of the company’s stock, valued at $222,082,527.60. This represents a 3.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Laurence Fink sold 33,900 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $1,050.55, for a total value of $35,613,645.00. Following the completion of the sale, the chief executive officer directly owned 230,516 shares of the company’s stock, valued at approximately $242,168,583.80. This trade represents a 12.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.92% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BLK. RMG Wealth Management LLC acquired a new position in shares of BlackRock in the 1st quarter valued at $25,000. Evolution Wealth Management Inc. purchased a new stake in BlackRock in the 4th quarter valued at $26,000. Birchbrook Inc. acquired a new stake in BlackRock during the 4th quarter worth $31,000. LFA Lugano Financial Advisors SA purchased a new position in BlackRock during the 4th quarter worth $32,000. Finally, Basepoint Wealth LLC purchased a new position in BlackRock during the 4th quarter worth $32,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Key BlackRock News

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock reported record second-quarter results, with revenue and earnings beating Wall Street estimates and client assets reaching a new high, highlighting strong operating momentum. Blackrock CEO Says Client Demand Has ‘Never Been Greater’ as Assets Reach Record $15.3 Trillion
• Positive Sentiment: BMO Capital Markets raised its price target on BlackRock to $1,300 and kept an outperform view, while other firms also lifted targets after the earnings beat, signaling rising Street confidence. BlackRock price target raised by BMO Capital Markets
• Positive Sentiment: J.P. Morgan upgraded BlackRock to overweight/buy-equivalent and Bank of America reiterated a buy rating, citing growth opportunities in tokenization, private markets, direct indexing, and automation-led margin expansion. JP Morgan upgrades BlackRock to buy-equivalent after Q2 earnings
• Positive Sentiment: BlackRock’s iShares business surpassed $6 trillion in assets, and Bitcoin ETF inflows continued to support the firm’s fast-growing ETF platform, reinforcing a strong fee-based growth story. BlackRock iShares Surpasses $6 Trillion in Assets
• Neutral Sentiment: Several articles highlighted BlackRock’s expanding ownership stakes in other companies and broader market commentary, but these items are not likely to materially move BLK shares on their own.

BlackRock Company Profile

BlackRock, Inc is a global investment management firm that provides a broad range of products and services to institutional, intermediary and individual investors. Its core activities include portfolio management across active and index strategies, exchange-traded funds (ETFs) under the iShares brand, fixed income, equity and multi-asset solutions, as well as alternatives such as private equity, real estate and infrastructure. The firm also offers cash management and liquidity solutions and retirement-focused products designed for defined contribution and defined benefit investors.

In addition to traditional investment management, BlackRock is known for its technology and risk management capabilities, most prominently its Aladdin platform, which combines portfolio management, trading and risk analytics and is used both internally and licensed to external clients.