BlackRock (NYSE:BLK) Now Covered by Analysts at Wells Fargo & Company

Wells Fargo & Company began coverage on shares of BlackRock (NYSE:BLK) in a report published on Friday morning, MarketBeat reports. The brokerage issued an overweight rating and a $1,245.00 target price on the asset manager’s stock.

Several other research analysts have also issued reports on BLK. BNP Paribas Exane raised their target price on BlackRock from $1,300.00 to $1,350.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 23rd. Keefe, Bruyette & Woods cut BlackRock from a “moderate buy” rating to a “hold” rating in a research note on Friday, August 7th. Weiss Ratings downgraded BlackRock from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Zacks Research lowered BlackRock from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 25th. Finally, Bank of America upped their target price on BlackRock from $1,298.00 to $1,320.00 and gave the company a “buy” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,304.35.

BlackRock Stock Performance

BlackRock stock opened at $1,059.72 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.59 and a quick ratio of 3.59. BlackRock has a 1 year low of $917.39 and a 1 year high of $1,219.94. The business has a 50 day moving average of $1,111.19 and a 200-day moving average of $1,054.44. The company has a market capitalization of $164.12 billion, a P/E ratio of 25.33, a P/E/G ratio of 1.17 and a beta of 1.41.

BlackRock (NYSE:BLK) last released its quarterly earnings results on Wednesday, July 15th. The asset manager reported $13.91 earnings per share (EPS) for the quarter, beating the consensus estimate 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 14.90%. The company’s revenue for the quarter was up 30.6% on a year-over-year basis. During the same quarter last year, the firm earned $12.05 earnings per share. On average, equities research analysts predict that BlackRock will post 55.9 earnings per share for the current year.

BlackRock Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th were issued a dividend of $5.73 per share. The ex-dividend date was Tuesday, September 8th. This represents a $22.92 annualized dividend and a dividend yield of 2.2%. BlackRock’s payout ratio is currently 54.78%.

Institutional Trading of BlackRock

Hedge funds have recently bought and sold shares of the business. RMG Wealth Management LLC bought a new stake in BlackRock during the 1st quarter worth approximately $25,000. Addison Advisors LLC bought a new position in shares of BlackRock in the second quarter valued at approximately $25,000. Kelly Lawrence W & Associates Inc. CA bought a new position in shares of BlackRock in the second quarter valued at approximately $25,000. Meeder Asset Management Inc. purchased a new position in shares of BlackRock during the second quarter valued at approximately $30,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in BlackRock during the fourth quarter worth $36,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Trending Headlines about BlackRock

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock expects continued asset growth in Brazil regardless of the country’s election outcome, with management reportedly targeting approximately 30% growth. This supports the company’s international expansion and fee-generating asset base. BlackRock expects to sustain asset growth in Brazil regardless of election outcome
• Positive Sentiment: Analysts remain broadly constructive ahead of BlackRock’s October 14 earnings report, forecasting about $14.25 in third-quarter EPS and $7.56 billion in revenue. The outlook could provide a catalyst if results exceed expectations. BlackRock Gears Up For Q3 Print
• Positive Sentiment: BlackRock’s digital-asset initiatives continue to expand: tokenized BlackRock shares are being brought to Solana, while the BUIDL fund is expanding its multi-chain infrastructure. These developments may strengthen the firm’s position in tokenized securities and blockchain-based cash management. Backpack brings tokenized BlackRock shares to Solana

About BlackRock

BlackRock, Inc is a global investment management and financial technology company serving individual investors, institutions, governments and financial professionals. The company provides investment management, risk management and advisory services across a broad range of asset classes, including equities, fixed income, multi-asset strategies, alternatives and cash management.

BlackRock offers investment products through mutual funds, exchange-traded funds and other vehicles. Its iShares brand is one of the company’s principal platforms for exchange-traded funds, providing access to domestic and international markets, industry sectors, bonds, commodities and specialized investment strategies.

The company also provides technology and analytical solutions through its Aladdin platform, which is used by asset managers, institutional investors and other financial organizations for portfolio management, risk analysis, trading and operational support.