Citigroup Inc. Reaffirms Buy Rating for BlackRock Inc. (BLK)
A number of other equities research analysts have also weighed in on BLK. Credit Suisse Group AG restated a buy rating on shares of BlackRock in a report on Tuesday, July 12th. Deutsche Bank AG restated a buy rating and issued a $392.00 price objective (up from $372.00) on shares of BlackRock in a report on Sunday, July 10th. Goldman Sachs Group Inc. lowered shares of BlackRock from a conviction-buy rating to a buy rating and raised their price objective for the company from $390.00 to $400.00 in a report on Monday, August 8th. Vetr upgraded shares of BlackRock from a hold rating to a buy rating and set a $382.97 price objective on the stock in a report on Wednesday, August 10th. Finally, Zacks Investment Research upgraded shares of BlackRock from a hold rating to a buy rating and set a $410.00 price objective on the stock in a report on Monday, September 19th. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $383.37.
BlackRock (NYSE:BLK) opened at 349.34 on Monday. The firm has a market capitalization of $57.45 billion, a P/E ratio of 18.61 and a beta of 1.46. BlackRock has a 52-week low of $280.55 and a 52-week high of $376.65. The company’s 50-day moving average is $364.46 and its 200-day moving average is $356.98.
BlackRock (NYSE:BLK) last released its earnings results on Thursday, July 14th. The company reported $4.78 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $4.82 by $0.04. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.81 billion. BlackRock had a return on equity of 11.07% and a net margin of 28.12%. BlackRock’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same quarter last year, the company earned $4.96 earnings per share. On average, analysts predict that BlackRock will post $19.23 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 23rd. Shareholders of record on Friday, September 2nd were given a dividend of $2.29 per share. This represents a $9.16 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend was Wednesday, August 31st. BlackRock’s payout ratio is currently 48.83%.
In other BlackRock news, insider Ryan Stork sold 1,400 shares of the firm’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $367.24, for a total transaction of $514,136.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Susan Wagner sold 79,346 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $366.35, for a total transaction of $29,068,407.10. Following the transaction, the director now directly owns 587,365 shares in the company, valued at $215,181,167.75. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of BLK. Private Bank & Trust Co. boosted its stake in BlackRock by 6.5% in the third quarter. Private Bank & Trust Co. now owns 1,418 shares of the company’s stock valued at $514,000 after buying an additional 87 shares during the period. Parametrica Management Ltd purchased a new stake in BlackRock during the third quarter valued at approximately $219,000. Canandaigua National Bank & Trust Co. boosted its stake in BlackRock by 0.5% in the third quarter. Canandaigua National Bank & Trust Co. now owns 3,336 shares of the company’s stock valued at $1,209,000 after buying an additional 16 shares during the period. Capstone Asset Management Co. boosted its stake in BlackRock by 1.1% in the third quarter. Capstone Asset Management Co. now owns 18,412 shares of the company’s stock valued at $6,674,000 after buying an additional 204 shares during the period. Finally, Oakwood Capital Management LLC CA boosted its stake in BlackRock by 1.1% in the third quarter. Oakwood Capital Management LLC CA now owns 11,651 shares of the company’s stock valued at $4,223,000 after buying an additional 124 shares during the period. 81.58% of the stock is currently owned by institutional investors.
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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