BlackRock, Inc. (BLK) Receives Market Perform Rating from Wells Fargo & Company
Wells Fargo & Company reiterated their market perform rating on shares of BlackRock, Inc. (NYSE:BLK) in a research report released on Thursday morning, The Fly reports. They currently have a $475.00 target price on the asset manager’s stock, up from their previous target price of $450.00.
Other analysts have also issued research reports about the stock. Bank of America Corporation reiterated a buy rating and issued a $450.00 price objective on shares of BlackRock in a research note on Monday, June 19th. Deutsche Bank AG reiterated a buy rating and issued a $455.00 price objective (down previously from $465.00) on shares of BlackRock in a research note on Tuesday, July 18th. BidaskClub lowered shares of BlackRock from a strong-buy rating to a buy rating in a research note on Monday, July 31st. Goldman Sachs Group, Inc. (The) upgraded shares of BlackRock from a neutral rating to a buy rating and increased their price objective for the stock from $440.00 to $500.00 in a research note on Thursday, September 28th. Finally, Zacks Investment Research upgraded shares of BlackRock from a hold rating to a buy rating and set a $501.00 price objective on the stock in a research note on Tuesday, October 3rd. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $478.50.
Shares of BlackRock (BLK) opened at 475.49 on Thursday. The stock’s 50 day moving average is $437.85 and its 200-day moving average is $416.14. BlackRock has a 12 month low of $336.84 and a 12 month high of $485.23. The company has a market cap of $76.84 billion, a P/E ratio of 22.27 and a beta of 1.72.
BlackRock (NYSE:BLK) last released its quarterly earnings data on Wednesday, October 11th. The asset manager reported $5.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $5.49 by $0.43. The firm had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.10 billion. BlackRock had a net margin of 29.52% and a return on equity of 12.09%. The business’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.14 earnings per share. On average, equities analysts forecast that BlackRock will post $22.35 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 22nd. Investors of record on Tuesday, September 5th were given a dividend of $2.50 per share. The ex-dividend date was Thursday, August 31st. This represents a $10.00 annualized dividend and a yield of 2.10%. BlackRock’s dividend payout ratio is presently 46.82%.
In other news, insider Jeff A. Smith sold 522 shares of BlackRock stock in a transaction dated Tuesday, July 18th. The shares were sold at an average price of $421.52, for a total value of $220,033.44. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director J. Richard Kushel sold 100 shares of BlackRock stock in a transaction dated Thursday, October 12th. The shares were sold at an average price of $481.58, for a total transaction of $48,158.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,547 shares of company stock worth $2,382,163. Company insiders own 1.86% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in BLK. Waldron LP grew its position in shares of BlackRock by 108.2% in the first quarter. Waldron LP now owns 1,164 shares of the asset manager’s stock valued at $446,000 after purchasing an additional 605 shares during the period. State of Wisconsin Investment Board grew its position in shares of BlackRock by 8.2% in the first quarter. State of Wisconsin Investment Board now owns 119,650 shares of the asset manager’s stock valued at $45,887,000 after purchasing an additional 9,035 shares during the period. Mutual of America Capital Management LLC grew its position in shares of BlackRock by 1.0% in the first quarter. Mutual of America Capital Management LLC now owns 14,786 shares of the asset manager’s stock valued at $5,671,000 after purchasing an additional 147 shares during the period. Lyell Wealth Management LP grew its position in shares of BlackRock by 3.2% in the first quarter. Lyell Wealth Management LP now owns 9,061 shares of the asset manager’s stock valued at $3,475,000 after purchasing an additional 284 shares during the period. Finally, Buckingham Asset Management LLC grew its position in shares of BlackRock by 18.1% in the first quarter. Buckingham Asset Management LLC now owns 2,094 shares of the asset manager’s stock valued at $803,000 after purchasing an additional 321 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.
BlackRock, Inc (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients.
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