Morgan Stanley Trims BlackRock (BLK) Target Price to $600.00
BlackRock (NYSE:BLK) had its target price reduced by Morgan Stanley from $607.00 to $600.00 in a research note issued to investors on Tuesday. Morgan Stanley currently has a buy rating on the asset manager’s stock.
A number of other research analysts have also issued reports on BLK. ValuEngine lowered BlackRock from a buy rating to a hold rating in a report on Friday, June 15th. Citigroup upgraded BlackRock from a neutral rating to a buy rating in a report on Monday, June 18th. JPMorgan Chase & Co. reaffirmed a focus list rating and set a $547.00 price target on shares of BlackRock in a report on Monday, July 2nd. Keefe, Bruyette & Woods raised BlackRock from a market perform rating to an outperform rating and set a $590.00 price target for the company in a report on Friday, July 13th. Finally, Goldman Sachs Group decreased their price target on BlackRock to $570.00 and set a buy rating for the company in a report on Tuesday, July 17th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $590.62.
NYSE:BLK opened at $427.70 on Tuesday. The firm has a market capitalization of $75.22 billion, a P/E ratio of 18.92, a P/E/G ratio of 1.46 and a beta of 1.55. BlackRock has a 12-month low of $415.35 and a 12-month high of $594.52. The company has a quick ratio of 3.87, a current ratio of 3.87 and a debt-to-equity ratio of 0.88.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 24th. Shareholders of record on Friday, September 7th were issued a dividend of $3.13 per share. This represents a $12.52 dividend on an annualized basis and a yield of 2.93%. This is an increase from BlackRock’s previous quarterly dividend of $2.88. The ex-dividend date was Thursday, September 6th. BlackRock’s payout ratio is 55.40%.
In other BlackRock news, Director William E. Ford purchased 1,000 shares of the firm’s stock in a transaction on Thursday, August 2nd. The stock was bought at an average cost of $467.92 per share, with a total value of $467,920.00. Following the acquisition, the director now directly owns 5,400 shares of the company’s stock, valued at $2,526,768. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Laurence Fink sold 19,800 shares of BlackRock stock in a transaction dated Wednesday, July 18th. The stock was sold at an average price of $507.67, for a total value of $10,051,866.00. Following the sale, the chairman now directly owns 1,098,328 shares of the company’s stock, valued at $557,588,175.76. The disclosure for this sale can be found here. 1.75% of the stock is owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Soros Fund Management LLC increased its position in shares of BlackRock by 59.8% during the second quarter. Soros Fund Management LLC now owns 12,983 shares of the asset manager’s stock worth $6,479,000 after purchasing an additional 4,858 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. increased its position in shares of BlackRock by 2.8% during the second quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 7,293 shares of the asset manager’s stock worth $3,639,000 after purchasing an additional 200 shares in the last quarter. MUFG Americas Holdings Corp increased its position in shares of BlackRock by 1.5% during the second quarter. MUFG Americas Holdings Corp now owns 16,441 shares of the asset manager’s stock worth $8,205,000 after purchasing an additional 249 shares in the last quarter. Davy Asset Management Ltd acquired a new stake in shares of BlackRock during the second quarter worth about $858,000. Finally, US Bancorp DE increased its position in shares of BlackRock by 0.5% during the second quarter. US Bancorp DE now owns 94,365 shares of the asset manager’s stock worth $47,092,000 after purchasing an additional 470 shares in the last quarter. Institutional investors and hedge funds own 82.80% of the company’s stock.
BlackRock Company Profile
BlackRock, Inc is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks.
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