BlackRock Inc. (BLK) Stock Rating Upgraded by Zacks Investment Research
BlackRock Inc. (NYSE:BLK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The firm presently has a $410.00 target price on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 12.11% from the stock’s current price.
According to Zacks, “BlackRock has expanded largely via acquisitions, with most of its AUM growth is attributable to the same. The company remains well positioned to capitalize on opportunistic acquisitions, driven by its strong liquidity position. Also, its initiatives to gain market share in the ETF business are expected to drive revenue growth, going forward. Moreover, strong balance sheet position indicates steady capital deployment activities. However, elevated expenses, high dependence on fee-based revenues and regulatory restrictions on the company’s revenue sources are the primary concerns.”
Several other equities analysts also recently weighed in on the company. Deutsche Bank AG restated a “buy” rating and set a $392.00 price target (up from $372.00) on shares of BlackRock in a report on Sunday, July 10th. Barclays PLC restated a “hold” rating on shares of BlackRock in a report on Sunday, July 17th. Jefferies Group restated a “hold” rating on shares of BlackRock in a report on Friday, August 5th. Keefe, Bruyette & Woods downgraded BlackRock from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $390.00 to $383.00 in a report on Friday, July 15th. Finally, Vetr downgraded BlackRock from a “buy” rating to a “hold” rating and set a $382.97 price target for the company. in a report on Tuesday, August 16th. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. BlackRock has a consensus rating of “Buy” and an average price target of $382.94.
Shares of BlackRock (NYSE:BLK) opened at 365.71 on Monday. The stock has a market capitalization of $60.15 billion, a P/E ratio of 19.49 and a beta of 1.45. The firm’s 50-day moving average is $369.24 and its 200 day moving average is $354.40. BlackRock has a 12-month low of $280.55 and a 12-month high of $376.65.
BlackRock (NYSE:BLK) last announced its quarterly earnings data on Thursday, July 14th. The company reported $4.78 EPS for the quarter, missing the consensus estimate of $4.82 by $0.04. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.81 billion. BlackRock had a net margin of 28.12% and a return on equity of 11.07%. The business’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same period in the prior year, the business posted $4.96 EPS. On average, equities research analysts forecast that BlackRock will post $19.21 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd will be given a dividend of $2.29 per share. The ex-dividend date is Wednesday, August 31st. This represents a $9.16 dividend on an annualized basis and a dividend yield of 2.50%. BlackRock’s payout ratio is currently 48.83%.
In related news, Director Susan Wagner sold 79,346 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $366.35, for a total value of $29,068,407.10. Following the transaction, the director now directly owns 587,365 shares of the company’s stock, valued at approximately $215,181,167.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Ryan Stork sold 1,400 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $367.24, for a total value of $514,136.00. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Evercore Wealth Management LLC boosted its position in BlackRock by 1.1% in the second quarter. Evercore Wealth Management LLC now owns 5,725 shares of the company’s stock worth $1,961,000 after buying an additional 60 shares in the last quarter. Macquarie Group Ltd. boosted its position in BlackRock by 3.5% in the second quarter. Macquarie Group Ltd. now owns 61,714 shares of the company’s stock worth $21,139,000 after buying an additional 2,059 shares in the last quarter. Williams Jones & Associates LLC boosted its position in BlackRock by 30.9% in the second quarter. Williams Jones & Associates LLC now owns 1,058 shares of the company’s stock worth $362,000 after buying an additional 250 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in BlackRock during the second quarter worth approximately $1,740,000. Finally, Kentucky Retirement Systems acquired a new position in BlackRock during the second quarter worth approximately $3,664,000. 81.58% of the stock is currently owned by institutional investors.
BlackRock Company Profile
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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