BlackRock (NYSE:BLK) Receives $1,304.29 Average Price Target from Analysts

BlackRock (NYSE:BLK) has earned an average rating of “Moderate Buy” from the eighteen brokerages that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, fifteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $1,304.2941.

Several equities analysts recently issued reports on the company. Barclays upped their target price on BlackRock from $1,340.00 to $1,450.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. BMO Capital Markets lifted their price target on BlackRock from $1,250.00 to $1,300.00 and gave the stock an “outperform” rating in a research report on Friday. BNP Paribas Exane boosted their price target on BlackRock from $1,300.00 to $1,350.00 and gave the company an “outperform” rating in a research note on Tuesday, June 23rd. Morgan Stanley lifted their target price on BlackRock from $1,383.00 to $1,488.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, TD Cowen dropped their target price on BlackRock from $1,238.00 to $1,105.00 and set a “hold” rating on the stock in a research report on Thursday, April 9th.

BlackRock Stock Down 1.7%

NYSE:BLK opened at $1,053.78 on Friday. The company has a current ratio of 4.09, a quick ratio of 4.09 and a debt-to-equity ratio of 0.34. BlackRock has a twelve month low of $917.39 and a twelve month high of $1,219.94. The company has a market cap of $163.32 billion, a PE ratio of 25.19, a P/E/G ratio of 1.22 and a beta of 1.43. The company’s 50 day moving average is $1,033.20 and its two-hundred day moving average is $1,042.61.

BlackRock (NYSE:BLK) last posted its quarterly earnings results on Wednesday, July 15th. The asset manager reported $13.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $12.69 by $1.22. BlackRock had a net margin of 24.09% and a return on equity of 15.01%. The business had revenue of $7.08 billion during the quarter, compared to analysts’ expectations of $6.73 billion. During the same quarter last year, the company posted $12.05 earnings per share. The business’s quarterly revenue was up 30.6% on a year-over-year basis. Analysts anticipate that BlackRock will post 55.24 EPS for the current year.

BlackRock Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 5th were paid a dividend of $5.73 per share. This represents a $22.92 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, June 5th. BlackRock’s payout ratio is presently 54.78%.

Insider Buying and Selling at BlackRock

In related news, CEO Laurence Fink sold 33,900 shares of the business’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $1,050.55, for a total transaction of $35,613,645.00. Following the completion of the transaction, the chief executive officer directly owned 230,516 shares in the company, valued at $242,168,583.80. The trade was a 12.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Robert Kapito sold 8,739 shares of BlackRock stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $1,056.60, for a total value of $9,233,627.40. Following the completion of the transaction, the president owned 210,186 shares of the company’s stock, valued at approximately $222,082,527.60. This represents a 3.99% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BlackRock

Several hedge funds and other institutional investors have recently made changes to their positions in the company. RMG Wealth Management LLC purchased a new position in BlackRock during the first quarter worth approximately $25,000. Evolution Wealth Management Inc. purchased a new stake in shares of BlackRock in the fourth quarter valued at about $26,000. Birchbrook Inc. acquired a new stake in BlackRock during the fourth quarter worth about $31,000. LFA Lugano Financial Advisors SA purchased a new position in BlackRock during the fourth quarter worth about $32,000. Finally, Basepoint Wealth LLC acquired a new position in BlackRock in the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

More BlackRock News

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock’s crypto ETFs saw improving inflows, including fresh demand for IBIT and ETHA, which may support fee growth and reinforce BlackRock’s position as a leading crypto ETF provider.
• Positive Sentiment: BlackRock is leading a $12 billion financing for new Meta data centers in Texas through its infrastructure and private-credit arms, highlighting continued momentum in higher-fee alternative assets.
• Positive Sentiment: The company recently posted record assets under management and strong quarterly results, which continue to support the long-term earnings outlook for BLK.

About BlackRock

BlackRock, Inc is a global investment management firm that provides a broad range of products and services to institutional, intermediary and individual investors. Its core activities include portfolio management across active and index strategies, exchange-traded funds (ETFs) under the iShares brand, fixed income, equity and multi-asset solutions, as well as alternatives such as private equity, real estate and infrastructure. The firm also offers cash management and liquidity solutions and retirement-focused products designed for defined contribution and defined benefit investors.

In addition to traditional investment management, BlackRock is known for its technology and risk management capabilities, most prominently its Aladdin platform, which combines portfolio management, trading and risk analytics and is used both internally and licensed to external clients.