Wells Fargo & Company Begins Coverage on BlackRock (NYSE:BLK)

Investment analysts at Wells Fargo & Company started coverage on shares of BlackRock (NYSE:BLK) in a report released on Friday, Marketbeat.com reports. The firm set an “overweight” rating and a $1,245.00 price target on the asset manager’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 17.48% from the stock’s current price.

A number of other analysts also recently weighed in on the stock. BMO Capital Markets increased their price target on shares of BlackRock from $1,250.00 to $1,300.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Keefe, Bruyette & Woods cut shares of BlackRock from a “moderate buy” rating to a “hold” rating in a report on Friday, August 7th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $1,258.00 target price on shares of BlackRock in a report on Thursday, July 16th. Barclays boosted their price target on shares of BlackRock from $1,340.00 to $1,450.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $1,389.00 price objective on shares of BlackRock in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, BlackRock currently has an average rating of “Moderate Buy” and a consensus price target of $1,304.35.

BlackRock Stock Performance

Shares of NYSE:BLK opened at $1,059.72 on Friday. BlackRock has a twelve month low of $917.39 and a twelve month high of $1,219.94. The firm has a market cap of $164.12 billion, a PE ratio of 25.33, a price-to-earnings-growth ratio of 1.17 and a beta of 1.41. The company has a debt-to-equity ratio of 0.33, a quick ratio of 3.59 and a current ratio of 3.59. The business has a fifty day moving average of $1,111.19 and a 200-day moving average of $1,054.44.

BlackRock (NYSE:BLK) last issued its quarterly earnings results on Wednesday, July 15th. The asset manager reported $13.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $12.69 by $1.22. BlackRock had a return on equity of 14.90% and a net margin of 24.09%.The business had revenue of $7.08 billion for the quarter, compared to analyst estimates of $6.73 billion. During the same quarter in the prior year, the firm posted $12.05 earnings per share. The firm’s revenue for the quarter was up 30.6% compared to the same quarter last year. On average, equities research analysts predict that BlackRock will post 55.9 EPS for the current fiscal year.

Institutional Investors Weigh In On BlackRock

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Global Wealth Strategies & Associates bought a new position in shares of BlackRock in the third quarter valued at $232,000. Stonebridge Financial Group LLC raised its stake in BlackRock by 71.3% in the 3rd quarter. Stonebridge Financial Group LLC now owns 8,878 shares of the asset manager’s stock valued at $9,395,000 after acquiring an additional 3,694 shares during the period. Marathon Mission Inc. raised its stake in BlackRock by 5.5% in the 3rd quarter. Marathon Mission Inc. now owns 610 shares of the asset manager’s stock valued at $646,000 after acquiring an additional 32 shares during the period. QRG Capital Management Inc. lifted its holdings in BlackRock by 709.5% during the 2nd quarter. QRG Capital Management Inc. now owns 101,147 shares of the asset manager’s stock valued at $97,259,000 after purchasing an additional 88,652 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its position in BlackRock by 335.7% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 25,994 shares of the asset manager’s stock worth $24,995,000 after purchasing an additional 20,028 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Key BlackRock News

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock expects continued asset growth in Brazil regardless of the country’s election outcome, with management reportedly targeting approximately 30% growth. This supports the company’s international expansion and fee-generating asset base. BlackRock expects to sustain asset growth in Brazil regardless of election outcome
• Positive Sentiment: Analysts remain broadly constructive ahead of BlackRock’s October 14 earnings report, forecasting about $14.25 in third-quarter EPS and $7.56 billion in revenue. The outlook could provide a catalyst if results exceed expectations. BlackRock Gears Up For Q3 Print
• Positive Sentiment: BlackRock’s digital-asset initiatives continue to expand: tokenized BlackRock shares are being brought to Solana, while the BUIDL fund is expanding its multi-chain infrastructure. These developments may strengthen the firm’s position in tokenized securities and blockchain-based cash management. Backpack brings tokenized BlackRock shares to Solana

About BlackRock

BlackRock, Inc is a global investment management and financial technology company serving individual investors, institutions, governments and financial professionals. The company provides investment management, risk management and advisory services across a broad range of asset classes, including equities, fixed income, multi-asset strategies, alternatives and cash management.

BlackRock offers investment products through mutual funds, exchange-traded funds and other vehicles. Its iShares brand is one of the company’s principal platforms for exchange-traded funds, providing access to domestic and international markets, industry sectors, bonds, commodities and specialized investment strategies.

The company also provides technology and analytical solutions through its Aladdin platform, which is used by asset managers, institutional investors and other financial organizations for portfolio management, risk analysis, trading and operational support.