BlackRock, Inc. (BLK) Hits New 1-Year High at $454.73
BlackRock, Inc. (NYSE:BLK) reached a new 52-week high on Wednesday . The company traded as high as $454.73 and last traded at $454.64, with a volume of 451,606 shares traded. The stock had previously closed at $450.79.
A number of equities research analysts have recently weighed in on the company. Morgan Stanley lifted their target price on BlackRock from $476.00 to $501.00 and gave the stock an “overweight” rating in a report on Thursday. Zacks Investment Research raised BlackRock from a “hold” rating to a “buy” rating and set a $501.00 target price for the company in a report on Tuesday. Keefe, Bruyette & Woods reissued a “hold” rating and set a $440.00 target price on shares of BlackRock in a report on Friday, July 14th. Jefferies Group LLC reissued a “hold” rating and set a $440.00 target price on shares of BlackRock in a report on Tuesday, September 26th. Finally, Goldman Sachs Group, Inc. (The) raised BlackRock from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $440.00 to $500.00 in a report on Thursday, September 28th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. BlackRock has a consensus rating of “Buy” and an average target price of $460.08.
The company has a market capitalization of $75.33 billion, a price-to-earnings ratio of 22.29 and a beta of 1.72. The company’s 50-day moving average price is $428.27 and its 200-day moving average price is $411.59.
BlackRock (NYSE:BLK) last issued its earnings results on Monday, July 17th. The asset manager reported $5.24 EPS for the quarter, missing the consensus estimate of $5.39 by ($0.15). BlackRock had a return on equity of 11.74% and a net margin of 29.92%. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $3.01 billion. During the same quarter in the prior year, the business earned $4.78 EPS. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, analysts expect that BlackRock, Inc. will post $21.90 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 22nd. Shareholders of record on Tuesday, September 5th were paid a $2.50 dividend. The ex-dividend date of this dividend was Thursday, August 31st. This represents a $10.00 annualized dividend and a yield of 2.15%. BlackRock’s dividend payout ratio is currently 47.98%.
In other BlackRock news, insider Robert W. Fairbairn sold 3,675 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $415.31, for a total value of $1,526,264.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jeff A. Smith sold 522 shares of the firm’s stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $421.52, for a total value of $220,033.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,447 shares of company stock valued at $1,855,015. 1.86% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the business. Intl Fcstone Inc. purchased a new stake in shares of BlackRock in the 2nd quarter valued at about $383,000. Lord Abbett & CO. LLC raised its holdings in shares of BlackRock by 22.0% in the 2nd quarter. Lord Abbett & CO. LLC now owns 180,141 shares of the asset manager’s stock valued at $76,093,000 after acquiring an additional 32,541 shares in the last quarter. RNC Capital Management LLC raised its holdings in shares of BlackRock by 3.1% in the 2nd quarter. RNC Capital Management LLC now owns 72,416 shares of the asset manager’s stock valued at $30,589,000 after acquiring an additional 2,173 shares in the last quarter. WFG Advisors LP raised its holdings in shares of BlackRock by 66.6% in the 2nd quarter. WFG Advisors LP now owns 1,096 shares of the asset manager’s stock valued at $463,000 after acquiring an additional 438 shares in the last quarter. Finally, Cetera Investment Advisers purchased a new stake in shares of BlackRock in the 2nd quarter valued at about $345,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.
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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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