BlackRock, Inc. (BLK) Upgraded at Goldman Sachs Group, Inc. (The)
Goldman Sachs Group, Inc. (The) upgraded shares of BlackRock, Inc. (NYSE:BLK) from a neutral rating to a buy rating in a report published on Thursday, MarketBeat reports. They currently have $500.00 target price on the asset manager’s stock, up from their prior target price of $440.00.
BLK has been the topic of several other reports. BidaskClub upgraded BlackRock from a buy rating to a strong-buy rating in a report on Saturday, July 1st. Morgan Stanley reiterated an overweight rating and set a $460.00 target price (up from $422.00) on shares of BlackRock in a report on Monday, July 10th. Credit Suisse Group reiterated an outperform rating on shares of BlackRock in a report on Tuesday, August 29th. Keefe, Bruyette & Woods reiterated a hold rating and set a $440.00 target price on shares of BlackRock in a report on Friday, July 14th. Finally, Zacks Investment Research lowered BlackRock from a buy rating to a hold rating in a report on Wednesday, July 19th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $456.54.
BlackRock (NYSE BLK) opened at 447.09 on Thursday. The company’s 50-day moving average price is $422.45 and its 200 day moving average price is $406.87. BlackRock has a 52-week low of $336.84 and a 52-week high of $448.53. The firm has a market capitalization of $72.52 billion, a price-to-earnings ratio of 21.46 and a beta of 1.71.
BlackRock (NYSE:BLK) last posted its earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $5.39 by ($0.15). The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $3.01 billion. BlackRock had a return on equity of 11.74% and a net margin of 29.92%. The business’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.78 earnings per share. Equities analysts predict that BlackRock will post $21.83 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 22nd. Investors of record on Tuesday, September 5th were given a $2.50 dividend. This represents a $10.00 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend was Thursday, August 31st. BlackRock’s dividend payout ratio is currently 47.98%.
In other BlackRock news, insider Jeff A. Smith sold 250 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $434.87, for a total transaction of $108,717.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Robert W. Fairbairn sold 3,675 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $415.31, for a total value of $1,526,264.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,447 shares of company stock worth $1,855,015. 1.86% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in BlackRock by 8.4% during the second quarter. Vanguard Group Inc. now owns 8,450,778 shares of the asset manager’s stock worth $3,569,693,000 after buying an additional 656,569 shares during the last quarter. Capital World Investors increased its position in BlackRock by 12.9% during the second quarter. Capital World Investors now owns 7,105,319 shares of the asset manager’s stock worth $3,001,358,000 after buying an additional 810,667 shares during the last quarter. BlackRock Inc. increased its position in BlackRock by 3.2% during the second quarter. BlackRock Inc. now owns 6,750,714 shares of the asset manager’s stock worth $2,851,570,000 after buying an additional 209,209 shares during the last quarter. State Street Corp increased its position in BlackRock by 2.1% during the first quarter. State Street Corp now owns 5,445,766 shares of the asset manager’s stock worth $2,088,501,000 after buying an additional 112,993 shares during the last quarter. Finally, UBS Group AG increased its position in BlackRock by 40.2% during the first quarter. UBS Group AG now owns 1,696,340 shares of the asset manager’s stock worth $650,563,000 after buying an additional 486,502 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.
BlackRock Company Profile
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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