BlackRock’s (BLK) Buy Rating Reiterated at Credit Suisse Group
BlackRock (NYSE:BLK)‘s stock had its “buy” rating reiterated by equities researchers at Credit Suisse Group in a research note issued to investors on Friday. They currently have a $680.00 price objective on the asset manager’s stock. Credit Suisse Group’s price target would suggest a potential upside of 22.41% from the company’s previous close.
Several other equities analysts have also recently commented on the stock. Zacks Investment Research raised shares of BlackRock from a “hold” rating to a “strong-buy” rating and set a $614.00 price objective for the company in a research note on Thursday. Wells Fargo & Co reaffirmed a “market perform” rating and set a $475.00 price objective (up previously from $450.00) on shares of BlackRock in a research note on Thursday, October 12th. JPMorgan Chase & Co. boosted their price objective on shares of BlackRock to $558.00 and gave the company an “overweight” rating in a research note on Thursday, October 12th. Jefferies Group reaffirmed a “hold” rating and set a $465.00 price objective on shares of BlackRock in a research note on Thursday, October 12th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $500.00 price objective on shares of BlackRock in a research note on Thursday, October 12th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $510.67.
Shares of BlackRock (NYSE BLK) opened at $555.53 on Friday. BlackRock has a 12-month low of $365.83 and a 12-month high of $556.37. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.89 and a quick ratio of 2.89. The stock has a market cap of $89,070.00, a P/E ratio of 26.01, a PEG ratio of 1.48 and a beta of 1.81.
BlackRock (NYSE:BLK) last posted its quarterly earnings results on Friday, January 12th. The asset manager reported $6.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.94 by $0.30. The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. BlackRock had a net margin of 29.52% and a return on equity of 12.01%. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.14 earnings per share. sell-side analysts expect that BlackRock will post 22.47 EPS for the current year.
In other BlackRock news, Director Susan Wagner sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $506.10, for a total value of $2,024,400.00. Following the completion of the transaction, the director now owns 481,915 shares of the company’s stock, valued at approximately $243,897,181.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jeff A. Smith sold 100 shares of the business’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $477.54, for a total transaction of $47,754.00. The disclosure for this sale can be found here. 1.86% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in BLK. Third Point LLC purchased a new position in BlackRock in the 2nd quarter worth approximately $654,736,000. Capital World Investors lifted its holdings in shares of BlackRock by 12.9% in the 2nd quarter. Capital World Investors now owns 7,105,319 shares of the asset manager’s stock worth $3,001,358,000 after acquiring an additional 810,667 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of BlackRock by 8.4% in the 2nd quarter. Vanguard Group Inc. now owns 8,450,778 shares of the asset manager’s stock worth $3,569,693,000 after acquiring an additional 656,569 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of BlackRock by 207.1% in the 2nd quarter. Principal Financial Group Inc. now owns 527,380 shares of the asset manager’s stock worth $222,771,000 after acquiring an additional 355,630 shares during the last quarter. Finally, BlackRock Inc. lifted its holdings in shares of BlackRock by 3.2% in the 2nd quarter. BlackRock Inc. now owns 6,750,714 shares of the asset manager’s stock worth $2,851,570,000 after acquiring an additional 209,209 shares during the last quarter. 83.54% of the stock is owned by institutional investors and hedge funds.
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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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