Morgan Stanley Reiterates Overweight Rating for BlackRock, Inc. (BLK)
BlackRock, Inc. (NYSE:BLK)‘s stock had its “overweight” rating restated by Morgan Stanley in a report issued on Thursday. They presently have a $501.00 price objective on the asset manager’s stock, up from their previous price objective of $476.00. Morgan Stanley’s target price indicates a potential upside of 8.16% from the company’s current price.
Several other research analysts also recently commented on the stock. Zacks Investment Research raised shares of BlackRock from a “hold” rating to a “buy” rating and set a $501.00 target price on the stock in a research note on Tuesday. Goldman Sachs Group, Inc. (The) raised shares of 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 research note on Thursday, September 28th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $440.00 target price on shares of BlackRock in a research note on Tuesday, September 26th. Barclays PLC assumed coverage on shares of BlackRock in a research note on Friday, September 8th. They issued an “overweight” rating and a $475.00 target price on the stock. Finally, Credit Suisse Group reaffirmed an “outperform” rating on shares of BlackRock in a research note on Tuesday, August 29th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $460.08.
Shares of BlackRock (NYSE BLK) opened at 463.22 on Thursday. The company has a market capitalization of $75.14 billion, a price-to-earnings ratio of 22.23 and a beta of 1.72. The stock has a 50 day moving average of $429.51 and a 200-day moving average of $412.18. BlackRock has a 1-year low of $336.84 and a 1-year high of $465.87.
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 firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $3.01 billion. During the same period in the previous year, the firm earned $4.78 earnings per share. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. Analysts forecast that BlackRock will post $21.95 earnings per share for the current year.
In other news, insider Robert W. Fairbairn sold 3,675 shares of the business’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $415.31, for a total transaction of $1,526,264.25. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Jeff A. Smith sold 522 shares of the business’s stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $421.52, for a total transaction of $220,033.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,447 shares of company stock worth $1,855,015. Company insiders own 1.86% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Salem Investment Counselors Inc. raised its position in shares of BlackRock by 14.3% in the 2nd quarter. Salem Investment Counselors Inc. now owns 240 shares of the asset manager’s stock worth $101,000 after purchasing an additional 30 shares during the last quarter. Proficio Capital Partners LLC raised its position in shares of BlackRock by 48.9% in the 1st quarter. Proficio Capital Partners LLC now owns 259 shares of the asset manager’s stock worth $103,000 after purchasing an additional 85 shares during the last quarter. Enterprise Financial Services Corp raised its position in shares of BlackRock by 52.5% in the 2nd quarter. Enterprise Financial Services Corp now owns 247 shares of the asset manager’s stock worth $104,000 after purchasing an additional 85 shares during the last quarter. Penserra Capital Management LLC purchased a new position in shares of BlackRock in the 2nd quarter worth about $104,000. Finally, Kings Point Capital Management raised its position in shares of BlackRock by 34.5% in the 1st quarter. Kings Point Capital Management now owns 273 shares of the asset manager’s stock worth $105,000 after purchasing an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.
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.
Receive News & Ratings for BlackRock Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BlackRock Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.