Zacks Reiterates Neutral Rating for BlackRock (BLK)
BlackRock (NYSE:BLK)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Wednesday. They currently have a $338.00 target price on the stock. Zacks‘s target price would indicate a potential upside of 5.12% from the stock’s previous close.
Zacks’ analyst wrote, “BlackRock’s second-quarter 2014 earnings outpaced the Zacks Consensus Estimate. Results benefited from top-line growth driven by improvement in assets under management, partly offset by higher operating expenses. We believe that steady capital deployment activities and opportunistic acquisitions will likely be accretive to its overall performance going forward. Further, the company’s initiatives to improve market share in the ETF business should act in favor to boost top-line growth. However, mounting expenses, high dependence on fee-based revenues and regulatory restrictions on BlackRock’s revenue sources makes us apprehensive.”
Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of BlackRock in a research note on Thursday, July 17th. They now have a $368.00 price target on the stock, up previously from $366.50. Separately, analysts at Citigroup Inc. reiterated an “overweight” rating on shares of BlackRock in a research note on Thursday, July 17th. They now have a $391.00 price target on the stock, up previously from $387.00. Finally, analysts at RBC Capital raised their price target on shares of BlackRock from $387.00 to $397.00 in a research note on Thursday, July 17th. They now have an “outperform” rating on the stock. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. BlackRock has an average rating of “Buy” and an average price target of $372.25.
BlackRock (NYSE:BLK) traded up 0.55% during mid-day trading on Wednesday, hitting $323.31. 235,556 shares of the company’s stock traded hands. BlackRock has a one year low of $257.19 and a one year high of $331.90. The stock has a 50-day moving average of $315.3 and a 200-day moving average of $307.. The company has a market cap of $54.433 billion and a price-to-earnings ratio of 17.68.
BlackRock (NYSE:BLK) last released its earnings data on Wednesday, July 16th. The company reported $4.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.43 by $0.46. The company had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.71 billion. During the same quarter in the previous year, the company posted $4.15 earnings per share. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. On average, analysts predict that BlackRock will post $19.22 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, September 22nd. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $1.93 per share. This represents a $7.72 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Thursday, August 28th.
In other BlackRock news, Director Mark Mccombe sold 3,500 shares of the stock on the open market in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $314.00, for a total value of $1,099,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
BlackRock, Inc (NYSE:BLK) is an investment management firm.
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