BlackRock Inc. (BLK) Earns “Buy” Rating from Citigroup Inc.
BlackRock Inc. (NYSE:BLK)‘s stock had its “buy” rating reaffirmed by equities research analysts at Citigroup Inc. in a research report issued to clients and investors on Monday. They currently have a $400.00 price target on the stock. Citigroup Inc.’s target price would indicate a potential upside of 11.98% from the company’s current price.
Other research analysts also recently issued reports about the stock. Deutsche Bank AG reissued a “buy” rating and issued a $392.00 target price (up from $372.00) on shares of BlackRock in a research report on Sunday, July 10th. Barclays PLC reaffirmed a “hold” rating on shares of BlackRock in a research report on Sunday, July 17th. Jefferies Group reaffirmed a “hold” rating on shares of BlackRock in a research report on Friday, August 5th. Zacks Investment Research raised shares of BlackRock from a “sell” rating to a “hold” rating in a research report on Wednesday, August 10th. Finally, Keefe, Bruyette & Woods downgraded shares of BlackRock from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $390.00 to $383.00 in a research report on Friday, July 15th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. BlackRock currently has an average rating of “Buy” and an average price target of $382.56.
BlackRock (NYSE:BLK) opened at 360.16 on Monday. The firm’s 50-day moving average is $366.57 and its 200-day moving average is $356.70. The stock has a market cap of $59.23 billion, a P/E ratio of 19.19 and a beta of 1.46. BlackRock has a 1-year low of $280.55 and a 1-year high of $376.65.
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BlackRock (NYSE:BLK) last released its quarterly earnings results on Thursday, July 14th. The company reported $4.78 EPS for the quarter, missing analysts’ consensus estimates of $4.82 by $0.04. BlackRock had a return on equity of 11.07% and a net margin of 28.12%. The company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.81 billion. During the same quarter last year, the firm posted $4.96 earnings per share. The firm’s quarterly revenue was down 3.5% compared to the same quarter last year. On average, analysts forecast that BlackRock will post $19.23 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Investors of record on Friday, September 2nd were paid a dividend of $2.29 per share. This represents a $9.16 annualized dividend and a yield of 2.56%. The ex-dividend date was Wednesday, August 31st. BlackRock’s payout ratio is currently 48.83%.
In other BlackRock news, Director Mark Mccombe sold 1,400 shares of the business’s stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $374.92, for a total value of $524,888.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director J. Richard Kushel sold 8,000 shares of the business’s stock in a transaction on Friday, July 15th. The shares were sold at an average price of $356.55, for a total transaction of $2,852,400.00. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.
A number of large investors have recently made changes to their positions in BLK. NN Investment Partners Holdings N.V. acquired a new stake in shares of BlackRock during the first quarter valued at about $274,000. Bessemer Group Inc. raised its stake in shares of BlackRock by 628.0% in the first quarter. Bessemer Group Inc. now owns 2,155 shares of the company’s stock valued at $734,000 after buying an additional 1,859 shares during the period. M&T Bank Corp raised its stake in shares of BlackRock by 3.0% in the first quarter. M&T Bank Corp now owns 108,992 shares of the company’s stock valued at $37,119,000 after buying an additional 3,158 shares during the period. Ropes Wealth Advisors LLC raised its stake in shares of BlackRock by 35.3% in the first quarter. Ropes Wealth Advisors LLC now owns 387 shares of the company’s stock valued at $132,000 after buying an additional 101 shares during the period. Finally, ING Groep NV raised its stake in shares of BlackRock by 3,315.9% in the first quarter. ING Groep NV now owns 53,118 shares of the company’s stock valued at $18,079,000 after buying an additional 51,563 shares during the period. 81.58% of the stock is currently owned by hedge funds and other institutional investors.
BlackRock, Inc is an investment management company. The Company provides a range of investment and risk management services to institutional and retail clients across the world. Its offerings include single and multi-asset class portfolios investing in equities, fixed income, alternatives and money market instruments.
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