BlackRock Inc. (BLK) Receives “Buy” Rating from Citigroup Inc.
BlackRock Inc. (NYSE:BLK)‘s stock had its “buy” rating reiterated by investment analysts at Citigroup Inc. in a report released on Monday. They currently have a $400.00 price target on the stock. Citigroup Inc.’s price target suggests a potential upside of 11.98% from the stock’s previous close.
BLK has been the subject of a number of other reports. Deutsche Bank AG reiterated a “buy” rating and set a $392.00 price target (up from $372.00) on shares of BlackRock in a research report on Sunday, July 10th. Barclays PLC reiterated a “hold” rating on shares of BlackRock in a research report on Sunday, July 17th. Jefferies Group reiterated a “hold” rating on shares of BlackRock in a research report on Friday, August 5th. Zacks Investment Research upgraded shares of BlackRock from a “sell” rating to a “hold” rating in a research report on Wednesday, August 10th. Finally, Keefe, Bruyette & Woods cut shares of BlackRock from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $390.00 to $383.00 in a research report on Friday, July 15th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $382.56.
BlackRock (NYSE:BLK) traded up 0.93% on Monday, hitting $360.53. 20,688 shares of the company traded hands. The stock’s 50-day moving average is $366.57 and its 200 day moving average is $356.70. The firm has a market capitalization of $59.29 billion, a P/E ratio of 19.21 and a beta of 1.46. BlackRock has a 12 month low of $280.55 and a 12 month high of $376.65.
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BlackRock (NYSE:BLK) last released its quarterly earnings data on Thursday, July 14th. The company reported $4.78 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $4.82 by $0.04. BlackRock had a return on equity of 11.07% and a net margin of 28.12%. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same quarter in the previous year, the business posted $4.96 earnings per share. BlackRock’s revenue for the quarter was down 3.5% on a year-over-year basis. Equities analysts forecast that BlackRock will post $19.23 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd were issued a $2.29 dividend. The ex-dividend date was Wednesday, August 31st. This represents a $9.16 dividend on an annualized basis and a dividend yield of 2.56%. BlackRock’s payout ratio is 48.83%.
In other news, Director J. Richard Kushel sold 8,000 shares of BlackRock stock in a transaction on Friday, July 15th. The shares were sold at an average price of $356.55, for a total value of $2,852,400.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director James Grosfeld sold 25,379 shares of BlackRock stock in a transaction on Monday, August 29th. The shares were sold at an average price of $374.22, for a total transaction of $9,497,329.38. Following the completion of the transaction, the director now directly owns 514,402 shares in the company, valued at $192,499,516.44. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. NN Investment Partners Holdings N.V. acquired a new position in shares of BlackRock during the first quarter worth approximately $274,000. Bessemer Group Inc. boosted its position 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 in the last quarter. M&T Bank Corp boosted its position 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 in the last quarter. Ropes Wealth Advisors LLC boosted its position 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 in the last quarter. Finally, ING Groep NV boosted its position 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 in the last quarter. 81.58% of the stock is currently owned by institutional investors and hedge funds.
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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