Wells Fargo & Co. Reaffirms Market Perform Rating for BlackRock Inc. (BLK)
BlackRock Inc. (NYSE:BLK)‘s stock had its “market perform” rating reiterated by equities research analysts at Wells Fargo & Co. in a research note issued on Monday.
BLK has been the topic of several other reports. Zacks Investment Research upgraded shares of BlackRock from a “hold” rating to a “buy” rating and set a $410.00 price objective on the stock in a research report on Monday, September 19th. Barclays PLC raised their price objective on shares of BlackRock from $364.00 to $375.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 24th. Deutsche Bank AG raised their price objective on shares of BlackRock from $404.00 to $414.00 and gave the company a “buy” rating in a research report on Friday, September 9th. Jefferies Group decreased their price objective on shares of BlackRock from $359.00 to $357.00 and set a “hold” rating on the stock in a research report on Monday, July 11th. Finally, Credit Suisse Group AG restated a “buy” rating on shares of BlackRock in a research report on Tuesday, July 12th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $382.56.
Shares of BlackRock (NYSE:BLK) traded up 0.93% on Monday, reaching $360.53. 20,688 shares of the company traded hands. The stock has a 50-day moving average price of $366.57 and a 200 day moving average price of $356.70. BlackRock has a 1-year low of $280.55 and a 1-year high of $376.65. The firm has a market capitalization of $59.29 billion, a P/E ratio of 19.21 and a beta of 1.46.
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BlackRock (NYSE:BLK) last issued its quarterly earnings results on Thursday, July 14th. The company reported $4.78 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $4.82 by $0.04. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.81 billion. BlackRock had a return on equity of 11.07% and a net margin of 28.12%. The company’s revenue was down 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.96 EPS. Analysts anticipate that BlackRock will post $19.23 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 23rd. Shareholders of record on Friday, September 2nd were given a $2.29 dividend. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $9.16 annualized dividend and a yield of 2.56%. BlackRock’s dividend payout ratio (DPR) is 48.83%.
In other BlackRock news, Director J. Richard Kushel sold 8,000 shares of the business’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $356.55, for a total value of $2,852,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan Wagner sold 79,346 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $366.35, for a total transaction of $29,068,407.10. Following the completion of the sale, the director now directly owns 587,365 shares of the company’s stock, valued at approximately $215,181,167.75. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the company. Advisory Services Network LLC boosted its stake in shares of BlackRock by 3.2% in the third quarter. Advisory Services Network LLC now owns 5,715 shares of the company’s stock valued at $2,071,000 after buying an additional 177 shares during the last quarter. Trust Co. of Oklahoma boosted its stake in shares of BlackRock by 4.1% in the third quarter. Trust Co. of Oklahoma now owns 2,394 shares of the company’s stock valued at $868,000 after buying an additional 95 shares during the last quarter. Atalanta Sosnoff Capital LLC acquired a new stake in shares of BlackRock during the third quarter valued at $8,160,000. Burke & Herbert Bank & Trust Co. boosted its stake in shares of BlackRock by 6.2% in the third quarter. Burke & Herbert Bank & Trust Co. now owns 1,326 shares of the company’s stock valued at $481,000 after buying an additional 77 shares during the last quarter. Finally, Eqis Capital Management Inc. acquired a new stake in shares of BlackRock during the third quarter valued at $227,000. 81.58% of the stock is owned by hedge funds and other institutional investors.
BlackRock Company Profile
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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