BlackRock Inc. (BLK) Given Average Rating of “Buy” by Analysts
BlackRock Inc. (NYSE:BLK) has received a consensus recommendation of “Buy” from the eighteen brokerages that are currently covering the stock. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $380.84.
BLK has been the subject of a number of recent research reports. Deutsche Bank AG reaffirmed a “buy” rating and issued a $392.00 target price (up previously from $372.00) on shares of BlackRock in a report on Sunday, July 10th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of BlackRock in a report on Tuesday, July 12th. Keefe, Bruyette & Woods cut BlackRock from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $390.00 to $383.00 in a research note on Friday, July 15th. Zacks Investment Research raised BlackRock from a “hold” rating to a “buy” rating and set a $410.00 price target for the company in a research note on Monday, September 19th. Finally, Citigroup Inc. reissued a “buy” rating on shares of BlackRock in a research note on Thursday, June 16th.
Shares of BlackRock (NYSE:BLK) traded down 2.03% during midday trading on Tuesday, reaching $351.53. The company had a trading volume of 233,025 shares. The stock’s 50 day moving average is $366.19 and its 200-day moving average is $357.12. BlackRock has a 12-month low of $280.55 and a 12-month high of $376.65. The stock has a market capitalization of $57.81 billion, a PE ratio of 18.73 and a beta of 1.46.
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BlackRock (NYSE:BLK) last issued its earnings results on Thursday, July 14th. The company reported $4.78 earnings per share (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 firm earned $2.80 billion during the quarter, compared to analyst estimates of $2.81 billion. During the same period in the previous year, the company earned $4.96 EPS. BlackRock’s revenue for the quarter was down 3.5% on a year-over-year basis. On average, equities research analysts predict that BlackRock will post $19.23 earnings per share for the current fiscal year.
The business 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 of this dividend was Wednesday, August 31st. This represents a $9.16 dividend on an annualized basis and a dividend yield of 2.55%. BlackRock’s dividend payout ratio is presently 48.83%.
In related news, Director Mark Mccombe sold 1,400 shares of the stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $374.92, for a total transaction of $524,888.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Susan Wagner sold 79,346 shares of the stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $366.35, for a total value of $29,068,407.10. Following the sale, the director now directly owns 587,365 shares of the company’s stock, valued at $215,181,167.75. The disclosure for this sale can be found here. 2.20% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of BLK. Cohen & Steers Inc. increased its stake in shares of BlackRock by 5,080.7% in the second quarter. Cohen & Steers Inc. now owns 1,484,377 shares of the company’s stock worth $38,371,000 after buying an additional 1,455,725 shares during the last quarter. Emerald Acquisition Ltd. acquired a new stake in shares of BlackRock during the second quarter worth approximately $87,641,000. JPMorgan Chase & Co. increased its stake in shares of BlackRock by 7.0% in the second quarter. JPMorgan Chase & Co. now owns 3,372,334 shares of the company’s stock worth $1,155,126,000 after buying an additional 219,654 shares during the last quarter. Alleghany Corp DE increased its stake in shares of BlackRock by 77.8% in the second quarter. Alleghany Corp DE now owns 400,000 shares of the company’s stock worth $136,984,000 after buying an additional 175,000 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of BlackRock by 2.1% in the second quarter. Vanguard Group Inc. now owns 7,326,122 shares of the company’s stock worth $2,509,417,000 after buying an additional 150,093 shares during the last quarter. 81.58% of the stock is owned by 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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