BlackRock, Inc. (BLK) Stock Rating Reaffirmed by Bank of America Corporation
BlackRock, Inc. (NYSE:BLK)‘s stock had its “buy” rating reiterated by research analysts at Bank of America Corporation in a research note issued on Monday. They presently have a $450.00 price objective on the asset manager’s stock. Bank of America Corporation’s price target indicates a potential upside of 5.05% from the stock’s current price.
Several other brokerages also recently weighed in on BLK. Jefferies Group LLC reiterated a “hold” rating and issued a $387.00 price target on shares of BlackRock in a report on Wednesday, May 17th. J P Morgan Chase & Co restated a “buy” rating on shares of BlackRock in a research report on Wednesday, March 8th. Morgan Stanley reiterated a “buy” rating on shares of BlackRock in a research report on Saturday, March 18th. Finally, Deutsche Bank AG increased their target price on BlackRock from $447.00 to $449.00 and gave the company a “buy” rating in a research report on Thursday, April 6th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $414.27.
BlackRock (BLK) traded up 1.87% during mid-day trading on Monday, reaching $428.38. 573,046 shares of the company were exchanged. The stock has a 50 day moving average of $399.61 and a 200-day moving average of $387.27. The stock has a market capitalization of $69.77 billion, a price-to-earnings ratio of 21.05 and a beta of 1.67. BlackRock has a one year low of $317.60 and a one year high of $428.47.
BlackRock (NYSE:BLK) last issued its quarterly earnings results on Wednesday, April 19th. The asset manager reported $5.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.94 by $0.31. BlackRock had a net margin of 29.74% and a return on equity of 11.62%. The company had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter in the prior year, the company earned $4.25 EPS. BlackRock’s quarterly revenue was up 7.6% on a year-over-year basis. On average, equities analysts expect that BlackRock will post $21.72 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 23rd. Investors of record on Monday, June 5th will be paid a $2.50 dividend. This represents a $10.00 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend is Thursday, June 1st. BlackRock’s dividend payout ratio is currently 49.14%.
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In related news, insider Mark Mccombe sold 500 shares of the stock in a transaction on Friday, May 26th. The stock was sold at an average price of $405.98, for a total value of $202,990.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Susan Wagner sold 2,500 shares of the firm’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $414.31, for a total value of $1,035,775.00. Following the completion of the sale, the director now directly owns 484,386 shares of the company’s stock, valued at $200,685,963.66. The disclosure for this sale can be found here. 1.86% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. Fisher Asset Management LLC increased its stake in shares of BlackRock by 44.1% in the first quarter. Fisher Asset Management LLC now owns 108,774 shares of the asset manager’s stock worth $41,716,000 after buying an additional 33,283 shares during the period. Aviva PLC increased its stake in shares of BlackRock by 4.4% in the fourth quarter. Aviva PLC now owns 97,010 shares of the asset manager’s stock worth $36,939,000 after buying an additional 4,077 shares during the period. Chevy Chase Trust Holdings Inc. increased its stake in shares of BlackRock by 2.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 113,736 shares of the asset manager’s stock worth $43,619,000 after buying an additional 2,805 shares during the period. Norges Bank bought a new stake in shares of BlackRock during the fourth quarter worth about $3,254,686,000. Finally, Van Cleef Asset Management Inc increased its stake in shares of BlackRock by 1.6% in the first quarter. Van Cleef Asset Management Inc now owns 3,237 shares of the asset manager’s stock worth $1,241,000 after buying an additional 50 shares during the period. 81.93% of the stock is owned by institutional investors and hedge funds.
BlackRock, Inc (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients.
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