Barclays PLC Begins Coverage on BlackRock, Inc. (BLK)
Barclays PLC assumed coverage on shares of BlackRock, Inc. (NYSE:BLK) in a research note issued on Friday, MarketBeat.com reports. The brokerage set an “overweight” rating and a $475.00 price target on the asset manager’s stock. Barclays PLC’s price objective would indicate a potential upside of 14.20% from the company’s previous close.
A number of other equities research analysts have also recently weighed in on BLK. Jefferies Group LLC reiterated a “hold” rating and set a $387.00 price target on shares of BlackRock in a research report on Wednesday, May 17th. Bank of America Corporation restated a “buy” rating and issued a $450.00 price objective on shares of BlackRock in a report on Monday, June 19th. Zacks Investment Research upgraded shares of BlackRock from a “hold” rating to a “buy” rating and set a $480.00 price objective for the company in a report on Tuesday, June 20th. BidaskClub upgraded shares of BlackRock from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 1st. Finally, Deutsche Bank AG lifted their price objective on shares of BlackRock from $447.00 to $449.00 and gave the company a “buy” rating in a report on Tuesday, July 4th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $449.08.
Shares of BlackRock (NYSE:BLK) traded up 0.41% during trading on Friday, reaching $415.95. 316,420 shares of the company’s stock were exchanged. BlackRock has a 12-month low of $336.84 and a 12-month high of $442.84. The company has a 50 day moving average of $422.53 and a 200 day moving average of $404.80. The stock has a market cap of $67.47 billion, a P/E ratio of 19.96 and a beta of 1.71.
BlackRock (NYSE:BLK) last announced its quarterly earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share for the quarter, missing analysts’ consensus estimates of $5.39 by $0.15. BlackRock had a net margin of 29.92% and a return on equity of 11.74%. The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $3.01 billion. During the same quarter in the prior year, the business earned $4.78 earnings per share. BlackRock’s revenue was up 5.7% on a year-over-year basis. Equities research analysts anticipate that BlackRock will post $21.85 EPS for the current year.
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In other BlackRock news, insider Jeff A. Smith sold 522 shares of the business’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $421.52, for a total transaction of $220,033.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert W. Fairbairn sold 3,675 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $415.31, for a total transaction of $1,526,264.25. The disclosure for this sale can be found here. Insiders have sold a total of 4,447 shares of company stock valued at $1,855,015 in the last quarter. 1.86% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Stifel Financial Corp grew its holdings in BlackRock by 19.1% during the 1st quarter. Stifel Financial Corp now owns 170,590 shares of the asset manager’s stock worth $65,487,000 after acquiring an additional 27,321 shares in the last quarter. KBC Group NV grew its holdings in BlackRock by 35.1% during the 1st quarter. KBC Group NV now owns 50,282 shares of the asset manager’s stock worth $19,284,000 after acquiring an additional 13,065 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in BlackRock by 48.9% during the 2nd quarter. Canada Pension Plan Investment Board now owns 101,703 shares of the asset manager’s stock worth $42,960,000 after acquiring an additional 33,400 shares in the last quarter. Rafferty Asset Management LLC grew its holdings in BlackRock by 260.6% during the 1st quarter. Rafferty Asset Management LLC now owns 22,709 shares of the asset manager’s stock worth $8,709,000 after acquiring an additional 16,411 shares in the last quarter. Finally, Everett Harris & Co. CA grew its holdings in BlackRock by 9.2% during the 2nd quarter. Everett Harris & Co. CA now owns 100,143 shares of the asset manager’s stock worth $42,301,000 after acquiring an additional 8,478 shares in the last quarter. Institutional investors own 82.77% of the company’s stock.
BlackRock Company Profile
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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