BlackRock, Inc. (BLK) Rating Reiterated by Wells Fargo & Company
BlackRock, Inc. (NYSE:BLK)‘s stock had its “market perform” rating reiterated by research analysts at Wells Fargo & Company in a report released on Thursday, The Fly reports. They currently have a $475.00 price target on the asset manager’s stock, up from their previous price target of $450.00. Wells Fargo & Company’s target price suggests a potential upside of 0.23% from the company’s previous close.
A number of other equities analysts have also commented on the company. Morgan Stanley reiterated an “overweight” rating and issued a $476.00 price objective (up from $460.00) on shares of BlackRock in a research note on Tuesday, July 18th. Barclays PLC started coverage on BlackRock in a research note on Friday, September 8th. They issued an “overweight” rating and a $475.00 price objective on the stock. BidaskClub upgraded BlackRock from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 1st. Bank of America Corporation reiterated a “buy” rating and issued a $450.00 price objective on shares of BlackRock in a research note on Monday, June 19th. Finally, Credit Suisse Group reiterated an “outperform” rating on shares of BlackRock in a research note on Tuesday, August 29th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $484.07.
BlackRock (BLK) opened at 473.93 on Thursday. BlackRock has a one year low of $336.84 and a one year high of $474.37. The company has a 50-day moving average price of $433.75 and a 200-day moving average price of $414.44. The stock has a market cap of $76.87 billion, a P/E ratio of 22.75 and a beta of 1.72.
BlackRock (NYSE:BLK) last posted its quarterly earnings data on Wednesday, October 11th. The asset manager reported $5.92 EPS for the quarter, topping analysts’ consensus estimates of $5.49 by $0.43. The business had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.10 billion. BlackRock had a return on equity of 11.74% and a net margin of 29.92%. The firm’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same period in the previous year, the company posted $5.14 earnings per share. On average, analysts anticipate that BlackRock will post $22.01 earnings per share for the current year.
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In other BlackRock news, insider Robert W. Fairbairn sold 3,675 shares of BlackRock 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeff A. Smith sold 250 shares of BlackRock stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $434.87, for a total value of $108,717.50. The disclosure for this sale can be found here. Insiders have sold 4,447 shares of company stock worth $1,855,015 over the last ninety days. Company insiders own 1.86% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Everett Harris & Co. CA boosted its holdings in BlackRock by 9.2% during the second quarter. Everett Harris & Co. CA now owns 100,143 shares of the asset manager’s stock valued at $42,301,000 after purchasing an additional 8,478 shares in the last quarter. Stifel Financial Corp boosted its holdings in BlackRock by 19.1% during the first quarter. Stifel Financial Corp now owns 170,590 shares of the asset manager’s stock valued at $65,487,000 after purchasing an additional 27,321 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in BlackRock by 48.9% during the second quarter. Canada Pension Plan Investment Board now owns 101,703 shares of the asset manager’s stock valued at $42,960,000 after purchasing an additional 33,400 shares in the last quarter. Blue Chip Partners Inc. boosted its holdings in BlackRock by 8.5% during the second quarter. Blue Chip Partners Inc. now owns 13,440 shares of the asset manager’s stock valued at $5,677,000 after purchasing an additional 1,055 shares in the last quarter. Finally, KBC Group NV boosted its holdings in BlackRock by 35.1% during the first quarter. KBC Group NV now owns 50,282 shares of the asset manager’s stock valued at $19,284,000 after purchasing an additional 13,065 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.
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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