BlackRock (BLK) Price Target Raised to $431.00

BlackRock (NYSE:BLK) had its price target lifted by equities researchers at Deutsche Bank from $428.00 to $431.00 in a research report issued on Friday. The brokerage presently has a “hold” rating on the asset manager’s stock. Deutsche Bank’s price target indicates a potential downside of 1.18% from the company’s previous close.

BLK has been the topic of several other research reports. Jefferies Financial Group upgraded BlackRock from a “hold” rating to a “buy” rating and set a $405.36 target price on the stock in a research report on Tuesday, January 29th. Credit Suisse Group cut their target price on BlackRock from $573.00 to $529.00 and set an “outperform” rating on the stock in a research report on Monday, January 14th. Morgan Stanley set a $515.00 target price on BlackRock and gave the company a “buy” rating in a research report on Friday, February 8th. Bank of America restated a “buy” rating and set a $478.00 target price (down previously from $525.00) on shares of BlackRock in a research report on Thursday, December 6th. Finally, Barclays upped their target price on BlackRock from $455.00 to $472.00 and gave the company an “overweight” rating in a research report on Tuesday, February 19th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. BlackRock has an average rating of “Buy” and a consensus target price of $498.49.

Shares of NYSE BLK traded up $2.52 during trading on Friday, reaching $436.15. The company had a trading volume of 18,408 shares, compared to its average volume of 636,439. BlackRock has a 12 month low of $360.79 and a 12 month high of $573.47. The firm has a market capitalization of $67.61 billion, a PE ratio of 16.20, a price-to-earnings-growth ratio of 1.73 and a beta of 1.41. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.64.

BlackRock (NYSE:BLK) last announced its earnings results on Wednesday, January 16th. The asset manager reported $6.08 EPS for the quarter, missing the consensus estimate of $6.35 by ($0.27). BlackRock had a net margin of 30.32% and a return on equity of 13.51%. The business had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.47 billion. During the same quarter in the previous year, the company earned $6.24 EPS. The firm’s revenue for the quarter was down 8.8% on a year-over-year basis. As a group, analysts forecast that BlackRock will post 26.23 earnings per share for the current fiscal year.

In related news, insider J. Richard Kushel sold 3,077 shares of the company’s stock in a transaction that occurred on Tuesday, January 29th. The stock was sold at an average price of $409.29, for a total transaction of $1,259,385.33. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Robert L. Goldstein sold 5,133 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $443.00, for a total value of $2,273,919.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 138,650 shares of company stock worth $57,774,089. 1.75% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of BLK. Shine Investment Advisory Services Inc. increased its position in shares of BlackRock by 18.1% during the fourth quarter. Shine Investment Advisory Services Inc. now owns 176 shares of the asset manager’s stock valued at $69,000 after acquiring an additional 27 shares during the last quarter. IMS Capital Management increased its position in shares of BlackRock by 0.8% during the third quarter. IMS Capital Management now owns 3,510 shares of the asset manager’s stock valued at $1,654,000 after acquiring an additional 28 shares during the last quarter. Security Asset Management increased its position in shares of BlackRock by 0.4% during the fourth quarter. Security Asset Management now owns 7,538 shares of the asset manager’s stock valued at $2,961,000 after acquiring an additional 30 shares during the last quarter. Lau Associates LLC increased its position in shares of BlackRock by 2.9% during the fourth quarter. Lau Associates LLC now owns 1,056 shares of the asset manager’s stock valued at $415,000 after acquiring an additional 30 shares during the last quarter. Finally, Confluence Wealth Management LLC increased its position in shares of BlackRock by 2.1% during the fourth quarter. Confluence Wealth Management LLC now owns 1,534 shares of the asset manager’s stock valued at $603,000 after acquiring an additional 32 shares during the last quarter. 82.09% of the stock is currently owned by institutional investors and hedge funds.

About BlackRock

BlackRock, Inc is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks.

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