BlackRock (NYSE:BLK) PT Raised to $864.00

BlackRock (NYSE:BLK) had its price target boosted by equities researchers at JPMorgan Chase & Co. from $774.00 to $864.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the asset manager’s stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 9.74% from the stock’s previous close.

Several other equities analysts have also issued reports on the stock. Barclays boosted their target price on shares of BlackRock from $985.00 to $990.00 and gave the company an “overweight” rating in a report on Monday, September 9th. Morgan Stanley decreased their price target on shares of BlackRock from $1,025.00 to $1,013.00 and set an “overweight” rating for the company in a research note on Thursday, July 11th. TD Cowen decreased their price target on shares of BlackRock from $974.00 to $969.00 and set a “buy” rating for the company in a research note on Monday, July 8th. Wells Fargo & Company initiated coverage on shares of BlackRock in a research note on Thursday, September 12th. They issued an “overweight” rating and a $1,000.00 price target for the company. Finally, Argus lifted their price target on shares of BlackRock from $880.00 to $910.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, BlackRock has an average rating of “Moderate Buy” and a consensus target price of $908.60.

BlackRock Price Performance

BLK stock opened at $957.25 on Tuesday. The firm has a market cap of $142.25 billion, a price-to-earnings ratio of 24.33, a PEG ratio of 2.05 and a beta of 1.30. The company has a quick ratio of 5.06, a current ratio of 5.06 and a debt-to-equity ratio of 0.37. BlackRock has a 12-month low of $596.18 and a 12-month high of $957.28. The company’s fifty day simple moving average is $885.85 and its 200 day simple moving average is $824.58.

BlackRock (NYSE:BLK) last released its earnings results on Monday, July 15th. The asset manager reported $10.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.96 by $0.40. The business had revenue of $4.81 billion for the quarter, compared to analyst estimates of $4.85 billion. BlackRock had a net margin of 32.36% and a return on equity of 15.44%. BlackRock’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $9.28 earnings per share. On average, analysts expect that BlackRock will post 41.37 earnings per share for the current year.

Insider Transactions at BlackRock

In other BlackRock news, Director Mark Wiedman sold 12,000 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $900.00, for a total value of $10,800,000.00. Following the completion of the sale, the director now directly owns 6,480 shares of the company’s stock, valued at approximately $5,832,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other BlackRock news, Director Mark Wiedman sold 12,000 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $900.00, for a total value of $10,800,000.00. Following the completion of the sale, the director now directly owns 6,480 shares of the company’s stock, valued at approximately $5,832,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Pamela Daley sold 1,531 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $842.08, for a total transaction of $1,289,224.48. Following the completion of the sale, the director now directly owns 5,732 shares of the company’s stock, valued at $4,826,802.56. The disclosure for this sale can be found here. Insiders sold a total of 93,042 shares of company stock valued at $79,387,117 over the last three months. Corporate insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On BlackRock

Institutional investors have recently added to or reduced their stakes in the company. J. W. Coons Advisors LLC boosted its stake in BlackRock by 0.6% in the fourth quarter. J. W. Coons Advisors LLC now owns 3,564 shares of the asset manager’s stock valued at $2,893,000 after acquiring an additional 22 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in BlackRock by 2.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 100,339 shares of the asset manager’s stock valued at $81,455,000 after acquiring an additional 2,087 shares during the last quarter. CWA Asset Management Group LLC boosted its stake in BlackRock by 8.4% in the fourth quarter. CWA Asset Management Group LLC now owns 336 shares of the asset manager’s stock valued at $273,000 after acquiring an additional 26 shares during the last quarter. Belpointe Asset Management LLC boosted its stake in BlackRock by 8.3% in the fourth quarter. Belpointe Asset Management LLC now owns 2,095 shares of the asset manager’s stock valued at $1,701,000 after acquiring an additional 161 shares during the last quarter. Finally, Edge Capital Group LLC boosted its stake in BlackRock by 9.4% in the fourth quarter. Edge Capital Group LLC now owns 604 shares of the asset manager’s stock valued at $490,000 after acquiring an additional 52 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

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.