Barclays Increases BlackRock (NYSE:BLK) Price Target to $990.00

BlackRock (NYSE:BLK) had its price target raised by equities research analysts at Barclays from $985.00 to $990.00 in a report issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the asset manager’s stock. Barclays‘s target price suggests a potential upside of 12.02% from the company’s previous close.

A number of other equities analysts have also recently commented on the stock. Keefe, Bruyette & Woods lifted their target price on shares of BlackRock from $915.00 to $934.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft increased their target price on BlackRock from $912.00 to $937.00 and gave the company a “buy” rating in a report on Thursday, August 15th. TD Cowen dropped their price objective on BlackRock from $974.00 to $969.00 and set a “buy” rating for the company in a research note on Monday, July 8th. Argus upped their price target on shares of BlackRock from $880.00 to $910.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Finally, Morgan Stanley lowered their price objective 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. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, BlackRock currently has an average rating of “Moderate Buy” and a consensus price target of $883.47.

BlackRock Stock Up 0.7 %

BLK opened at $883.79 on Monday. The company has a quick ratio of 5.06, a current ratio of 5.06 and a debt-to-equity ratio of 0.37. The business’s fifty day simple moving average is $852.38 and its 200 day simple moving average is $812.86. BlackRock has a 52 week low of $596.18 and a 52 week high of $903.46. The stock has a market cap of $130.92 billion, a PE ratio of 22.46, a P/E/G ratio of 1.89 and a beta of 1.30.

BlackRock (NYSE:BLK) last announced its quarterly earnings data on Monday, July 15th. The asset manager reported $10.36 earnings per share for the quarter, beating analysts’ consensus estimates of $9.96 by $0.40. BlackRock had a return on equity of 15.44% and a net margin of 32.36%. The company had revenue of $4.81 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same period last year, the firm posted $9.28 EPS. BlackRock’s revenue for the quarter was up 7.7% compared to the same quarter last year. As a group, research analysts expect that BlackRock will post 41.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other BlackRock news, Director Pamela Daley sold 1,531 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $842.08, for a total value of $1,289,224.48. Following the sale, the director now owns 5,732 shares in the company, valued at $4,826,802.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Mark Wiedman sold 12,000 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $900.00, for a total transaction of $10,800,000.00. Following 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 accessible through the SEC website. Also, Director Pamela Daley sold 1,531 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now owns 5,732 shares in the company, valued at approximately $4,826,802.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 93,042 shares of company stock worth $79,387,117. 0.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BlackRock

A number of hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in BlackRock in the fourth quarter worth approximately $1,812,920,000. Capital World Investors grew its holdings in shares of BlackRock by 57.3% in the fourth quarter. Capital World Investors now owns 3,514,999 shares of the asset manager’s stock worth $2,853,517,000 after acquiring an additional 1,279,952 shares during the period. Capital Research Global Investors increased its position in BlackRock by 23.7% during the fourth quarter. Capital Research Global Investors now owns 3,918,878 shares of the asset manager’s stock valued at $3,181,346,000 after acquiring an additional 749,654 shares during the last quarter. Mayflower Financial Advisors LLC boosted its position in BlackRock by 24,171.5% in the first quarter. Mayflower Financial Advisors LLC now owns 416,014 shares of the asset manager’s stock worth $346,831,000 after purchasing an additional 414,300 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of BlackRock by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 13,182,262 shares of the asset manager’s stock valued at $10,990,052,000 after purchasing an additional 292,017 shares during the period. 80.69% of the stock is currently owned by hedge funds and other 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.