BlackRock (NYSE:BLK) Price Target Raised to $1,070.00

BlackRock (NYSE:BLK) had its target price lifted by research analysts at Wells Fargo & Company from $1,000.00 to $1,070.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 11.87% from the stock’s previous close.

Several other brokerages also recently commented on BLK. JPMorgan Chase & Co. raised their target price on BlackRock from $774.00 to $864.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Argus lifted their price objective 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. UBS Group decreased their target price on shares of BlackRock from $842.00 to $837.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Barclays boosted their price objective on shares of BlackRock from $990.00 to $1,010.00 and gave the stock an “overweight” rating in a report on Monday. Finally, TD Cowen lowered their target price on BlackRock from $974.00 to $969.00 and set a “buy” rating for the company in a research note on Monday, July 8th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $948.93.

BlackRock Trading Up 0.8 %

BLK stock traded up $7.38 during trading on Wednesday, reaching $956.45. 60,591 shares of the stock traded hands, compared to its average volume of 572,293. The business’s 50 day moving average price is $893.10 and its 200-day moving average price is $828.30. The firm has a market capitalization of $142.13 billion, a PE ratio of 24.31, a P/E/G ratio of 2.05 and a beta of 1.30. BlackRock has a 52-week low of $596.18 and a 52-week high of $960.74. The company has a debt-to-equity ratio of 0.37, a current ratio of 5.06 and a quick ratio of 5.06.

BlackRock (NYSE:BLK) last issued its earnings results on Monday, July 15th. The asset manager reported $10.36 EPS for the quarter, beating analysts’ consensus estimates of $9.96 by $0.40. BlackRock had a net margin of 32.36% and a return on equity of 15.44%. The business had revenue of $4.81 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter last year, the firm posted $9.28 EPS. The business’s revenue for the quarter was up 7.7% compared to the same quarter last year. As a group, sell-side analysts forecast that BlackRock will post 41.37 earnings per share for the current year.

Insider Activity at BlackRock

In other BlackRock news, Director Pamela Daley sold 1,531 shares of the firm’s stock in a transaction that occurred on 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 approximately $4,826,802.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other BlackRock news, Director Pamela Daley sold 1,531 shares of the business’s stock in a transaction 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Laurence Fink sold 29,450 shares of BlackRock stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $843.25, for a total transaction of $24,833,712.50. Following the sale, the chief executive officer now owns 353,718 shares in the company, valued at approximately $298,272,703.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 93,042 shares of company stock worth $79,387,117 in the last ninety days. 0.90% of the stock is owned by insiders.

Institutional Investors Weigh In On BlackRock

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of BlackRock by 2.3% in the first quarter. Vanguard Group Inc. now owns 13,182,262 shares of the asset manager’s stock valued at $10,990,052,000 after buying an additional 292,017 shares during the period. Capital Research Global Investors lifted its holdings in BlackRock by 11.1% in the 1st quarter. Capital Research Global Investors now owns 4,354,236 shares of the asset manager’s stock valued at $3,630,127,000 after acquiring an additional 435,358 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of BlackRock by 2.4% during the 4th quarter. Fisher Asset Management LLC now owns 2,015,337 shares of the asset manager’s stock valued at $1,636,052,000 after purchasing an additional 47,128 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of BlackRock by 2.9% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,665,044 shares of the asset manager’s stock worth $1,310,762,000 after purchasing an additional 46,728 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in BlackRock by 1.9% during the second quarter. Legal & General Group Plc now owns 1,197,274 shares of the asset manager’s stock valued at $942,640,000 after purchasing an additional 22,311 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

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.