BlackRock (NYSE:BLK) Price Target Raised to $621.00

Share on StockTwits

BlackRock (NYSE:BLK) had its target price raised by analysts at Morgan Stanley from $603.00 to $621.00 in a report issued on Thursday, BenzingaRatingsTable reports. The brokerage currently has an “overweight” rating on the asset manager’s stock. Morgan Stanley’s price objective would suggest a potential upside of 16.77% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. ValuEngine cut BlackRock from a “hold” rating to a “sell” rating in a report on Friday, January 3rd. Wells Fargo & Co upgraded BlackRock from an “equal weight” rating to an “overweight” rating and set a $575.00 price objective for the company in a research report on Thursday, January 2nd. Barclays reiterated a “buy” rating and issued a $485.00 price objective on shares of BlackRock in a research report on Wednesday, October 9th. Citigroup increased their price objective on BlackRock from $565.00 to $580.00 and gave the stock a “buy” rating in a research report on Monday. Finally, BMO Capital Markets began coverage on BlackRock in a research report on Monday, October 7th. They issued a “market perform” rating and a $547.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twelve have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $534.80.

Shares of BlackRock stock traded up $1.57 during mid-day trading on Thursday, reaching $531.83. 92,215 shares of the stock traded hands, compared to its average volume of 418,260. The business has a 50-day moving average of $501.57 and a 200 day moving average of $464.40. BlackRock has a fifty-two week low of $401.42 and a fifty-two week high of $531.62. The stock has a market capitalization of $80.01 billion, a PE ratio of 19.75, a PEG ratio of 1.53 and a beta of 1.54. The company has a quick ratio of 2.33, a current ratio of 2.33 and a debt-to-equity ratio of 0.76.

BlackRock (NYSE:BLK) last announced its earnings results on Wednesday, January 15th. The asset manager reported $8.34 EPS for the quarter, beating analysts’ consensus estimates of $7.69 by $0.65. BlackRock had a return on equity of 12.95% and a net margin of 29.31%. The business had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $3.81 billion. During the same quarter in the prior year, the firm earned $6.08 earnings per share. The business’s revenue was up 15.8% compared to the same quarter last year. On average, equities research analysts expect that BlackRock will post 27.83 EPS for the current fiscal year.

In other news, CFO Gary Shedlin sold 3,995 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $490.96, for a total transaction of $1,961,385.20. Also, CEO Laurence Fink sold 100 shares of the firm’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $457.02, for a total value of $45,702.00. The disclosure for this sale can be found here. Company insiders own 1.42% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Provident Investment Management Inc. boosted its holdings in BlackRock by 12.9% in the third quarter. Provident Investment Management Inc. now owns 58,584 shares of the asset manager’s stock valued at $26,107,000 after purchasing an additional 6,696 shares during the period. Envestnet Asset Management Inc. raised its stake in BlackRock by 2.9% in the third quarter. Envestnet Asset Management Inc. now owns 195,491 shares of the asset manager’s stock valued at $87,118,000 after buying an additional 5,442 shares in the last quarter. AQR Capital Management LLC raised its stake in BlackRock by 17.1% in the second quarter. AQR Capital Management LLC now owns 33,910 shares of the asset manager’s stock valued at $15,914,000 after buying an additional 4,964 shares in the last quarter. Beutel Goodman & Co Ltd. raised its stake in BlackRock by 7.9% in the third quarter. Beutel Goodman & Co Ltd. now owns 246,594 shares of the asset manager’s stock valued at $82,958,000 after buying an additional 17,990 shares in the last quarter. Finally, Thor Advisors LLC acquired a new stake in BlackRock in the third quarter valued at $103,000. Institutional investors and hedge funds own 81.30% of the company’s stock.

BlackRock Company Profile

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.

Recommended Story: What is the definition of a trade war?

Analyst Recommendations for BlackRock (NYSE:BLK)

Receive News & Ratings for BlackRock Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BlackRock and related companies with MarketBeat.com's FREE daily email newsletter.