TD Cowen Cuts BlackRock (NYSE:BLK) Price Target to $969.00

BlackRock (NYSE:BLK) had its price target reduced by TD Cowen from $974.00 to $969.00 in a research report released on Monday morning, Benzinga reports. They currently have a buy rating on the asset manager’s stock.

Several other brokerages also recently commented on BLK. Morgan Stanley boosted their target price on BlackRock from $1,013.00 to $1,025.00 and gave the stock an overweight rating in a report on Monday, April 15th. UBS Group upped their price objective on BlackRock from $818.00 to $850.00 and gave the stock a neutral rating in a report on Friday, April 12th. JPMorgan Chase & Co. upped their price objective on BlackRock from $742.00 to $767.00 and gave the stock a neutral rating in a report on Tuesday, April 2nd. Finally, Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $915.00 price objective on shares of BlackRock in a report on Tuesday, July 2nd. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $845.67.

BlackRock Stock Up 1.2 %

NYSE BLK opened at $812.00 on Monday. The company has a current ratio of 5.32, a quick ratio of 5.32 and a debt-to-equity ratio of 0.35. The stock’s 50 day moving average is $784.68 and its two-hundred day moving average is $792.69. The company has a market capitalization of $120.66 billion, a price-to-earnings ratio of 20.64, a PEG ratio of 1.63 and a beta of 1.32. BlackRock has a 1-year low of $596.18 and a 1-year high of $845.00.

BlackRock (NYSE:BLK) last announced its earnings results on Friday, April 12th. The asset manager reported $9.81 EPS for the quarter, topping the consensus estimate of $9.42 by $0.39. The business had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.65 billion. BlackRock had a return on equity of 15.24% and a net margin of 32.26%. BlackRock’s revenue was up 11.4% compared to the same quarter last year. During the same period in the previous year, the business earned $7.93 EPS. Equities analysts forecast that BlackRock will post 41.25 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 24th. Shareholders of record on Friday, June 7th were issued a dividend of $5.10 per share. This represents a $20.40 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Friday, June 7th. BlackRock’s dividend payout ratio (DPR) is presently 51.84%.

Insiders Place Their Bets

In other BlackRock news, CEO Laurence Fink sold 30,978 shares of the stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $807.29, for a total transaction of $25,008,229.62. Following the completion of the transaction, the chief executive officer now owns 383,168 shares in the company, valued at approximately $309,327,694.72. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Laurence Fink sold 30,978 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $807.29, for a total value of $25,008,229.62. Following the completion of the transaction, the chief executive officer now owns 383,168 shares in the company, valued at approximately $309,327,694.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mark Wiedman sold 9,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $795.00, for a total value of $7,155,000.00. Following the completion of the transaction, the director now owns 6,480 shares of the company’s stock, valued at approximately $5,151,600. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On BlackRock

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tennessee Valley Asset Management Partners bought a new position in BlackRock during the fourth quarter worth about $27,000. Redmont Wealth Advisors LLC acquired a new stake in BlackRock during the first quarter worth approximately $27,000. Private Wealth Management Group LLC acquired a new stake in BlackRock during the fourth quarter worth approximately $28,000. Pineridge Advisors LLC acquired a new stake in BlackRock during the fourth quarter worth approximately $28,000. Finally, LFA Lugano Financial Advisors SA lifted its position in BlackRock by 208.3% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 37 shares of the asset manager’s stock worth $30,000 after acquiring an additional 25 shares during the last quarter. Institutional investors own 80.69% 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.