BlackRock (NYSE:BLK) Price Target Raised to $1,150.00

BlackRock (NYSE:BLK) had its price target raised by research analysts at Morgan Stanley from $1,036.00 to $1,150.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the asset manager’s stock. Morgan Stanley’s price target suggests a potential upside of 21.17% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. TD Cowen cut their price objective on BlackRock from $974.00 to $969.00 and set a “buy” rating for the company in a research report on Monday, July 8th. Argus boosted their price objective on BlackRock from $880.00 to $910.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Evercore ISI boosted their price objective on BlackRock from $945.00 to $995.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Barclays boosted their price objective on BlackRock from $985.00 to $990.00 and gave the stock an “overweight” rating in a research report on Monday, September 9th. Finally, UBS Group cut their price objective on BlackRock from $842.00 to $837.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $943.93.

BlackRock Price Performance

Shares of NYSE:BLK opened at $949.07 on Monday. BlackRock has a fifty-two week low of $596.18 and a fifty-two week high of $960.74. The business has a 50-day moving average of $891.57 and a two-hundred day moving average of $827.42. The stock has a market capitalization of $141.03 billion, a P/E ratio of 24.12, a P/E/G ratio of 2.05 and a beta of 1.30. 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 announced its quarterly earnings results on Monday, July 15th. The asset manager reported $10.36 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $4.85 billion. During the same quarter in the previous year, the firm earned $9.28 earnings per share. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. On average, equities research analysts predict that BlackRock will post 41.37 EPS for the current fiscal year.

Insider Activity

In other news, CEO Laurence Fink sold 29,450 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $843.25, for a total value of $24,833,712.50. Following the sale, the chief executive officer now directly owns 353,718 shares in the company, valued at approximately $298,272,703.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Pamela Daley sold 1,531 shares of the 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 sale, the director now directly owns 5,732 shares in the company, valued at $4,826,802.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Laurence Fink sold 29,450 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $843.25, for a total value 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 trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 93,042 shares of company stock worth $79,387,117. Company insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On BlackRock

Large investors have recently bought and sold shares of the business. Axxcess Wealth Management LLC grew its position in BlackRock by 35.8% during the 1st quarter. Axxcess Wealth Management LLC now owns 4,732 shares of the asset manager’s stock worth $3,945,000 after acquiring an additional 1,248 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in BlackRock by 3.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 387,202 shares of the asset manager’s stock worth $322,810,000 after buying an additional 14,477 shares in the last quarter. Oak Harvest Investment Services acquired a new position in BlackRock during the 1st quarter worth $6,735,000. Cetera Investment Advisers lifted its holdings in BlackRock by 219.5% during the 1st quarter. Cetera Investment Advisers now owns 44,065 shares of the asset manager’s stock worth $36,737,000 after buying an additional 30,274 shares in the last quarter. Finally, M&G Plc acquired a new position in BlackRock during the 1st quarter worth $161,918,000. 80.69% of the stock is currently 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.