BlackRock, Inc. (BLK) Rating Increased to Buy at Zacks Investment Research
BlackRock, Inc. (NYSE:BLK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $501.00 target price on the asset manager’s stock. Zacks Investment Research‘s price target points to a potential upside of 9.41% from the stock’s previous close.
According to Zacks, “BlackRock’s shares have underperformed the industry, in the last twelve months. Nevertheless, the company surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. The company is undertaking initiatives to restructure its actively managed equities business with an aim to meet changing client needs. These along with technological changes will further help top-line growth going forward. Also, it has expanded globally via acquisitions and remains well positioned to capitalize on opportunistic deals, given its strong liquidity position. However, mounting expenses mainly due to continued rise in marketing costs and high dependence on overseas revenues remain major concerns for the company.”
Several other research firms also recently weighed in on BLK. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $440.00 price target on shares of BlackRock in a research note on Friday, July 14th. Jefferies Group LLC reaffirmed a “hold” rating and set a $440.00 price target on shares of BlackRock in a research note on Tuesday, September 26th. Goldman Sachs Group, Inc. (The) raised shares of BlackRock from a “neutral” rating to a “buy” rating and lifted their price target for the company from $440.00 to $500.00 in a research note on Thursday, September 28th. Morgan Stanley reaffirmed an “overweight” rating and set a $460.00 price target (up previously from $422.00) on shares of BlackRock in a research note on Monday, July 10th. Finally, Wells Fargo & Company reaffirmed a “market perform” rating and set a $425.00 price target (up previously from $380.00) on shares of BlackRock in a research note on Wednesday, July 12th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $458.15.
BlackRock (NYSE BLK) opened at 457.91 on Tuesday. BlackRock has a 12-month low of $336.84 and a 12-month high of $457.94. The stock has a market cap of $74.28 billion, a P/E ratio of 21.98 and a beta of 1.72. The firm’s 50 day moving average price is $427.20 and its 200-day moving average price is $411.21.
BlackRock (NYSE:BLK) last posted its quarterly earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $5.39 by ($0.15). BlackRock had a net margin of 29.92% and a return on equity of 11.74%. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $3.01 billion. During the same period in the prior year, the firm posted $4.78 EPS. The business’s revenue was up 5.7% on a year-over-year basis. Equities research analysts anticipate that BlackRock will post $21.90 earnings per share for the current fiscal year.
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In other BlackRock news, insider Jeff A. Smith sold 522 shares of BlackRock stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $421.52, for a total value of $220,033.44. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Robert W. Fairbairn sold 3,675 shares of BlackRock stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $415.31, for a total transaction of $1,526,264.25. The disclosure for this sale can be found here. Insiders sold 4,447 shares of company stock worth $1,855,015 over the last ninety days. Corporate insiders own 1.86% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BLK. Salem Investment Counselors Inc. grew its holdings in BlackRock by 14.3% in the second quarter. Salem Investment Counselors Inc. now owns 240 shares of the asset manager’s stock worth $101,000 after purchasing an additional 30 shares during the last quarter. Proficio Capital Partners LLC grew its holdings in BlackRock by 48.9% in the first quarter. Proficio Capital Partners LLC now owns 259 shares of the asset manager’s stock worth $103,000 after purchasing an additional 85 shares during the last quarter. Enterprise Financial Services Corp grew its holdings in BlackRock by 52.5% in the second quarter. Enterprise Financial Services Corp now owns 247 shares of the asset manager’s stock worth $104,000 after purchasing an additional 85 shares during the last quarter. Penserra Capital Management LLC purchased a new position in BlackRock in the second quarter worth $104,000. Finally, Kings Point Capital Management grew its holdings in BlackRock by 34.5% in the first quarter. Kings Point Capital Management now owns 273 shares of the asset manager’s stock worth $105,000 after purchasing an additional 70 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.
BlackRock Company Profile
BlackRock, Inc (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients.
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