BlackRock (BLK) Rating Reiterated by Bank of America

BlackRock (NYSE:BLK)‘s stock had its “buy” rating reaffirmed by investment analysts at Bank of America in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. They presently have a $478.00 price objective on the asset manager’s stock, down from their previous price objective of $525.00. Bank of America’s target price suggests a potential upside of 21.60% from the stock’s current price.

Several other research firms have also recently issued reports on BLK. Morgan Stanley cut their target price on BlackRock from $554.00 to $514.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 14th. Citigroup cut their target price on BlackRock to $500.00 and set a “buy” rating on the stock in a research note on Wednesday, October 17th. Zacks Investment Research raised BlackRock from a “sell” rating to a “hold” rating in a research note on Friday, August 31st. Goldman Sachs Group cut BlackRock from a “conviction-buy” rating to a “buy” rating in a research note on Wednesday, October 17th. Finally, Wells Fargo & Co cut their target price on BlackRock from $545.00 to $510.00 and set a “market perform” rating on the stock in a research note on Thursday, October 11th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. BlackRock presently has a consensus rating of “Buy” and a consensus price target of $548.86.

NYSE BLK opened at $393.10 on Thursday. The company has a current ratio of 3.07, a quick ratio of 3.07 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $63.12 billion, a P/E ratio of 17.39, a price-to-earnings-growth ratio of 1.33 and a beta of 1.55. BlackRock has a 1 year low of $376.31 and a 1 year high of $594.52.

BlackRock (NYSE:BLK) last posted its earnings results on Tuesday, October 16th. The asset manager reported $7.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $6.93 by $0.59. The company had revenue of $3.58 billion for the quarter, compared to analysts’ expectations of $3.65 billion. BlackRock had a return on equity of 13.72% and a net margin of 39.92%. BlackRock’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the firm earned $5.76 earnings per share. As a group, analysts anticipate that BlackRock will post 27.79 EPS for the current fiscal year.

In other BlackRock news, Director J. Richard Kushel sold 2,100 shares of the firm’s stock in a transaction dated Monday, November 26th. The shares were sold at an average price of $419.11, for a total value of $880,131.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William E. Ford acquired 2,000 shares of the stock in a transaction on Monday, October 22nd. The stock was bought at an average price of $395.21 per share, with a total value of $790,420.00. Following the completion of the acquisition, the director now directly owns 9,466 shares of the company’s stock, valued at $3,741,057.86. The disclosure for this purchase can be found here. Company insiders own 1.86% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Cornerstone Wealth Management LLC purchased a new position in shares of BlackRock during the second quarter valued at approximately $377,000. Alps Advisors Inc. purchased a new position in shares of BlackRock during the second quarter valued at approximately $389,000. Victory Capital Management Inc. lifted its holdings in shares of BlackRock by 10.1% during the second quarter. Victory Capital Management Inc. now owns 8,957 shares of the asset manager’s stock valued at $4,470,000 after purchasing an additional 820 shares during the last quarter. Fiera Capital Corp lifted its holdings in shares of BlackRock by 30.9% during the second quarter. Fiera Capital Corp now owns 704 shares of the asset manager’s stock valued at $351,000 after purchasing an additional 166 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of BlackRock during the second quarter valued at approximately $6,443,000. Institutional investors and hedge funds own 83.14% 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.

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Analyst Recommendations for BlackRock (NYSE:BLK)

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