BlackRock (NYSE:BLK) Price Target Cut to $969.00 by Analysts at TD Cowen

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

BLK has been the topic of several other research reports. UBS Group increased their target price on BlackRock from $818.00 to $850.00 and gave the stock a neutral rating in a research report on Friday, April 12th. JPMorgan Chase & Co. increased their target price on BlackRock from $742.00 to $767.00 and gave the stock a neutral rating in a research report on Tuesday, April 2nd. Morgan Stanley increased their target price on BlackRock from $1,013.00 to $1,025.00 and gave the stock an overweight rating in a research report on Monday, April 15th. Finally, Keefe, Bruyette & Woods restated an outperform rating and set a $915.00 target price on shares of BlackRock in a research report on Tuesday, July 2nd. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, BlackRock currently has a consensus rating of Moderate Buy and an average target price of $844.67.

BlackRock Price Performance

Shares of NYSE BLK opened at $825.26 on Monday. BlackRock has a twelve month low of $596.18 and a twelve month high of $845.00. The stock’s 50 day moving average price is $786.04 and its 200-day moving average price is $792.91. The company has a market capitalization of $122.63 billion, a PE ratio of 20.97, a PEG ratio of 1.63 and a beta of 1.32. The company has a quick ratio of 5.32, a current ratio of 5.32 and a debt-to-equity ratio of 0.35.

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

BlackRock Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 24th. Investors of record on Friday, June 7th were issued a $5.10 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $20.40 dividend on an annualized basis and a yield of 2.47%. BlackRock’s payout ratio is currently 51.84%.

Insider Buying and Selling

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

Institutional Trading of BlackRock

Several hedge funds have recently made changes to their positions in BLK. Norges Bank purchased a new stake in BlackRock in the 4th quarter worth about $1,812,920,000. Capital World Investors raised its position in BlackRock by 57.3% in the 4th quarter. Capital World Investors now owns 3,514,999 shares of the asset manager’s stock worth $2,853,517,000 after purchasing an additional 1,279,952 shares during the period. Capital Research Global Investors increased its position in shares of BlackRock by 23.7% during the fourth quarter. Capital Research Global Investors now owns 3,918,878 shares of the asset manager’s stock worth $3,181,346,000 after acquiring an additional 749,654 shares during the period. International Assets Investment Management LLC increased its position in shares of BlackRock by 77,524.5% during the fourth quarter. International Assets Investment Management LLC now owns 641,955 shares of the asset manager’s stock worth $5,211,390,000 after acquiring an additional 641,128 shares during the period. Finally, Mayflower Financial Advisors LLC increased its position in shares of BlackRock by 24,171.5% during the first quarter. Mayflower Financial Advisors LLC now owns 416,014 shares of the asset manager’s stock worth $346,831,000 after acquiring an additional 414,300 shares during the period. 80.69% of the stock is currently owned by hedge funds and other 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.