BlackRock (NYSE:BLK) Given New $1,035.00 Price Target at Wells Fargo & Company

BlackRock (NYSE:BLK) had its target price lowered by investment analysts at Wells Fargo & Company from $1,065.00 to $1,035.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 15.94% from the company’s current price.

A number of other analysts have also issued reports on BLK. Keefe, Bruyette & Woods cut their target price on BlackRock from $1,225.00 to $1,160.00 and set an “outperform” rating on the stock in a research report on Monday, January 13th. UBS Group cut their price target on BlackRock from $1,045.00 to $1,010.00 and set a “neutral” rating on the stock in a research note on Friday. Bank of America cut their target price on BlackRock from $1,196.00 to $1,178.00 and set a “buy” rating on the stock in a research report on Thursday, April 3rd. Morgan Stanley lowered their target price on shares of BlackRock from $1,275.00 to $1,124.00 and set an “overweight” rating for the company in a report on Monday, April 7th. Finally, TD Cowen cut their target price on shares of BlackRock from $1,251.00 to $1,032.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, BlackRock currently has an average rating of “Moderate Buy” and a consensus target price of $1,089.23.

BlackRock Stock Performance

Shares of NYSE:BLK traded up $13.94 during midday trading on Monday, reaching $892.72. The company’s stock had a trading volume of 66,053 shares, compared to its average volume of 681,824. The firm has a market capitalization of $138.60 billion, a PE ratio of 21.26, a P/E/G ratio of 1.90 and a beta of 1.38. The stock has a fifty day moving average of $942.05 and a 200 day moving average of $988.26. BlackRock has a twelve month low of $745.55 and a twelve month high of $1,084.22. The company has a quick ratio of 5.23, a current ratio of 5.23 and a debt-to-equity ratio of 0.45.

BlackRock (NYSE:BLK) last released its quarterly earnings data on Friday, April 11th. The asset manager reported $11.30 earnings per share for the quarter, topping analysts’ consensus estimates of $10.84 by $0.46. BlackRock had a return on equity of 16.32% and a net margin of 31.21%. The company had revenue of $5.28 billion for the quarter, compared to analyst estimates of $5.47 billion. During the same quarter in the previous year, the company posted $9.81 earnings per share. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, equities analysts expect that BlackRock will post 47.41 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director J. Richard Kushel sold 430 shares of BlackRock stock in a transaction on Friday, February 28th. The stock was sold at an average price of $949.37, for a total transaction of $408,229.10. Following the completion of the sale, the director now owns 3,720 shares of the company’s stock, valued at approximately $3,531,656.40. This trade represents a 10.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 20,430 shares of company stock worth $21,234,629 in the last quarter. 0.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Morse Asset Management Inc bought a new stake in BlackRock in the 3rd quarter valued at $66,000. Invst LLC lifted its holdings in BlackRock by 2.2% in the third quarter. Invst LLC now owns 2,435 shares of the asset manager’s stock valued at $2,312,000 after buying an additional 52 shares during the period. Wealthquest Corp bought a new stake in shares of BlackRock during the 3rd quarter valued at $225,000. Tudor Financial Inc. bought a new position in shares of BlackRock in the 3rd quarter worth $399,000. Finally, Anchor Investment Management LLC increased its holdings in BlackRock by 31.8% in the third quarter. Anchor Investment Management LLC now owns 791 shares of the asset manager’s stock valued at $751,000 after purchasing an additional 191 shares during the last quarter. Institutional investors and hedge funds 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.