BlackRock (NYSE:BLK) Price Target Raised to $910.00

BlackRock (NYSE:BLK) had its target price upped by equities researchers at Argus from $880.00 to $910.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the asset manager’s stock. Argus’ price objective would suggest a potential upside of 9.31% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of BlackRock from $742.00 to $767.00 and gave the company a “neutral” rating in a research report on Tuesday, April 2nd. Evercore ISI raised their price objective on BlackRock from $910.00 to $920.00 and gave the company an “outperform” rating in a research note on Tuesday. Keefe, Bruyette & Woods upped their target price on shares of BlackRock from $915.00 to $934.00 and gave the stock an “outperform” rating in a research note on Tuesday. UBS Group cut their price target on shares of BlackRock from $842.00 to $837.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Finally, TD Cowen reduced their target price on BlackRock from $974.00 to $969.00 and set a “buy” rating for the company in a report on Monday, July 8th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $859.23.

BlackRock Stock Up 1.2 %

BLK traded up $9.50 during midday trading on Tuesday, hitting $832.46. The company had a trading volume of 138,833 shares, compared to its average volume of 597,165. The company has a market capitalization of $123.70 billion, a price-to-earnings ratio of 21.16, a PEG ratio of 1.71 and a beta of 1.32. The stock’s 50 day moving average price is $788.29 and its 200 day moving average price is $792.92. 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 has a 52 week low of $596.18 and a 52 week high of $845.00.

BlackRock (NYSE:BLK) last released its quarterly earnings data on Monday, July 15th. The asset manager reported $10.36 EPS for the quarter, beating the consensus estimate of $9.96 by $0.40. BlackRock had a return on equity of 15.24% and a net margin of 32.26%. The firm had revenue of $4.81 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter in the previous year, the company posted $9.28 earnings per share. The company’s quarterly revenue was up 7.7% on a year-over-year basis. On average, research analysts anticipate that BlackRock will post 41.21 earnings per share for the current fiscal year.

Insider Transactions at BlackRock

In other news, Director Mark Wiedman sold 9,000 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were 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 $5,151,600. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other BlackRock news, Director Mark Wiedman sold 9,000 shares of BlackRock stock in a transaction that occurred 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 sale, the director now directly owns 6,480 shares of the company’s stock, valued at approximately $5,151,600. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Laurence Fink sold 30,978 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $807.29, for a total transaction of $25,008,229.62. Following the sale, the chief executive officer now directly owns 383,168 shares in the company, valued at approximately $309,327,694.72. The disclosure for this sale can be found here. Company insiders own 0.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BLK. Tennessee Valley Asset Management Partners purchased a new stake in BlackRock during the fourth quarter valued at $27,000. Redmont Wealth Advisors LLC purchased a new stake in shares of BlackRock during the 1st quarter valued at about $27,000. Private Wealth Management Group LLC purchased a new position in shares of BlackRock in the fourth quarter worth approximately $28,000. Pineridge Advisors LLC bought a new stake in BlackRock during the fourth quarter valued at approximately $28,000. Finally, LFA Lugano Financial Advisors SA increased its holdings in BlackRock by 208.3% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 37 shares of the asset manager’s stock valued at $30,000 after buying an additional 25 shares during the last quarter. 80.69% of the stock is 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.