BlackRock (NYSE:BLK) PT Raised to $1,070.00 at Wells Fargo & Company

BlackRock (NYSE:BLK) had its target price upped by research analysts at Wells Fargo & Company from $1,000.00 to $1,070.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 11.98% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods lifted their price objective on shares of BlackRock from $915.00 to $934.00 and gave the company an “outperform” rating in a report on Tuesday, July 16th. Argus lifted their price objective on shares of BlackRock from $880.00 to $910.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. StockNews.com assumed coverage on shares of BlackRock in a report on Friday, October 4th. They issued a “hold” rating for the company. Morgan Stanley boosted their price target on shares of BlackRock from $1,036.00 to $1,150.00 and gave the company an “overweight” rating in a report on Monday. Finally, JPMorgan Chase & Co. boosted their price target on shares of BlackRock from $774.00 to $864.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $972.23.

BlackRock Price Performance

BLK stock opened at $955.57 on Wednesday. BlackRock has a 12 month low of $596.18 and a 12 month high of $963.33. The company has a current ratio of 5.06, a quick ratio of 5.06 and a debt-to-equity ratio of 0.37. The company has a 50-day moving average price of $894.70 and a 200 day moving average price of $829.20. The stock has a market cap of $142.00 billion, a PE ratio of 24.28, a P/E/G ratio of 2.05 and a beta of 1.30.

BlackRock (NYSE:BLK) last released its quarterly earnings results on Monday, July 15th. The asset manager reported $10.36 EPS for the quarter, topping analysts’ consensus estimates of $9.96 by $0.40. BlackRock had a net margin of 32.36% and a return on equity of 15.44%. The firm had revenue of $4.81 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same period in the previous year, the company earned $9.28 EPS. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. Equities research analysts anticipate that BlackRock will post 41.37 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Mark Wiedman sold 12,000 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $900.00, for a total value of $10,800,000.00. Following the sale, the director now directly owns 6,480 shares of the company’s stock, valued at $5,832,000. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Laurence Fink sold 29,450 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $843.25, for a total transaction of $24,833,712.50. Following the sale, the chief executive officer now directly owns 353,718 shares of the company’s stock, valued at approximately $298,272,703.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Mark Wiedman sold 12,000 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $900.00, for a total transaction of $10,800,000.00. Following the sale, the director now directly owns 6,480 shares in the company, valued at $5,832,000. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 93,042 shares of company stock valued at $79,387,117. Insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On BlackRock

A number of large investors have recently added to or reduced their stakes in BLK. Capital Research Global Investors raised its position in BlackRock by 11.1% during the first quarter. Capital Research Global Investors now owns 4,354,236 shares of the asset manager’s stock worth $3,630,127,000 after acquiring an additional 435,358 shares during the period. Mayflower Financial Advisors LLC raised its position in shares of BlackRock by 24,171.5% in the first quarter. Mayflower Financial Advisors LLC now owns 416,014 shares of the asset manager’s stock valued at $346,831,000 after buying an additional 414,300 shares during the last quarter. Vanguard Group Inc. raised its position in shares of BlackRock by 2.3% in the first quarter. Vanguard Group Inc. now owns 13,182,262 shares of the asset manager’s stock valued at $10,990,052,000 after buying an additional 292,017 shares during the last quarter. M&G Plc acquired a new stake in shares of BlackRock in the first quarter valued at about $161,918,000. Finally, Mubadala Investment Co PJSC acquired a new stake in shares of BlackRock in the fourth quarter valued at about $147,748,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.