BlackRock (NYSE:BLK) Shares Up 0.4% Following Earnings Beat

BlackRock, Inc. (NYSE:BLK) rose 0.4% during trading on Monday after the company announced better than expected quarterly earnings. The stock traded as high as $778.22 and last traded at $766.10. Approximately 272,115 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 617,840 shares. The stock had previously closed at $763.40.

The asset manager reported $9.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.42 by $0.39. BlackRock had a net margin of 32.26% and a return on equity of 15.34%. The company had revenue of $4.73 billion during the quarter, compared to the consensus estimate of $4.65 billion. During the same period last year, the firm earned $7.93 EPS. The company’s revenue for the quarter was up 11.4% on a year-over-year basis.

Analysts Set New Price Targets

BLK has been the subject of a number of recent research reports. Morgan Stanley raised their price objective on shares of BlackRock from $1,013.00 to $1,025.00 and gave the stock an “overweight” rating in a research note on Monday. UBS Group raised their price objective on shares of BlackRock from $818.00 to $850.00 and gave the stock a “neutral” rating in a research note on Friday. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $930.00 price objective (up from $918.00) on shares of BlackRock in a research note on Friday, April 5th. JPMorgan Chase & Co. raised their price objective on shares of BlackRock from $742.00 to $767.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 2nd. Finally, TD Cowen raised shares of BlackRock from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $819.00 to $938.00 in a research note on Tuesday, January 16th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, BlackRock has an average rating of “Moderate Buy” and a consensus target price of $811.43.

Insider Activity

In other news, insider Marc D. Comerchero sold 450 shares of the business’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $785.11, for a total transaction of $353,299.50. Following the completion of the sale, the insider now directly owns 5,975 shares of the company’s stock, valued at approximately $4,691,032.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, General Counsel Christopher J. Meade sold 18,000 shares of BlackRock stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $282.54, for a total transaction of $5,085,660.60. Following the transaction, the general counsel now owns 11,914 shares in the company, valued at approximately $3,366,142.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Marc D. Comerchero sold 450 shares of BlackRock stock in a transaction on Monday, February 5th. The shares were sold at an average price of $785.11, for a total transaction of $353,299.50. Following the transaction, the insider now owns 5,975 shares in the company, valued at approximately $4,691,032.25. The disclosure for this sale can be found here. Insiders sold 100,511 shares of company stock valued at $71,864,028 in the last ninety days. Company insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On BlackRock

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tennessee Valley Asset Management Partners acquired a new position in BlackRock in the 4th quarter worth $27,000. Private Wealth Management Group LLC acquired a new position in BlackRock in the 4th quarter worth $28,000. Pineridge Advisors LLC acquired a new position in BlackRock in the 4th quarter worth $28,000. LFA Lugano Financial Advisors SA lifted its holdings in BlackRock by 208.3% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 37 shares of the asset manager’s stock worth $30,000 after buying an additional 25 shares in the last quarter. Finally, Wetzel Investment Advisors Inc. acquired a new position in BlackRock in the 4th quarter worth $32,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

BlackRock Price Performance

The stock has a market cap of $113.64 billion, a price-to-earnings ratio of 19.39, a price-to-earnings-growth ratio of 1.65 and a beta of 1.37. The business’s fifty day simple moving average is $808.48 and its 200 day simple moving average is $754.48. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.48 and a current ratio of 3.48.

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.