BlackRock, Inc. (NYSE:BLK) Receives $1,077.08 Consensus Price Target from Brokerages

Shares of BlackRock, Inc. (NYSE:BLK) have earned a consensus rating of “Moderate Buy” from the thirteen research firms that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $1,077.08.

BLK has been the topic of a number of analyst reports. JPMorgan Chase & Co. lowered their target price on shares of BlackRock from $1,046.00 to $988.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. TD Cowen reduced their price target 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. Barclays lifted their price target on shares of BlackRock from $950.00 to $990.00 and gave the company an “overweight” rating in a report on Monday, April 14th. StockNews.com assumed coverage on shares of BlackRock in a report on Friday, May 16th. They issued a “hold” rating on the stock. Finally, Wells Fargo & Company reduced their price target on shares of BlackRock from $1,065.00 to $1,035.00 and set an “overweight” rating on the stock in a report on Monday, April 14th.

BlackRock Stock Down 2.5%

BLK opened at $972.33 on Monday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 5.23 and a current ratio of 5.23. BlackRock has a fifty-two week low of $752.30 and a fifty-two week high of $1,084.22. The firm’s fifty day moving average is $920.55 and its 200 day moving average is $978.19. The stock has a market cap of $150.64 billion, a price-to-earnings ratio of 23.15, a price-to-earnings-growth ratio of 1.90 and a beta of 1.41.

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

BlackRock Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Thursday, June 5th will be given a dividend of $5.21 per share. This represents a $20.84 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Thursday, June 5th. BlackRock’s dividend payout ratio is 50.63%.

Insider Activity

In related news, Director J. Richard Kushel sold 430 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $949.37, for a total value of $408,229.10. Following the sale, the director now directly owns 3,720 shares of the company’s stock, valued at $3,531,656.40. This represents a 10.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last three months, insiders have sold 12,430 shares of company stock worth $11,237,249. 1.98% of the stock is currently owned by corporate insiders.

Institutional Trading of BlackRock

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BLK. Procyon Advisors LLC raised its position in BlackRock by 88.6% in the 4th quarter. Procyon Advisors LLC now owns 758 shares of the asset manager’s stock worth $777,000 after purchasing an additional 356 shares during the period. HB Wealth Management LLC bought a new position in BlackRock in the 4th quarter worth about $6,579,000. Financial Management Professionals Inc. grew its stake in BlackRock by 11.5% in the 4th quarter. Financial Management Professionals Inc. now owns 438 shares of the asset manager’s stock worth $449,000 after acquiring an additional 45 shares in the last quarter. Smith Salley Wealth Management bought a new position in BlackRock in the 4th quarter worth about $2,671,000. Finally, Kera Capital Partners Inc. bought a new position in BlackRock in the 4th quarter worth about $4,435,000. 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.