Evercore Issues Pessimistic Forecast for BlackRock (NYSE:BLK) Stock Price

BlackRock (NYSE:BLK) had its price objective dropped by equities researchers at Evercore from $1,220.00 to $1,140.00 in a research note issued to investors on Monday,MarketScreener reports. The firm currently has an “outperform” rating on the asset manager’s stock. Evercore’s target price points to a potential upside of 13.97% from the stock’s previous close.

Several other brokerages also recently weighed in on BLK. JPMorgan Chase & Co. reduced their price objective on shares of BlackRock from $1,269.00 to $1,128.00 and set a “neutral” rating for the company in a research report on Monday, April 13th. Barclays upped their price objective on shares of BlackRock from $1,290.00 to $1,310.00 and gave the company an “overweight” rating in a research note on Wednesday, April 15th. Weiss Ratings upgraded BlackRock from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. The Goldman Sachs Group upped their target price on BlackRock from $1,181.00 to $1,313.00 and gave the company a “buy” rating in a research report on Wednesday, April 15th. Finally, Keefe, Bruyette & Woods lifted their price target on BlackRock from $1,150.00 to $1,240.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,264.61.

BlackRock Stock Up 0.5%

BlackRock stock opened at $1,000.22 on Monday. The stock has a market cap of $155.26 billion, a PE ratio of 25.00, a P/E/G ratio of 1.30 and a beta of 1.42. The company has a debt-to-equity ratio of 0.34, a current ratio of 4.09 and a quick ratio of 4.09. The stock’s fifty day moving average is $1,033.61 and its two-hundred day moving average is $1,051.55. BlackRock has a 1-year low of $917.39 and a 1-year high of $1,219.94.

BlackRock (NYSE:BLK) last released its quarterly earnings data on Tuesday, April 14th. The asset manager reported $12.53 EPS for the quarter, beating analysts’ consensus estimates of $12.40 by $0.13. The business had revenue of $6.70 billion for the quarter, compared to the consensus estimate of $6.56 billion. BlackRock had a return on equity of 14.74% and a net margin of 24.40%.The business’s revenue for the quarter was up 27.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $9.64 EPS. On average, sell-side analysts expect that BlackRock will post 52.8 EPS for the current fiscal year.

Insider Buying and Selling at BlackRock

In other news, CEO Laurence Fink sold 33,900 shares of BlackRock stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $1,050.55, for a total value of $35,613,645.00. Following the sale, the chief executive officer owned 230,516 shares of the company’s stock, valued at $242,168,583.80. The trade was a 12.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Robert Kapito sold 8,739 shares of the business’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $1,056.60, for a total transaction of $9,233,627.40. Following the transaction, the president owned 210,186 shares in the company, valued at approximately $222,082,527.60. This trade represents a 3.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.92% of the company’s stock.

Institutional Investors Weigh In On BlackRock

A number of hedge funds and other institutional investors have recently bought and sold shares of BLK. RMG Wealth Management LLC purchased a new position in shares of BlackRock in the 1st quarter valued at about $25,000. Evolution Wealth Management Inc. acquired a new position in BlackRock during the fourth quarter worth about $26,000. Birchbrook Inc. purchased a new position in BlackRock in the fourth quarter valued at about $31,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of BlackRock during the 4th quarter valued at approximately $32,000. Finally, Basepoint Wealth LLC acquired a new stake in shares of BlackRock during the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

BlackRock Company Profile

BlackRock, Inc is a global investment management firm that provides a broad range of products and services to institutional, intermediary and individual investors. Its core activities include portfolio management across active and index strategies, exchange-traded funds (ETFs) under the iShares brand, fixed income, equity and multi-asset solutions, as well as alternatives such as private equity, real estate and infrastructure. The firm also offers cash management and liquidity solutions and retirement-focused products designed for defined contribution and defined benefit investors.

In addition to traditional investment management, BlackRock is known for its technology and risk management capabilities, most prominently its Aladdin platform, which combines portfolio management, trading and risk analytics and is used both internally and licensed to external clients.