BlackRock (NYSE:BLK) Price Target Raised to $1,270.00

BlackRock (NYSE:BLK) had its price target raised by UBS Group from $1,235.00 to $1,270.00 in a research note published on Wednesday,Benzinga reports. UBS Group currently has a buy rating on the asset manager’s stock.

Several other research analysts have also commented on the company. Deutsche Bank Aktiengesellschaft lifted their price target on BlackRock from $1,296.00 to $1,380.00 in a report on Thursday, January 15th. BMO Capital Markets reduced their price target on BlackRock from $1,300.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Friday, April 10th. The Goldman Sachs Group lifted their price target on BlackRock from $1,181.00 to $1,313.00 and gave the stock a “buy” rating in a report on Wednesday. Wall Street Zen upgraded BlackRock from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Finally, CICC Research lifted their price target on BlackRock from $1,000.00 to $1,250.00 in a report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, BlackRock currently has an average rating of “Moderate Buy” and an average target price of $1,266.28.

BlackRock Trading Up 2.7%

Shares of BLK stock opened at $1,052.56 on Wednesday. The stock’s fifty day moving average is $1,012.55 and its two-hundred day moving average is $1,067.73. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.98 and a current ratio of 2.98. The firm has a market capitalization of $163.71 billion, a P/E ratio of 26.42, a PEG ratio of 1.41 and a beta of 1.48. BlackRock has a fifty-two week low of $845.82 and a fifty-two week high of $1,219.94.

BlackRock (NYSE:BLK) last announced its quarterly earnings data on Tuesday, April 14th. The asset manager reported $12.53 earnings per share for the quarter, beating analysts’ consensus estimates of $12.40 by $0.13. BlackRock had a return on equity of 14.96% and a net margin of 24.40%.The company had revenue of $6.70 billion for the quarter, compared to analyst estimates of $6.56 billion. During the same quarter last year, the firm posted $9.64 EPS. The firm’s revenue for the quarter was up 27.0% on a year-over-year basis. Research analysts expect that BlackRock will post 47.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Stephen Cohen sold 225 shares of the firm’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $1,069.56, for a total transaction of $240,651.00. Following the completion of the sale, the director directly owned 5,661 shares of the company’s stock, valued at approximately $6,054,779.16. This trade represents a 3.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Robert L. Goldstein sold 5,293 shares of the business’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $1,084.22, for a total transaction of $5,738,776.46. Following the sale, the chief operating officer owned 46,185 shares in the company, valued at $50,074,700.70. This trade represents a 10.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 84,272 shares of company stock valued at $92,323,426. 1.98% of the stock is currently owned by insiders.

Institutional Trading of BlackRock

A number of institutional investors and hedge funds have recently bought and sold shares of BLK. Brighton Jones LLC increased its stake in BlackRock by 23.1% during the fourth quarter. Brighton Jones LLC now owns 1,575 shares of the asset manager’s stock worth $1,615,000 after purchasing an additional 296 shares during the period. Bison Wealth LLC increased its stake in BlackRock by 1.6% during the fourth quarter. Bison Wealth LLC now owns 1,052 shares of the asset manager’s stock worth $1,078,000 after purchasing an additional 17 shares during the period. Schnieders Capital Management LLC. purchased a new stake in BlackRock during the second quarter worth about $259,000. Nebula Research & Development LLC purchased a new stake in BlackRock during the second quarter worth about $548,000. Finally, Osterweis Capital Management Inc. purchased a new stake in BlackRock during the second quarter worth about $98,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

BlackRock News Roundup

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: Q1 results beat expectations — BlackRock reported stronger-than-expected revenue and EPS with healthy net inflows, which supports fee growth and the stock’s rally. BlackRock, Inc. Just Beat Earnings Expectations
• Positive Sentiment: Senior management bullish — Rick Rieder highlighted “extraordinary” equity technicals and strong earnings momentum on Bloomberg, reinforcing a risk-on view that can attract flows into BlackRock products. BlackRock’s Rieder Says Equity Technicals Are Extraordinary
• Positive Sentiment: Analyst support and higher targets — Recent analyst notes and a new UBS price target lift sentiment and provide cover for buyers after the earnings print. BlackRock Given New $1,270.00 Price Target at UBS Group
• Positive Sentiment: Media endorsements and product demand — Commentary (including Jim Cramer) and attention to BlackRock’s private-credit capabilities and high-yield iShares ETFs may support asset-gathering prospects. Jim Cramer Highlights “BlackRock Has Good Private Credit”
• Neutral Sentiment: Product innovation / retirement flows — Coverage about private assets possibly entering 401(k)s and interest in BlackRock dividend/high-yield ETFs could expand addressable market over time, but adoption and regulation are still uncertain. Private Assets Could Join Your 401(k): What You Need To Know 5 Best High-Yield BlackRock Dividend ETFs Paying Over 5%
• Negative Sentiment: Private-credit liquidity concerns — Investors remain wary after a March cap on quarterly repurchases at BlackRock’s HPS corporate-lending vehicle and softer quarter-end AUM versus year-end, which pressured sentiment and prompted a post-earnings pullback earlier in the week. BlackRock slips 3.2% as investors digest Q1 results and lingering private-credit concerns
• Negative Sentiment: Investor lawsuit inquiry — Pomerantz has opened an investigation into BLK investor claims; legal action can create headline risk and potential costs, keeping some investors cautious. Pomerantz Law Firm Investigates Claims On Behalf of Investors of BlackRock

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.