Zacks Investment Research lowered shares of BlackRock (NYSE:BLK) from a buy rating to a hold rating in a report issued on Tuesday morning.
According to Zacks, “BlackRock’s shares have outperformed the industry, in the past six months. This performance is supported by impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. The company is undertaking initiatives to restructure its actively managed equities business with an aim to meet changing client needs. These along with technological changes and its efforts to expand globally via acquisitions will further help top-line growth going forward. However, mounting expenses mainly due to continued rise in marketing costs is likely to hurt the bottom-line growth. Also, high dependence on overseas revenues remains a major concern.”
A number of other research firms have also recently issued reports on BLK. Wells Fargo & Company restated a market perform rating and set a $475.00 target price (up previously from $450.00) on shares of BlackRock in a research note on Thursday, October 12th. J P Morgan Chase & Co raised their target price on shares of BlackRock to $558.00 and gave the stock an overweight rating in a research note on Thursday, October 12th. Credit Suisse Group restated an outperform rating on shares of BlackRock in a research note on Thursday, October 12th. Jefferies Group restated a hold rating and set a $465.00 target price on shares of BlackRock in a research note on Thursday, October 12th. Finally, Keefe, Bruyette & Woods restated a hold rating and set a $500.00 target price on shares of BlackRock in a research note on Thursday, October 12th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. BlackRock presently has a consensus rating of Buy and an average target price of $489.08.
Shares of BlackRock (NYSE:BLK) traded up $3.08 during mid-day trading on Tuesday, reaching $515.49. 469,340 shares of the company’s stock were exchanged, compared to its average volume of 438,299. The firm has a market capitalization of $82,155.72, a PE ratio of 23.78, a P/E/G ratio of 1.78 and a beta of 1.81. The company has a current ratio of 2.89, a quick ratio of 2.89 and a debt-to-equity ratio of 1.09. BlackRock has a 12-month low of $365.83 and a 12-month high of $517.30.
BlackRock (NYSE:BLK) last announced its quarterly earnings results on Wednesday, October 11th. The asset manager reported $5.92 EPS for the quarter, beating analysts’ consensus estimates of $5.49 by $0.43. The firm had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.10 billion. BlackRock had a net margin of 29.52% and a return on equity of 12.01%. The company’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter last year, the company posted $5.14 earnings per share. research analysts expect that BlackRock will post 22.34 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Monday, December 4th will be paid a $2.50 dividend. This represents a $10.00 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Friday, December 1st. BlackRock’s dividend payout ratio (DPR) is 46.82%.
In other BlackRock news, Director Susan Wagner sold 4,000 shares of BlackRock stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $506.10, for a total value of $2,024,400.00. Following the completion of the sale, the director now owns 481,915 shares in the company, valued at approximately $243,897,181.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director J. Richard Kushel sold 100 shares of BlackRock stock in a transaction dated Thursday, October 12th. The stock was sold at an average price of $481.58, for a total transaction of $48,158.00. The disclosure for this sale can be found here. Insiders sold a total of 5,200 shares of company stock valued at $2,599,302 in the last quarter. Corporate insiders own 1.86% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. Davis R M Inc. raised its stake in BlackRock by 0.4% in the 2nd quarter. Davis R M Inc. now owns 564 shares of the asset manager’s stock worth $238,000 after purchasing an additional 2 shares in the last quarter. Proficio Capital Partners LLC raised its stake in BlackRock by 1.2% in the 2nd quarter. Proficio Capital Partners LLC now owns 262 shares of the asset manager’s stock worth $111,000 after purchasing an additional 3 shares in the last quarter. ZWJ Investment Counsel Inc. increased its holdings in BlackRock by 0.4% in the 2nd quarter. ZWJ Investment Counsel Inc. now owns 688 shares of the asset manager’s stock valued at $291,000 after buying an additional 3 shares during the period. Wayne Hummer Investments L.L.C. increased its holdings in BlackRock by 0.3% in the 2nd quarter. Wayne Hummer Investments L.L.C. now owns 1,059 shares of the asset manager’s stock valued at $447,000 after buying an additional 3 shares during the period. Finally, Berkshire Asset Management LLC PA increased its holdings in BlackRock by 0.8% in the 2nd quarter. Berkshire Asset Management LLC PA now owns 663 shares of the asset manager’s stock valued at $280,000 after buying an additional 5 shares during the period. Institutional investors and hedge funds own 83.75% of the company’s stock.
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BlackRock Company Profile
BlackRock, Inc (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients.
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