JPMorgan Chase Reiterates “Overweight” Rating for BlackRock (NYSE:BLK)

JPMorgan Chase reiterated their overweight rating on shares of BlackRock (NYSE:BLK) in a report published on Wednesday, March 14th. The brokerage currently has a $640.00 price target on the asset manager’s stock.

Several other equities research analysts also recently weighed in on BLK. Zacks Investment Research downgraded shares of BlackRock from a buy rating to a hold rating in a research note on Tuesday, March 13th. ValuEngine downgraded shares of BlackRock from a buy rating to a hold rating in a research note on Wednesday, March 7th. Deutsche Bank reduced their target price on shares of BlackRock to $623.00 and set a buy rating on the stock in a research note on Tuesday, March 6th. Argus reissued a buy rating and issued a $620.00 target price (up previously from $520.00) on shares of BlackRock in a research note on Tuesday, January 16th. Finally, Wells Fargo reissued a market perform rating and issued a $555.00 target price (up previously from $535.00) on shares of BlackRock in a research note on Tuesday, January 16th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. BlackRock has a consensus rating of Buy and a consensus price target of $566.31.

How to Become a New Pot Stock Millionaire

BlackRock stock traded down $18.48 during mid-day trading on Wednesday, reaching $519.92. 518,532 shares of the company’s stock traded hands, compared to its average volume of 504,710. The company has a market cap of $86,530.58, a price-to-earnings ratio of 23.01, a PEG ratio of 1.55 and a beta of 1.67. The company has a quick ratio of 2.94, a current ratio of 2.94 and a debt-to-equity ratio of 0.93. BlackRock has a 12-month low of $375.52 and a 12-month high of $594.52.

BlackRock (NYSE:BLK) last released its quarterly earnings results on Friday, January 12th. The asset manager reported $6.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $5.94 by $0.30. BlackRock had a net margin of 39.79% and a return on equity of 12.31%. The company had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the prior year, the firm earned $5.14 earnings per share. BlackRock’s revenue was up 20.0% on a year-over-year basis. equities research analysts anticipate that BlackRock will post 28.43 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, March 22nd. Investors of record on Wednesday, March 7th were paid a $2.88 dividend. The ex-dividend date of this dividend was Tuesday, March 6th. This is a boost from BlackRock’s previous quarterly dividend of $2.50. This represents a $11.52 dividend on an annualized basis and a yield of 2.22%. BlackRock’s dividend payout ratio (DPR) is 50.97%.

In other BlackRock news, Director Deryck C. Maughan purchased 3,861 shares of BlackRock stock in a transaction on Wednesday, January 17th. The stock was bought at an average cost of $573.44 per share, with a total value of $2,214,051.84. Following the transaction, the director now owns 12,265 shares of the company’s stock, valued at approximately $7,033,241.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Robert L. Goldstein sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $558.00, for a total transaction of $2,790,000.00. The disclosure for this sale can be found here. Insiders sold a total of 20,961 shares of company stock valued at $11,375,444 over the last quarter. 1.86% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in BLK. Invictus RG acquired a new stake in BlackRock in the 3rd quarter valued at $110,000. Sumitomo Mitsui Financial Group Inc. boosted its position in shares of BlackRock by 1,119.2% during the 3rd quarter. Sumitomo Mitsui Financial Group Inc. now owns 317 shares of the asset manager’s stock valued at $141,000 after acquiring an additional 291 shares during the last quarter. Assetmark Inc. boosted its position in shares of BlackRock by 57.1% during the 4th quarter. Assetmark Inc. now owns 278 shares of the asset manager’s stock valued at $143,000 after acquiring an additional 101 shares during the last quarter. Oakworth Capital Inc. boosted its position in shares of BlackRock by 67.6% during the 4th quarter. Oakworth Capital Inc. now owns 305 shares of the asset manager’s stock valued at $153,000 after acquiring an additional 123 shares during the last quarter. Finally, Manchester Capital Management LLC acquired a new position in shares of BlackRock during the 3rd quarter valued at about $156,000. 84.77% of the stock is currently owned by hedge funds and other institutional investors.

TRADEMARK VIOLATION WARNING: This report was originally posted by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are accessing this report on another publication, it was stolen and republished in violation of US & international copyright laws. The legal version of this report can be read at https://www.dispatchtribunal.com/2018/04/07/blackrock-blk-stock-rating-reaffirmed-by-jpmorgan-chase-co.html.

BlackRock Company Profile

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.

Analyst Recommendations for BlackRock (NYSE:BLK)

Receive News & Ratings for BlackRock Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BlackRock and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply