Credit Suisse Group Raises BlackRock (BLK) Price Target to $682.00

BlackRock (NYSE:BLK) had its target price upped by Credit Suisse Group from $678.00 to $682.00 in a research report report published on Friday morning. They currently have an outperform rating on the asset manager’s stock.

BLK has been the topic of several other research reports. Zacks Investment Research upgraded shares of BlackRock from a hold rating to a strong-buy rating and set a $614.00 target price on the stock in a report on Thursday, January 11th. JPMorgan Chase restated an overweight rating and issued a $640.00 target price on shares of BlackRock in a report on Wednesday, March 14th. Jefferies Group boosted their target price on shares of BlackRock to $565.00 and gave the company a hold rating in a report on Monday, January 15th. Citigroup boosted their target price on shares of BlackRock to $625.00 and gave the company a buy rating in a report on Tuesday, January 16th. Finally, Deutsche Bank dropped their target price on shares of BlackRock from $623.00 to $614.00 and set a buy rating on the stock in a report on Friday, April 6th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $566.62.

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Shares of NYSE:BLK traded down $8.24 during mid-day trading on Friday, reaching $524.77. 489,175 shares of the company’s stock were exchanged, compared to its average volume of 532,903. The firm has a market cap of $85,664.30, a PE ratio of 23.22, a price-to-earnings-growth ratio of 1.60 and a beta of 1.67. The company has a debt-to-equity ratio of 0.93, a quick ratio of 2.94 and a current ratio of 2.94. BlackRock has a twelve month low of $375.52 and a twelve month high of $594.52.

BlackRock (NYSE:BLK) last released its earnings results on Thursday, April 12th. The asset manager reported $6.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.39 by $0.31. The business had revenue of $3.58 billion for the quarter, compared to analyst estimates of $3.43 billion. BlackRock had a net margin of 39.22% and a return on equity of 12.91%. BlackRock’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.25 earnings per share. sell-side analysts forecast that BlackRock will post 27.95 EPS for the current year.

In other news, COO Robert L. Goldstein sold 5,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $558.00, for a total transaction of $2,790,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeff A. Smith sold 425 shares of the business’s stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $565.96, for a total transaction of $240,533.00. The disclosure for this sale can be found here. Insiders have sold 20,961 shares of company stock worth $11,375,444 in the last quarter. Company insiders own 1.86% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Somerset Trust Co increased its holdings in shares of BlackRock by 2.7% in the 4th quarter. Somerset Trust Co now owns 3,449 shares of the asset manager’s stock worth $1,772,000 after buying an additional 90 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in BlackRock by 10.7% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 960 shares of the asset manager’s stock worth $493,000 after acquiring an additional 93 shares during the last quarter. Naples Global Advisors LLC lifted its position in shares of BlackRock by 1.7% in the 4th quarter. Naples Global Advisors LLC now owns 5,495 shares of the asset manager’s stock worth $2,823,000 after purchasing an additional 93 shares during the period. Lau Associates LLC lifted its position in shares of BlackRock by 10.3% in the 4th quarter. Lau Associates LLC now owns 1,026 shares of the asset manager’s stock worth $527,000 after purchasing an additional 96 shares during the period. Finally, Assetmark Inc. lifted its position in shares of BlackRock by 57.1% in the 4th quarter. Assetmark Inc. now owns 278 shares of the asset manager’s stock worth $143,000 after purchasing an additional 101 shares during the period. Hedge funds and other institutional investors own 84.77% of the company’s stock.

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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)

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