BlackRock (BLK) Receives “Market Perform” Rating from Wells Fargo & Co

Wells Fargo & Co reiterated their market perform rating on shares of BlackRock (NYSE:BLK) in a report issued on Tuesday morning, The Fly reports. The brokerage currently has a $555.00 price objective on the asset manager’s stock, up from their previous price objective of $535.00.

Several other equities analysts have also commented on the company. Credit Suisse Group reaffirmed an outperform rating on shares of BlackRock in a research note on Thursday, October 12th. Barclays boosted their price objective on BlackRock from $475.00 to $500.00 and gave the company an overweight rating in a report on Tuesday, October 10th. Morgan Stanley reiterated an overweight rating and issued a $501.00 price objective (up previously from $476.00) on shares of BlackRock in a report on Thursday, October 5th. Goldman Sachs Group upgraded BlackRock from a neutral rating to a buy rating and boosted their price objective for the company from $440.00 to $500.00 in a report on Thursday, September 28th. Finally, Zacks Investment Research downgraded BlackRock from a buy rating to a hold rating in a report on Tuesday, December 5th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. BlackRock has a consensus rating of Buy and an average price target of $547.92.

Shares of BlackRock (NYSE BLK) traded up $5.96 during trading on Tuesday, hitting $585.18. The stock had a trading volume of 210,392 shares, compared to its average volume of 693,600. BlackRock has a twelve month low of $365.83 and a twelve month high of $584.21. The firm has a market cap of $93,580.00, a price-to-earnings ratio of 19.31, a PEG ratio of 1.55 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 (NYSE:BLK) last announced its quarterly earnings results on Friday, January 12th. The asset manager reported $6.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $5.94 by $0.30. BlackRock had a return on equity of 12.54% and a net margin of 39.79%. The business had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the prior year, the company posted $5.14 EPS. The company’s quarterly revenue was up 20.0% on a year-over-year basis. research analysts expect that BlackRock will post 28.52 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 22nd. Shareholders of record on Wednesday, March 7th will be issued a dividend of $2.88 per share. This is an increase from BlackRock’s previous quarterly dividend of $2.50. The ex-dividend date of this dividend is Tuesday, March 6th. This represents a $11.52 annualized dividend and a yield of 1.97%. BlackRock’s dividend payout ratio is 33.00%.

In other BlackRock news, Director Susan Wagner sold 4,000 shares of the company’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $506.10, for a total transaction of $2,024,400.00. Following 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 document filed with the SEC, which is available through the SEC website. Also, insider Jeff A. Smith sold 100 shares of the company’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $477.54, for a total value of $47,754.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,525 shares of company stock worth $2,312,687. 1.86% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Salem Investment Counselors Inc. increased its holdings in BlackRock by 14.3% during the 2nd quarter. Salem Investment Counselors Inc. now owns 240 shares of the asset manager’s stock worth $101,000 after purchasing an additional 30 shares during the period. Invictus RG acquired a new position in shares of BlackRock during the 3rd quarter worth about $110,000. Harfst & Associates Inc. boosted its position in shares of BlackRock by 17.3% during the 2nd quarter. Harfst & Associates Inc. now owns 265 shares of the asset manager’s stock worth $111,000 after acquiring an additional 39 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of BlackRock by 133.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 280 shares of the asset manager’s stock worth $118,000 after acquiring an additional 160 shares in the last quarter. Finally, 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 worth $141,000 after acquiring an additional 291 shares in the last quarter. Institutional investors own 83.55% of the company’s stock.

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About BlackRock

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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