BlackRock (NYSE:BLK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “BlackRock’s shares have outperformed the industry in the past six months. This performance is supported by impressive earnings surprise history as the company 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. However, mounting expenses mainly due to continued rise in marketing costs is likely to hurt the bottom-line growth to some extent. Also, the company's high dependence on overseas revenues remains a matter of concern.”
Other equities analysts have also issued research reports about the stock. Deutsche Bank cut their price target on shares of BlackRock to $623.00 and set a “buy” rating on the stock in a report on Tuesday, March 6th. Citigroup lowered shares of BlackRock from a “buy” rating to a “neutral” rating and set a $625.00 target price on the stock. in a report on Thursday, January 25th. Wells Fargo & Co restated a “market perform” rating and issued a $555.00 target price (up previously from $535.00) on shares of BlackRock in a report on Tuesday, January 16th. Argus restated a “buy” rating and issued a $620.00 target price (up previously from $520.00) on shares of BlackRock in a report on Tuesday, January 16th. Finally, ValuEngine lowered shares of BlackRock from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $560.85.
BlackRock (NYSE:BLK) last issued its quarterly earnings results on Friday, January 12th. The asset manager reported $6.24 EPS for the quarter, topping analysts’ consensus estimates of $5.94 by $0.30. The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. BlackRock had a net margin of 39.79% and a return on equity of 12.31%. BlackRock’s revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.14 earnings per share. research analysts anticipate that BlackRock will post 28.49 earnings per share for the current fiscal year.
In other BlackRock news, Director Ryan Stork sold 7,136 shares of BlackRock stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $543.50, for a total value of $3,878,416.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Robert L. Goldstein sold 5,000 shares of BlackRock stock in a transaction on Monday, February 26th. The shares were 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. Over the last ninety days, insiders sold 20,961 shares of company stock valued at $11,375,444. Insiders own 1.86% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of BLK. BlackRock Inc. increased its position in shares of BlackRock by 4.4% during the fourth quarter. BlackRock Inc. now owns 7,255,797 shares of the asset manager’s stock worth $3,727,377,000 after acquiring an additional 307,213 shares in the last quarter. Clearbridge Investments LLC increased its position in shares of BlackRock by 2.6% during the fourth quarter. Clearbridge Investments LLC now owns 1,855,275 shares of the asset manager’s stock worth $953,073,000 after acquiring an additional 47,692 shares in the last quarter. Geode Capital Management LLC increased its position in shares of BlackRock by 3.9% during the fourth quarter. Geode Capital Management LLC now owns 1,260,724 shares of the asset manager’s stock worth $646,251,000 after acquiring an additional 46,914 shares in the last quarter. Legal & General Group Plc increased its position in shares of BlackRock by 2.3% during the third quarter. Legal & General Group Plc now owns 608,209 shares of the asset manager’s stock worth $271,924,000 after acquiring an additional 13,939 shares in the last quarter. Finally, TD Asset Management Inc. increased its position in shares of BlackRock by 1.4% during the third quarter. TD Asset Management Inc. now owns 449,827 shares of the asset manager’s stock worth $201,113,000 after acquiring an additional 6,394 shares in the last quarter. 84.65% of the stock is owned by hedge funds and other institutional investors.
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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