BlackRock (BLK) Stock Rating Reaffirmed by Wells Fargo & Co

BlackRock (NYSE:BLK)‘s stock had its “hold” rating reissued by investment analysts at Wells Fargo & Co in a research report issued on Tuesday, The Fly reports. They currently have a $440.00 target price on the asset manager’s stock, down from their prior target price of $510.00. Wells Fargo & Co’s price target points to a potential upside of 6.91% from the company’s current price.

BLK has been the subject of a number of other research reports. JPMorgan Chase & Co. set a $547.00 price objective on BlackRock and gave the company a “buy” rating in a research note on Sunday, July 8th. Citigroup upgraded BlackRock from a “neutral” rating to a “buy” rating in a research note on Monday, June 18th. Morgan Stanley reduced their price objective on BlackRock from $624.00 to $607.00 and set an “overweight” rating for the company in a research note on Thursday, July 12th. Keefe, Bruyette & Woods upgraded BlackRock from a “market perform” rating to an “outperform” rating and set a $590.00 price objective for the company in a research note on Friday, July 13th. Finally, Barclays reduced their price objective on BlackRock from $615.00 to $595.00 and set an “overweight” rating for the company in a research note on Tuesday, July 17th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $569.08.

BLK stock traded up $3.57 during trading on Tuesday, hitting $411.57. 77,289 shares of the company’s stock were exchanged, compared to its average volume of 629,218. The company has a quick ratio of 3.87, a current ratio of 3.87 and a debt-to-equity ratio of 0.88. BlackRock has a 52-week low of $402.59 and a 52-week high of $594.52. The stock has a market cap of $75.22 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 1.46 and a beta of 1.55.

BlackRock (NYSE:BLK) last issued its quarterly earnings data on Tuesday, October 16th. The asset manager reported $7.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $6.93 by $0.59. BlackRock had a return on equity of 13.20% and a net margin of 38.97%. The company had revenue of $3.58 billion during the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter in the previous year, the business earned $5.76 earnings per share. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. As a group, sell-side analysts anticipate that BlackRock will post 27.74 EPS for the current year.

In related news, Director William E. Ford bought 1,000 shares of the company’s stock in a transaction dated Thursday, August 2nd. The shares were acquired at an average price of $467.92 per share, with a total value of $467,920.00. Following the completion of the acquisition, the director now owns 5,400 shares in the company, valued at approximately $2,526,768. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.75% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Clarus Wealth Advisors acquired a new position in shares of BlackRock in the second quarter valued at approximately $133,000. Canton Hathaway LLC acquired a new position in shares of BlackRock in the third quarter valued at approximately $146,000. AlphaMark Advisors LLC acquired a new position in shares of BlackRock in the second quarter valued at approximately $147,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of BlackRock in the second quarter valued at approximately $150,000. Finally, Kaizen Advisory LLC increased its holdings in shares of BlackRock by 156.7% in the second quarter. Kaizen Advisory LLC now owns 308 shares of the asset manager’s stock valued at $154,000 after purchasing an additional 188 shares during the period. 82.80% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading: How can you know how many shares are floating?

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Analyst Recommendations for BlackRock (NYSE:BLK)

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