BlackRock (BLK) Price Target Raised to $500.00 at Citigroup

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BlackRock (NYSE:BLK) had its price objective increased by Citigroup from $450.00 to $500.00 in a report published on Monday, BenzingaRatingsTable reports. They currently have a buy rating on the asset manager’s stock.

Several other brokerages also recently issued reports on BLK. Deutsche Bank lifted their price objective on BlackRock from $428.00 to $431.00 and gave the company a hold rating in a research report on Friday, March 15th. Zacks Investment Research upgraded BlackRock from a hold rating to a buy rating and set a $491.00 price objective for the company in a research report on Tuesday, April 2nd. Barclays lifted their price objective on BlackRock from $472.00 to $490.00 and gave the company an overweight rating in a research report on Thursday, March 14th. Bank of America reiterated a buy rating and issued a $498.00 price objective (up previously from $490.00) on shares of BlackRock in a research report on Friday, March 8th. Finally, Argus reiterated a buy rating on shares of BlackRock in a research report on Thursday, January 17th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $501.53.

Shares of BLK opened at $451.86 on Monday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.64. BlackRock has a 52-week low of $360.79 and a 52-week high of $557.00. The firm has a market capitalization of $72.14 billion, a price-to-earnings ratio of 16.78, a price-to-earnings-growth ratio of 1.68 and a beta of 1.40.

BlackRock (NYSE:BLK) last issued its quarterly earnings data on Wednesday, January 16th. The asset manager reported $6.08 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $6.35 by ($0.27). BlackRock had a net margin of 30.32% and a return on equity of 13.51%. The business had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.47 billion. During the same quarter in the previous year, the firm posted $6.24 EPS. The company’s revenue for the quarter was down 8.8% compared to the same quarter last year. On average, equities research analysts forecast that BlackRock will post 27.07 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 6th were given a dividend of $3.30 per share. The ex-dividend date was Tuesday, March 5th. This represents a $13.20 dividend on an annualized basis and a dividend yield of 2.92%. This is an increase from BlackRock’s previous quarterly dividend of $3.13. BlackRock’s payout ratio is presently 49.02%.

In other news, COO Robert L. Goldstein sold 5,133 shares of the business’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $443.00, for a total transaction of $2,273,919.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Laurence Fink sold 44,000 shares of the business’s stock in a transaction on Monday, February 11th. The stock was sold at an average price of $412.75, for a total value of $18,161,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 138,650 shares of company stock valued at $57,774,089. 1.75% of the stock is currently owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC increased its holdings in BlackRock by 10.7% in the first quarter. Flagship Harbor Advisors LLC now owns 1,017 shares of the asset manager’s stock valued at $434,000 after purchasing an additional 98 shares during the last quarter. Baskin Financial Services Inc. increased its holdings in BlackRock by 6.1% in the first quarter. Baskin Financial Services Inc. now owns 23,093 shares of the asset manager’s stock valued at $9,869,000 after purchasing an additional 1,318 shares during the last quarter. Paragon Capital Management LLC bought a new stake in BlackRock in the first quarter valued at about $82,000. CMH Wealth Management LLC increased its holdings in BlackRock by 4.1% in the first quarter. CMH Wealth Management LLC now owns 6,882 shares of the asset manager’s stock valued at $2,941,000 after purchasing an additional 272 shares during the last quarter. Finally, Viking Fund Management LLC increased its holdings in BlackRock by 28.8% in the first quarter. Viking Fund Management LLC now owns 10,300 shares of the asset manager’s stock valued at $4,402,000 after purchasing an additional 2,300 shares during the last quarter. Institutional investors own 83.64% of the company’s stock.

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.

See Also: Fundamental Analysis – How It Helps Investors

Analyst Recommendations for BlackRock (NYSE:BLK)

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