BlackRock (NYSE:BLK) Stock Gets Price Target Increase from TD Cowen

Key Points

• TD Cowen raised BlackRock’s price target from $1,190 to $1,212 while maintaining a “hold” rating, implying 11.8% potential upside from the prior close.
• Analyst sentiment remains broadly positive: BlackRock has a “Moderate Buy” consensus rating and an average price target of $1,310.53, despite some recent downgrades and target reductions.
• BlackRock recently exceeded quarterly expectations, reporting $13.91 in adjusted earnings per share and $7.08 billion in revenue, with revenue increasing 30.6% year over year.

BlackRock (NYSE:BLK - Get Free Report) had its price target lifted by investment analysts at TD Cowen from $1,190.00 to $1,212.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a "hold" rating on the asset manager's stock. TD Cowen's price target would indicate a potential upside of 11.80% from the stock's previous close.

Several other equities analysts have also recently commented on BLK. BNP Paribas Exane boosted their price objective on shares of BlackRock from $1,300.00 to $1,350.00 and gave the company an "outperform" rating in a research note on Tuesday, June 23rd. BMO Capital Markets increased their target price on shares of BlackRock from $1,250.00 to $1,300.00 and gave the stock an "outperform" rating in a research note on Friday, July 17th. Zacks Research cut shares of BlackRock from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 25th. Wells Fargo & Company cut their price target on shares of BlackRock from $1,245.00 to $1,230.00 and set an "overweight" rating for the company in a report on Thursday. Finally, UBS Group reduced their price target on shares of BlackRock from $1,320.00 to $1,277.00 and set a "buy" rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $1,310.53.

BlackRock Price Performance

BLK traded up $1.66 during trading on Monday, reaching $1,084.05. 98,767 shares of the company were exchanged, compared to its average volume of 735,752. The company has a quick ratio of 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 0.33. The company has a market cap of $167.89 billion, a price-to-earnings ratio of 25.92, a P/E/G ratio of 1.22 and a beta of 1.41. BlackRock has a 12-month low of $917.39 and a 12-month high of $1,219.94. The company's 50-day moving average is $1,109.77 and its two-hundred day moving average is $1,058.88.

BlackRock (NYSE:BLK - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The asset manager reported $13.91 earnings per share for the quarter, beating the consensus estimate of $12.69 by $1.22. BlackRock had a return on equity of 14.90% and a net margin of 24.09%. The firm had revenue of $7.08 billion for the quarter, compared to analysts' expectations of $6.73 billion. During the same period in the prior year, the business posted $12.05 earnings per share. The company's revenue was up 30.6% on a year-over-year basis. Research analysts forecast that BlackRock will post 55.71 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BLK. BlackRock Inc. bought a new position in shares of BlackRock during the second quarter valued at $9,747,857,000. Corient Private Wealth LLC boosted its position in shares of BlackRock by 5,190.3% during the fourth quarter. Corient Private Wealth LLC now owns 5,490,422 shares of the asset manager's stock valued at $5,876,618,000 after buying an additional 5,386,640 shares during the last quarter. Bank of America Corp DE bought a new stake in BlackRock in the 2nd quarter worth about $4,409,095,000. Santa Clara Valley Transportation Authority bought a new stake in BlackRock in the 2nd quarter worth about $129,138,253,000. Finally, Auto Owners Insurance Co raised its position in BlackRock by 106,934.0% in the 4th quarter. Auto Owners Insurance Co now owns 1,284,408 shares of the asset manager's stock worth $128,441,000 after buying an additional 1,283,208 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

BlackRock Company Profile

BlackRock, Inc is a global investment management and financial technology company serving individual investors, institutions, governments and financial professionals. The company provides investment management, risk management and advisory services across a broad range of asset classes, including equities, fixed income, multi-asset strategies, alternatives and cash management.

BlackRock offers investment products through mutual funds, exchange-traded funds and other vehicles. Its iShares brand is one of the company's principal platforms for exchange-traded funds, providing access to domestic and international markets, industry sectors, bonds, commodities and specialized investment strategies.

The company also provides technology and analytical solutions through its Aladdin platform, which is used by asset managers, institutional investors and other financial organizations for portfolio management, risk analysis, trading and operational support.

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