Argus Issues Positive Forecast for BlackRock (NYSE:BLK) Stock Price

Key Points

• Argus Research raised its price target for BlackRock's stock from $1,165.00 to $1,330.00, indicating a potential upside of 10.15% from its previous close.
• BlackRock's recent quarterly earnings revealed an EPS of $11.55, missing estimates, but revenue of $6.51 billion exceeded expectations by $0.29 billion.
• The consensus rating for BlackRock is a Moderate Buy, with a average consensus price target of $1,294.19, supported by 15 buy ratings and only three hold ratings from analysts.

BlackRock (NYSE:BLK - Get Free Report) had its price objective increased by Argus from $1,165.00 to $1,330.00 in a report issued on Wednesday,MarketScreener reports. The brokerage presently has a "buy" rating on the asset manager's stock. Argus' price target would suggest a potential upside of 10.15% from the stock's previous close.

BLK has been the topic of a number of other research reports. Keefe, Bruyette & Woods boosted their price objective on BlackRock from $1,215.00 to $1,300.00 and gave the stock an "outperform" rating in a research note on Monday. JPMorgan Chase & Co. upped their price objective on BlackRock from $1,093.00 to $1,242.00 and gave the company a "neutral" rating in a research note on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft set a $1,320.00 price objective on BlackRock and gave the company a "buy" rating in a research note on Wednesday. Evercore ISI increased their price target on BlackRock from $1,200.00 to $1,230.00 and gave the stock an "outperform" rating in a research report on Thursday, October 9th. Finally, UBS Group reissued a "neutral" rating and issued a $980.00 price objective on shares of BlackRock in a report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, BlackRock has a consensus rating of "Moderate Buy" and a consensus price target of $1,294.19.

BlackRock Price Performance

Shares of NYSE:BLK opened at $1,207.48 on Wednesday. The company has a market cap of $186.98 billion, a P/E ratio of 29.14, a P/E/G ratio of 2.10 and a beta of 1.45. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 0.39. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,212.00. The business has a fifty day simple moving average of $1,137.33 and a 200-day simple moving average of $1,038.10.

BlackRock (NYSE:BLK - Get Free Report) last announced its quarterly earnings data on Tuesday, October 14th. The asset manager reported $11.55 EPS for the quarter, missing analysts' consensus estimates of $11.78 by ($0.23). The business had revenue of $6.51 billion during the quarter, compared to analysts' expectations of $6.22 billion. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. BlackRock's revenue for the quarter was up 25.2% on a year-over-year basis. During the same period in the prior year, the firm earned $11.46 EPS. Equities research analysts forecast that BlackRock will post 47.41 EPS for the current year.

Insider Transactions at BlackRock

In other BlackRock news, Director Fabrizio Freda sold 4,434 shares of the stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $1,122.81, for a total transaction of $4,978,539.54. Following the transaction, the director directly owned 3,506 shares of the company's stock, valued at $3,936,571.86. This represents a 55.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Rachel Lord sold 18,036 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $1,125.60, for a total transaction of $20,301,321.60. Following the transaction, the director directly owned 19,205 shares in the company, valued at $21,617,148. The trade was a 48.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,494 shares of company stock valued at $74,694,573 in the last three months. 1.98% of the stock is currently owned by insiders.

Institutional Investors Weigh In On BlackRock

A number of institutional investors have recently added to or reduced their stakes in the stock. Pacifica Partners Inc. raised its stake in shares of BlackRock by 450.0% in the third quarter. Pacifica Partners Inc. now owns 22 shares of the asset manager's stock valued at $25,000 after acquiring an additional 18 shares during the last quarter. Fairway Wealth LLC raised its stake in shares of BlackRock by 76.5% in the first quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock valued at $28,000 after acquiring an additional 13 shares during the last quarter. Game Plan Financial Advisors LLC raised its stake in shares of BlackRock by 100.0% in the first quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager's stock valued at $28,000 after acquiring an additional 15 shares during the last quarter. Garde Capital Inc. raised its stake in shares of BlackRock by 200.0% in the second quarter. Garde Capital Inc. now owns 27 shares of the asset manager's stock valued at $28,000 after acquiring an additional 18 shares during the last quarter. Finally, Traub Capital Management LLC bought a new position in BlackRock in the 2nd quarter worth approximately $28,000. 80.69% of the stock is owned by institutional investors and hedge funds.

About BlackRock

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.

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