Bank of America Issues Positive Forecast for BlackRock (NYSE:BLK) Stock Price

Key Points

• Bank of America has raised its price target for BlackRock stock from $1,394.00 to $1,456.00, indicating a potential upside of 22.02% from the current stock price.
• BlackRock's stock is currently rated as a "Moderate Buy" by analysts, with a consensus target price of $1,271.44.
• The company reported a quarterly earnings of $11.55 EPS, missing estimates but achieving a revenue of $6.51 billion, which is up 25.2% year-over-year.

BlackRock (NYSE:BLK - Get Free Report) had its price target upped by stock analysts at Bank of America from $1,394.00 to $1,456.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the asset manager's stock. Bank of America's target price points to a potential upside of 22.02% from the stock's current price.

BLK has been the subject of a number of other reports. BMO Capital Markets initiated coverage on BlackRock in a report on Friday, October 3rd. They set an "outperform" rating and a $1,280.00 price target for the company. Jefferies Financial Group upped their target price on shares of BlackRock from $1,196.00 to $1,325.00 and gave the company a "buy" rating in a report on Tuesday, October 7th. Weiss Ratings restated a "buy (b-)" rating on shares of BlackRock in a research report on Wednesday, October 8th. BNP Paribas Exane boosted their target price on BlackRock from $1,160.00 to $1,265.00 and gave the company an "outperform" rating in a report on Thursday, October 9th. Finally, Morgan Stanley lifted their price objective on shares of BlackRock from $1,224.00 to $1,362.00 and gave the company an "overweight" rating in a research report on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, BlackRock has a consensus rating of "Moderate Buy" and a consensus target price of $1,271.44.

BlackRock Trading Up 3.3%

Shares of BLK stock opened at $1,193.23 on Wednesday. The stock has a market capitalization of $184.77 billion, a P/E ratio of 28.85, a price-to-earnings-growth ratio of 2.10 and a beta of 1.45. BlackRock has a fifty-two week low of $773.74 and a fifty-two week high of $1,209.82. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04. The company has a 50 day moving average price of $1,137.33 and a 200 day moving average price of $1,038.10.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BLK. Pacifica Partners Inc. lifted its stake in shares of BlackRock by 450.0% during the third quarter. Pacifica Partners Inc. now owns 22 shares of the asset manager's stock worth $25,000 after purchasing an additional 18 shares in the last quarter. Fairway Wealth LLC increased its stake in BlackRock by 76.5% during the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock worth $28,000 after buying an additional 13 shares during the period. Game Plan Financial Advisors LLC lifted its holdings in BlackRock by 100.0% in the 1st quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager's stock worth $28,000 after buying an additional 15 shares in the last quarter. Garde Capital Inc. boosted its position in BlackRock by 200.0% in the 2nd quarter. Garde Capital Inc. now owns 27 shares of the asset manager's stock valued at $28,000 after buying an additional 18 shares during the last quarter. Finally, Traub Capital Management LLC purchased a new stake in shares of BlackRock during the second quarter worth about $28,000. Hedge funds and other institutional investors own 80.69% 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.

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