BlackRock (NYSE:BLK) Given New $1,407.00 Price Target at TD Cowen

Key Points

• TD Cowen has increased BlackRock's price target to $1,407.00 from $1,301.00, indicating a potential upside of 16.07% from its recent closing price.
• Multiple analysts have provided varying price targets for BlackRock, with Bank of America setting the highest at $1,456.00, while the consensus price target stands at approximately $1,300.81.
• BlackRock recently reported an earnings miss with $11.55 EPS, falling short of analysts' expectations, despite a year-over-year revenue increase of 25.2% to $6.51 billion.

BlackRock (NYSE:BLK - Get Free Report) had its target price increased by stock analysts at TD Cowen from $1,301.00 to $1,407.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the asset manager's stock. TD Cowen's price objective suggests a potential upside of 16.07% from the stock's previous close.

A number of other equities analysts also recently weighed in on BLK. BMO Capital Markets assumed coverage on BlackRock in a research report on Friday, October 3rd. They set an "outperform" rating and a $1,280.00 price target on the stock. Bank of America boosted their price target on BlackRock from $1,394.00 to $1,456.00 and gave the stock a "buy" rating in a research report on Wednesday. JPMorgan Chase & Co. boosted their price target on BlackRock from $1,093.00 to $1,242.00 and gave the stock a "neutral" rating in a research report on Thursday, October 2nd. Barclays set a $1,360.00 price target on BlackRock in a research report on Wednesday. Finally, BNP Paribas Exane boosted their price target on BlackRock from $1,160.00 to $1,265.00 and gave the stock an "outperform" rating in a research report on Thursday, October 9th. One equities research 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. Based on data from MarketBeat.com, BlackRock presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,300.81.

BlackRock Trading Up 1.5%

NYSE:BLK traded up $17.90 on Wednesday, reaching $1,212.16. The company's stock had a trading volume of 138,225 shares, compared to its average volume of 715,486. BlackRock has a 1-year low of $773.74 and a 1-year high of $1,218.63. 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 firm has a market cap of $187.71 billion, a PE ratio of 29.32, a PEG ratio of 2.10 and a beta of 1.45. The business's 50-day moving average price is $1,137.33 and its two-hundred day moving average price is $1,038.10.

BlackRock (NYSE:BLK - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $6.51 billion during the quarter, compared to the consensus estimate of $6.22 billion. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. The business's revenue for the quarter was up 25.2% on a year-over-year basis. During the same quarter last year, the firm earned $11.46 earnings per share. Equities research analysts anticipate that BlackRock will post 47.41 earnings per share for the current fiscal year.

Insider Transactions at BlackRock

In related news, Director J. Richard Kushel sold 17,142 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total transaction of $19,207,611.00. Following the completion of the transaction, the director directly owned 61,369 shares of the company's stock, valued at $68,763,964.50. This trade represents a 21.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rachel Lord sold 18,036 shares of BlackRock stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $1,125.60, for a total value of $20,301,321.60. Following the completion of the transaction, the director directly owned 19,205 shares of the company's stock, valued at approximately $21,617,148. This trade represents 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 over the last quarter. 1.98% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Pacifica Partners Inc. grew its stake in shares of BlackRock by 450.0% in the 3rd quarter. Pacifica Partners Inc. now owns 22 shares of the asset manager's stock valued at $25,000 after buying an additional 18 shares during the period. Fairway Wealth LLC lifted its position in shares of 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 in the last quarter. Game Plan Financial Advisors LLC lifted its position in shares of BlackRock by 100.0% during 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. lifted its position in shares of BlackRock by 200.0% during the 2nd quarter. Garde Capital Inc. now owns 27 shares of the asset manager's stock worth $28,000 after buying an additional 18 shares in the last quarter. Finally, Traub Capital Management LLC bought a new position in shares of BlackRock during the 2nd quarter worth approximately $28,000. 80.69% of the stock is owned by institutional investors.

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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