BlackRock (NYSE:BLK) Price Target Cut to $1,170.00 by Analysts at Wells Fargo & Company

BlackRock (NYSE:BLK - Get Free Report) had its target price lowered by investment analysts at Wells Fargo & Company from $1,180.00 to $1,170.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the asset manager's stock. Wells Fargo & Company's price target would suggest a potential upside of 5.70% from the company's previous close.

Other research analysts also recently issued research reports about the stock. UBS Group reaffirmed a "neutral" rating and issued a $980.00 target price on shares of BlackRock in a report on Tuesday, July 8th. Argus restated a "buy" rating on shares of BlackRock in a research report on Tuesday, July 8th. Citigroup lowered their price objective on shares of BlackRock from $1,200.00 to $1,100.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Keefe, Bruyette & Woods dropped their target price on shares of BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating on the stock in a research report on Wednesday. Finally, Morgan Stanley reduced their price objective on shares of BlackRock from $1,247.00 to $1,224.00 and set an "overweight" rating for the company in a research note on Wednesday. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $1,151.21.

BlackRock Trading Up 2.3%

Shares of BlackRock stock traded up $24.66 during trading hours on Wednesday, hitting $1,106.90. The company's stock had a trading volume of 1,175,589 shares, compared to its average volume of 702,412. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.34 and a quick ratio of 4.34. The stock has a 50 day moving average of $1,006.37 and a 200 day moving average of $972.22. The company has a market capitalization of $171.49 billion, a PE ratio of 26.76, a price-to-earnings-growth ratio of 2.12 and a beta of 1.41. BlackRock has a 12 month low of $773.74 and a 12 month high of $1,117.19.

BlackRock (NYSE:BLK - Get Free Report) last issued its earnings results on Tuesday, July 15th. The asset manager reported $12.05 EPS for the quarter, beating analysts' consensus estimates of $10.41 by $1.64. BlackRock had a return on equity of 15.83% and a net margin of 29.68%. The business had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same period in the previous year, the company posted $10.36 EPS. The firm's revenue was up 12.9% compared to the same quarter last year. Analysts predict that BlackRock will post 47.41 earnings per share for the current year.

Insider Activity at BlackRock

In other BlackRock news, Director J. Richard Kushel sold 10,000 shares of the stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $912.50, for a total value of $9,125,000.00. Following the completion of the sale, the director owned 66,034 shares in the company, valued at $60,256,025. This represents a 13.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.98% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Brighton Jones LLC boosted its holdings in shares of BlackRock by 23.1% in the 4th quarter. Brighton Jones LLC now owns 1,575 shares of the asset manager's stock worth $1,615,000 after buying an additional 296 shares during the last quarter. Proficio Capital Partners LLC grew its stake in shares of BlackRock by 35.4% during the 4th quarter. Proficio Capital Partners LLC now owns 619 shares of the asset manager's stock valued at $634,000 after purchasing an additional 162 shares during the period. Harbour Investments Inc. purchased a new position in BlackRock in the 4th quarter worth approximately $635,000. Axxcess Wealth Management LLC raised its stake in shares of BlackRock by 16.3% in the fourth quarter. Axxcess Wealth Management LLC now owns 2,592 shares of the asset manager's stock valued at $2,657,000 after acquiring an additional 363 shares during the period. Finally, Thrivent Financial for Lutherans grew its position in shares of BlackRock by 11.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 7,603 shares of the asset manager's stock worth $7,813,000 after buying an additional 795 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

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.