BMO Capital Markets Forecasts Strong Price Appreciation for BlackRock (NYSE:BLK) Stock

Key Points

• BMO Capital Markets has raised its target price for BlackRock (NYSE:BLK) from $1,280 to $1,300, indicating a potential upside of 12.30% from the current price, and maintains an "outperform" rating on the stock.
• In a recent earnings report, BlackRock reported $11.55 earnings per share, missing estimates but achieving a revenue of $6.51 billion, which exceeded analyst expectations.
• The stock has shown significant analyst support, with a consensus target price of $1,302.06 and the majority rating it as a "buy," reflecting strong institutional interest and performance.

BlackRock (NYSE:BLK - Get Free Report) had its target price lifted by stock analysts at BMO Capital Markets from $1,280.00 to $1,300.00 in a research note issued on Tuesday,MarketScreener reports. The firm presently has an "outperform" rating on the asset manager's stock. BMO Capital Markets' price target would indicate a potential upside of 12.30% from the company's current price.

Other analysts also recently issued reports about the company. TD Cowen upped their price objective on BlackRock from $1,301.00 to $1,407.00 and gave the company a "buy" rating in a research report on Wednesday, October 15th. Cowen reiterated a "buy" rating on shares of BlackRock in a report on Wednesday, October 15th. Evercore ISI boosted their price target on BlackRock from $1,200.00 to $1,230.00 and gave the company an "outperform" rating in a report on Thursday, October 9th. Argus raised their price objective on BlackRock from $1,165.00 to $1,330.00 and gave the stock a "buy" rating in a report on Wednesday, October 15th. Finally, Telsey Advisory Group reiterated an "outperform" rating on shares of BlackRock in a research note on Tuesday, July 8th. Seventeen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $1,302.06.

BlackRock Stock Performance

NYSE BLK opened at $1,157.63 on Tuesday. The stock has a market capitalization of $179.26 billion, a price-to-earnings ratio of 29.75, a PEG ratio of 2.01 and a beta of 1.45. The business's 50 day moving average is $1,141.48 and its two-hundred day moving average is $1,046.27. BlackRock has a 12-month low of $773.74 and a 12-month high of $1,219.94. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 0.39.

BlackRock (NYSE:BLK - Get Free Report) last released its quarterly earnings data on Tuesday, October 14th. The asset manager reported $11.55 earnings per share (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 analysts' expectations of $6.22 billion. BlackRock had a return on equity of 15.36% and a net margin of 26.64%.The company's revenue was up 25.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $11.46 EPS. Research analysts expect that BlackRock will post 47.41 EPS for the current year.

Insider Buying and Selling

In other news, Director Rachel Lord sold 18,036 shares of BlackRock stock in a transaction that occurred on 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 sale, the director owned 19,205 shares in the company, valued at $21,617,148. This trade represents a 48.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Laurence Fink sold 14,828 shares of the company's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $1,122.28, for a total transaction of $16,641,167.84. Following the completion of the transaction, the chief executive officer owned 263,751 shares of the company's stock, valued at $296,002,472.28. This trade represents a 5.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,494 shares of company stock worth $74,694,573. Company insiders own 1.98% of the company's stock.

Institutional Investors Weigh In On BlackRock

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in BlackRock by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 13,991,264 shares of the asset manager's stock worth $14,680,334,000 after buying an additional 227,192 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of BlackRock by 1.1% during the second quarter. Geode Capital Management LLC now owns 3,143,429 shares of the asset manager's stock valued at $3,281,641,000 after purchasing an additional 34,049 shares during the last quarter. Norges Bank acquired a new position in shares of BlackRock in the 2nd quarter valued at $2,644,007,000. Franklin Resources Inc. increased its stake in BlackRock by 72.5% in the 2nd quarter. Franklin Resources Inc. now owns 2,005,358 shares of the asset manager's stock worth $2,104,122,000 after purchasing an additional 842,901 shares in the last quarter. Finally, Laurel Wealth Advisors LLC raised its holdings in BlackRock by 105,267.4% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,705,899 shares of the asset manager's stock worth $1,789,915,000 after buying an additional 1,704,280 shares during the period. 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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