BNP Paribas Exane Forecasts Strong Price Appreciation for BlackRock (NYSE:BLK) Stock

Key Points

• BNP Paribas Exane raised its price target on BlackRock to $1,350 from $1,300 and maintained an outperform rating, implying about 29.5% upside from the current price.
• Analyst sentiment remains constructive overall: BlackRock has a Moderate Buy consensus rating, with 1 Strong Buy, 16 Buy, and 3 Hold ratings, and a consensus price target of $1,267.39.
• BlackRock recently beat quarterly expectations, reporting $12.53 EPS versus $12.40 expected and $6.70 billion in revenue versus $6.56 billion expected, while revenue rose 27% year over year.

BlackRock (NYSE:BLK - Get Free Report) had its target price hoisted by stock analysts at BNP Paribas Exane from $1,300.00 to $1,350.00 in a report issued on Tuesday,MarketScreener reports. The firm currently has an "outperform" rating on the asset manager's stock. BNP Paribas Exane's target price suggests a potential upside of 29.54% from the company's current price.

Several other analysts have also weighed in on the stock. Weiss Ratings raised shares of BlackRock from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, May 13th. TD Cowen reduced their target price on BlackRock from $1,238.00 to $1,105.00 and set a "hold" rating on the stock in a report on Thursday, April 9th. Keefe, Bruyette & Woods increased their price target on BlackRock from $1,150.00 to $1,240.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 15th. Evercore dropped their price target on BlackRock from $1,220.00 to $1,140.00 and set an "outperform" rating for the company in a report on Monday, June 8th. Finally, Jefferies Financial Group cut their price objective on BlackRock from $1,351.00 to $1,199.00 and set a "buy" rating for the company in a research report on Wednesday, April 8th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, BlackRock has a consensus rating of "Moderate Buy" and a consensus price target of $1,267.39.

BlackRock Price Performance

BlackRock stock traded down $9.61 during mid-day trading on Tuesday, hitting $1,042.13. 33,279 shares of the company were exchanged, compared to its average volume of 775,680. The company has a quick ratio of 4.09, a current ratio of 4.09 and a debt-to-equity ratio of 0.34. The business has a fifty day moving average of $1,048.86 and a 200 day moving average of $1,052.07. BlackRock has a 1-year low of $917.39 and a 1-year high of $1,219.94. The company has a market capitalization of $161.77 billion, a PE ratio of 26.12, a price-to-earnings-growth ratio of 1.37 and a beta of 1.42.

BlackRock (NYSE:BLK - Get Free Report) last issued its earnings results on Tuesday, April 14th. The asset manager reported $12.53 EPS for the quarter, beating the consensus estimate of $12.40 by $0.13. The company had revenue of $6.70 billion for the quarter, compared to the consensus estimate of $6.56 billion. BlackRock had a net margin of 24.40% and a return on equity of 14.74%. The firm's revenue for the quarter was up 27.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $9.64 EPS. As a group, sell-side analysts expect that BlackRock will post 52.8 earnings per share for the current year.

Insider Buying and Selling

In related news, President Robert Kapito sold 8,739 shares of the firm's stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $1,056.60, for a total value of $9,233,627.40. Following the completion of the sale, the president owned 210,186 shares of the company's stock, valued at $222,082,527.60. This trade represents a 3.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Laurence Fink sold 33,900 shares of the company's stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $1,050.55, for a total value of $35,613,645.00. Following the transaction, the chief executive officer directly owned 230,516 shares in the company, valued at approximately $242,168,583.80. This represents a 12.82% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.92% of the company's stock.

Hedge Funds Weigh In On BlackRock

Several hedge funds have recently added to or reduced their stakes in BLK. RMG Wealth Management LLC bought a new position in shares of BlackRock in the 1st quarter valued at about $25,000. Evolution Wealth Management Inc. bought a new stake in shares of BlackRock during the fourth quarter worth approximately $26,000. Birchbrook Inc. acquired a new position in BlackRock in the fourth quarter valued at approximately $31,000. LFA Lugano Financial Advisors SA bought a new position in BlackRock in the fourth quarter valued at approximately $32,000. Finally, Basepoint Wealth LLC bought a new position in BlackRock in the fourth quarter valued at approximately $32,000. Institutional investors own 80.69% of the company's stock.

About BlackRock

BlackRock, Inc is a global investment management firm that provides a broad range of products and services to institutional, intermediary and individual investors. Its core activities include portfolio management across active and index strategies, exchange-traded funds (ETFs) under the iShares brand, fixed income, equity and multi-asset solutions, as well as alternatives such as private equity, real estate and infrastructure. The firm also offers cash management and liquidity solutions and retirement-focused products designed for defined contribution and defined benefit investors.

In addition to traditional investment management, BlackRock is known for its technology and risk management capabilities, most prominently its Aladdin platform, which combines portfolio management, trading and risk analytics and is used both internally and licensed to external clients.

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