BlackRock (NYSE:BLK) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analysts remain broadly bullish on BlackRock: Eighteen brokerages give the stock an average “Moderate Buy” rating, including 14 buys and one strong buy, with an average 12-month price target of about $1,311.
• BlackRock reported quarterly EPS of $13.91, beating estimates of $12.69, while revenue rose 30.6% year over year to $7.08 billion. The company also declared a quarterly dividend of $5.73 per share, representing a 2.0% annualized yield.
• Institutional investors and hedge funds own 80.69% of BlackRock’s shares, with several firms adding new or larger positions during recent quarters.

Shares of BlackRock (NYSE:BLK - Get Free Report) have received an average recommendation of "Moderate Buy" from the eighteen brokerages that are presently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation, fourteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $1,311.0588.

A number of equities analysts have weighed in on BLK shares. The Goldman Sachs Group reaffirmed a "buy" rating and set a $1,389.00 price target on shares of BlackRock in a research note on Thursday, July 16th. Evercore restated an "outperform" rating and set a $1,260.00 price objective on shares of BlackRock in a report on Monday, August 10th. Barclays lifted their target price on BlackRock from $1,340.00 to $1,450.00 and gave the company an "overweight" rating in a report on Wednesday, July 15th. Morgan Stanley boosted their price target on BlackRock from $1,383.00 to $1,488.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. upgraded BlackRock from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $1,165.00 to $1,364.00 in a report on Thursday, July 16th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BLK. Advisors Capital Management LLC purchased a new stake in shares of BlackRock during the second quarter valued at approximately $33,847,000. Legal & General Group Plc boosted its stake in shares of BlackRock by 0.8% in the fourth quarter. Legal & General Group Plc now owns 920,578 shares of the asset manager's stock valued at $985,331,000 after purchasing an additional 7,457 shares during the period. Varma Mutual Pension Insurance Co acquired a new stake in BlackRock during the 2nd quarter valued at $28,185,000. Haverford Trust Co acquired a new stake in BlackRock during the 2nd quarter valued at $264,500,000. Finally, Liberty One Investment Management LLC increased its stake in BlackRock by 30.7% during the 1st quarter. Liberty One Investment Management LLC now owns 4,861 shares of the asset manager's stock worth $4,675,000 after buying an additional 1,141 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

More BlackRock News

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock’s iShares Bitcoin Trust (IBIT) attracted approximately $454 million in a single day, accounting for most of the $731 million flowing into U.S. spot Bitcoin ETFs. Continued institutional demand could increase BlackRock’s digital-asset assets under management and fee revenue. Bitcoin Spot ETFs See Huge Inflows as BlackRock Takes Lead
• Positive Sentiment: An updated valuation model raised BlackRock’s estimated fair value to $1,320.81 per share from $1,314.44, reinforcing the view that the company’s earnings beat, inflows and margins support additional upside. BlackRock Stock Gets Fair Value Bump
• Positive Sentiment: BlackRock is seeking to allocate roughly 5% to 20% of target-date funds to private assets, potentially opening a large distribution channel for private equity and private credit products. BlackRock Wants Private Assets in Target-Date Funds
• Positive Sentiment: BlackRock’s support for corporate reincorporation in Texas and its broader tokenization expansion through Securitize could strengthen its positioning in business-friendly and digital-finance markets. BlackRock Casts a Vote of Confidence in Texas

BlackRock Trading Down 0.4%

NYSE BLK opened at $1,121.85 on Friday. The company has a market cap of $173.74 billion, a P/E ratio of 26.81, a P/E/G ratio of 1.24 and a beta of 1.41. BlackRock has a 12 month low of $917.39 and a 12 month high of $1,219.94. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.59 and a quick ratio of 3.59. The company has a 50-day moving average of $1,092.75 and a 200-day moving average of $1,049.39.

BlackRock (NYSE:BLK - Get Free Report) last released its earnings results on Wednesday, July 15th. The asset manager reported $13.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $12.69 by $1.22. BlackRock had a net margin of 24.09% and a return on equity of 14.90%. The business had revenue of $7.08 billion for the quarter, compared to analysts' expectations of $6.73 billion. During the same period last year, the company earned $12.05 earnings per share. The company's quarterly revenue was up 30.6% on a year-over-year basis. As a group, equities analysts predict that BlackRock will post 55.86 earnings per share for the current year.

BlackRock Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be given a dividend of $5.73 per share. This represents a $22.92 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 8th. BlackRock's dividend payout ratio is 54.78%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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