JPMorgan Chase & Co. Forecasts Strong Price Appreciation for BlackRock (NYSE:BLK) Stock

Key Points

• JPMorgan Chase & Co. raised BlackRock's price target from $1,093 to $1,242, suggesting a potential upside of 8.62% from its current price, while maintaining a "neutral" rating on the stock.
• A total of twelve analysts rated BlackRock with a Buy rating, leading to a consensus price target of $1,182.57, indicating strong sentiment from the investment community.
• BlackRock recently reported earnings of $12.05 per share, exceeding estimates and reflecting a 12.9% year-over-year revenue increase, showcasing robust financial performance.

BlackRock (NYSE:BLK - Get Free Report) had its price target raised by investment analysts at JPMorgan Chase & Co. from $1,093.00 to $1,242.00 in a research note issued on Thursday,MarketScreener reports. The brokerage presently has a "neutral" rating on the asset manager's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 8.62% from the company's current price.

Several other equities analysts also recently issued reports on the stock. Barclays boosted their price target on shares of BlackRock from $990.00 to $1,220.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Morgan Stanley decreased their price objective on BlackRock from $1,247.00 to $1,224.00 and set an "overweight" rating for the company in a report on Wednesday, July 16th. Citigroup boosted their price target on BlackRock from $1,200.00 to $1,350.00 and gave the stock a "buy" rating in a research report on Monday. Telsey Advisory Group reaffirmed an "outperform" rating on shares of BlackRock in a report on Tuesday, July 8th. Finally, Bank of America increased their target price on shares of BlackRock from $1,214.00 to $1,224.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Twelve equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,182.57.

BlackRock Stock Performance

BlackRock stock opened at $1,143.46 on Thursday. The stock has a market cap of $177.07 billion, a P/E ratio of 27.73, a price-to-earnings-growth ratio of 2.23 and a beta of 1.45. 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 has a 52 week low of $773.74 and a 52 week high of $1,183.50. The stock has a 50 day moving average of $1,128.09 and a 200-day moving average of $1,024.88.

BlackRock (NYSE:BLK - Get Free Report) last released its earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share for the quarter, beating the consensus estimate of $10.41 by $1.64. The firm had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.40 billion. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. The firm's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $10.36 earnings per share. On average, analysts expect that BlackRock will post 47.41 EPS for the current fiscal year.

Insider Activity at BlackRock

In other news, CEO Laurence Fink sold 12,054 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $1,125.43, for a total transaction of $13,565,933.22. Following the completion of the sale, the chief executive officer directly owned 251,697 shares of the company's stock, valued at $283,267,354.71. This trade represents a 4.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director J. Richard Kushel sold 17,142 shares of the company'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 sale, the director owned 61,369 shares of the company's stock, valued at $68,763,964.50. This represents a 21.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,494 shares of company stock worth $74,694,573 in the last quarter. 1.98% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BLK. Welch Group LLC boosted its holdings in shares of BlackRock by 1.2% during the 2nd quarter. Welch Group LLC now owns 760 shares of the asset manager's stock valued at $797,000 after acquiring an additional 9 shares during the last quarter. Stanley Laman Group Ltd. raised its stake in BlackRock by 2.7% during the 2nd quarter. Stanley Laman Group Ltd. now owns 340 shares of the asset manager's stock worth $357,000 after acquiring an additional 9 shares during the period. CNB Bank lifted its holdings in BlackRock by 9.6% in the 2nd quarter. CNB Bank now owns 103 shares of the asset manager's stock worth $108,000 after purchasing an additional 9 shares in the last quarter. Magellan Asset Management Ltd increased its position in BlackRock by 14.3% in the second quarter. Magellan Asset Management Ltd now owns 72 shares of the asset manager's stock worth $76,000 after purchasing an additional 9 shares during the last quarter. Finally, FAS Wealth Partners Inc. raised its stake in shares of BlackRock by 1.1% in the second quarter. FAS Wealth Partners Inc. now owns 817 shares of the asset manager's stock valued at $857,000 after acquiring an additional 9 shares during the period. Institutional investors and hedge funds 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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