BlackRock (NYSE:BLK) Price Target Raised to $1,070.00 at Wells Fargo & Company

BlackRock (NYSE:BLK) had its price objective lifted by Wells Fargo & Company from $1,000.00 to $1,070.00 in a research report report published on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the asset manager’s stock.

BLK has been the subject of a number of other research reports. Barclays lifted their price objective on BlackRock from $990.00 to $1,010.00 and gave the company an overweight rating in a research note on Monday. Citigroup lifted their price objective on BlackRock from $920.00 to $930.00 and gave the company a buy rating in a research note on Tuesday, July 16th. Argus lifted their price objective on BlackRock from $880.00 to $910.00 and gave the company a buy rating in a research note on Tuesday, July 16th. JPMorgan Chase & Co. lifted their price objective on BlackRock from $774.00 to $864.00 and gave the company a neutral rating in a research note on Tuesday, October 1st. Finally, Keefe, Bruyette & Woods lifted their price objective on BlackRock from $915.00 to $934.00 and gave the company an outperform rating in a research note on Tuesday, July 16th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, BlackRock has a consensus rating of Moderate Buy and an average target price of $948.93.

BlackRock Stock Up 0.8 %

BlackRock stock opened at $956.61 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 5.06 and a quick ratio of 5.06. The stock has a market capitalization of $142.15 billion, a price-to-earnings ratio of 24.31, a PEG ratio of 2.05 and a beta of 1.30. BlackRock has a 1-year low of $596.18 and a 1-year high of $962.95. The business has a fifty day moving average price of $893.10 and a 200-day moving average price of $828.30.

BlackRock (NYSE:BLK) last issued its earnings results on Monday, July 15th. The asset manager reported $10.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.96 by $0.40. The company had revenue of $4.81 billion during the quarter, compared to analyst estimates of $4.85 billion. BlackRock had a return on equity of 15.44% and a net margin of 32.36%. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the business posted $9.28 EPS. Equities research analysts forecast that BlackRock will post 41.37 EPS for the current fiscal year.

BlackRock Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Monday, September 9th were issued a dividend of $5.10 per share. This represents a $20.40 annualized dividend and a dividend yield of 2.13%. The ex-dividend date was Monday, September 9th. BlackRock’s dividend payout ratio is currently 51.84%.

Insider Transactions at BlackRock

In other news, Director Mark Wiedman sold 27,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $834.42, for a total transaction of $22,529,340.00. Following the transaction, the director now directly owns 6,480 shares in the company, valued at $5,407,041.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Mark Wiedman sold 27,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $834.42, for a total value of $22,529,340.00. Following the transaction, the director now directly owns 6,480 shares in the company, valued at approximately $5,407,041.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Pamela Daley sold 1,531 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $842.08, for a total value of $1,289,224.48. Following the completion of the transaction, the director now owns 5,732 shares in the company, valued at $4,826,802.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 93,042 shares of company stock worth $79,387,117 in the last ninety days. Insiders own 0.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Redmont Wealth Advisors LLC purchased a new stake in BlackRock in the first quarter valued at approximately $27,000. Pineridge Advisors LLC purchased a new stake in BlackRock in the fourth quarter valued at approximately $28,000. Fairscale Capital LLC purchased a new stake in BlackRock in the second quarter valued at approximately $31,000. Lam Group Inc. purchased a new stake in BlackRock in the first quarter valued at approximately $33,000. Finally, Fairman Group LLC purchased a new stake in BlackRock in the fourth quarter valued at approximately $35,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

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.