BlackRock (NYSE:BLK) Price Target Raised to $1,220.00 at Barclays
BlackRock (NYSE:BLK) has garnered attention in the investment world as Barclays raises its price target to $1,220.00. This isn’t the first time analysts have set their sights high on BlackRock, and several other research groups have also adjusted their price targets recently.
The Goldman Sachs Group previously increased their price target on BlackRock from $960.00 to $1,040.00, branding the company with a “buy” rating. Similarly, Evercore ISI set a price target from $1,040.00 to $1,160.00, rating it as “outperform.” Meanwhile, Morgan Stanley provided their endorsement at an even higher target of $1,245.00, maintaining an “overweight” rating.
While StockNews.com assumed coverage, giving BlackRock a “hold” rating, Wells Fargo & Company also showed optimism by raising their target from $1,000.00 to $1,070.00, with an “overweight” rating.
According to recent data, there is a consensus rating of “Moderate Buy” for BlackRock, with an average price target of $1,027.31. This reflects mainly positive sentiments among major equity research analysts, where three have rated it with a hold and eleven have endorsed a buy recommendation.
BlackRock’s Market Performance
BlackRock opened at $1,042.87 recently and boasts a market capitalization of $161.52 billion. With a price-to-earnings ratio of 25.74, and a price-to-earnings-growth ratio of 1.88, it reflects significant interest from investors. The company’s beta of 1.28 indicates moderate risk compared to the market.
The financial health of BlackRock remains robust with a debt-to-equity ratio of 0.37, along with a strong current and quick ratio of 5.06.
Over the past year, the stock has seen a low of $742.22 and a high of $1,068.34. Its 50-day moving average price stands at $1,004.44, while the 200-day moving average is $896.94, illustrating a steady upward trend.
Recent Financial Results
BlackRock’s latest earnings report released on October 11th unveiled impressive performance metrics. The asset manager announced $11.46 earnings per share, surpassing the anticipated consensus of $10.42. The firm’s revenue reached $5.20 billion for the quarter, topping the consensus estimate of $5.03 billion.
The firm’s return on equity remains commendable at 15.52% with a net margin of 31.37%, reflecting efficient operation and profitability. Revenue for the quarter saw a significant rise of 14.9% compared to the previous year, where the firm posted $10.91 earnings per share.
Insider Transactions and Institutional Investors
Recent insider transactions have been noteworthy, with General Counsel Christopher J. Meade selling 18,000 shares at an average price of $1,045.83, resulting in $18,824,940. Following the transaction, his direct ownership declined significantly. Additionally, COO Robert L. Goldstein sold 54,000 shares, further reducing his holding as well.
Institutional investments remain a major highlight for BlackRock. Recently, Fidelity D & D Bancorp Inc. increased its stake by 3.7%, and Tidal Investments LLC notably boosted its holdings by 55.1%. Wilmington Savings Fund Society FSB showed strong confidence by increasing their holdings by 36.9%.
Currently, institutional investors own a substantial 80.69% of BlackRock’s stock, demonstrating enduring trust in the company’s future performance.
Conclusion
BlackRock, Inc. continues to sustain its position as a significant player in the investment management sector. The firm’s primary services extending to various investors, including institutions, intermediaries, and individuals, showcase its comprehensive reach in the financial markets.
As Barclays raises BlackRock’s price target to $1,220.00, alongside strong recent earnings report, and significant insider and institutional activities, BlackRock remains an intriguing and valuable stock for investors to watch.
