JPMorgan Chase & Co. Issues Pessimistic Forecast for BlackRock (NYSE:BLK) Stock Price

BlackRock (NYSE:BLK) had its price target decreased by research analysts at JPMorgan Chase & Co. from $1,053.00 to $1,046.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the asset manager’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 9.44% from the company’s previous close.

Several other equities research analysts also recently issued reports on the company. UBS Group lifted their price objective on BlackRock from $1,017.00 to $1,045.00 and gave the stock a “neutral” rating in a report on Tuesday, January 21st. Citigroup lifted their price target on shares of BlackRock from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Monday, December 23rd. Keefe, Bruyette & Woods reduced their price objective on shares of BlackRock from $1,225.00 to $1,160.00 and set an “outperform” rating on the stock in a research note on Monday, January 13th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of BlackRock from $1,215.00 to $1,275.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Finally, Barclays cut their target price on shares of BlackRock from $1,220.00 to $1,160.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $1,126.92.

BlackRock Stock Up 1.2 %

Shares of BLK traded up $11.73 during mid-day trading on Wednesday, reaching $955.81. 246,688 shares of the stock traded hands, compared to its average volume of 666,971. The firm has a market cap of $148.39 billion, a price-to-earnings ratio of 22.76, a P/E/G ratio of 1.90 and a beta of 1.28. The stock has a fifty day simple moving average of $976.19 and a 200 day simple moving average of $993.09. The company has a quick ratio of 5.23, a current ratio of 5.23 and a debt-to-equity ratio of 0.45. BlackRock has a 12-month low of $745.55 and a 12-month high of $1,084.22.

BlackRock (NYSE:BLK) last issued its quarterly earnings data on Wednesday, January 15th. The asset manager reported $11.93 EPS for the quarter, topping analysts’ consensus estimates of $11.52 by $0.41. The firm had revenue of $5.68 billion for the quarter, compared to analyst estimates of $5.57 billion. BlackRock had a net margin of 31.21% and a return on equity of 16.32%. The firm’s revenue was up 22.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $9.66 EPS. Sell-side analysts expect that BlackRock will post 47.41 EPS for the current fiscal year.

Insider Transactions at BlackRock

In other news, Director J. Richard Kushel sold 10,000 shares of the company’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $1,072.64, for a total transaction of $10,726,400.00. Following the completion of the transaction, the director now owns 68,433 shares in the company, valued at approximately $73,403,973.12. This represents a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have sold 20,430 shares of company stock worth $21,234,629. 0.90% of the stock is currently owned by company insiders.

Institutional Trading of BlackRock

Several hedge funds have recently bought and sold shares of BLK. Kera Capital Partners Inc. increased its stake in shares of BlackRock by 2.5% in the first quarter. Kera Capital Partners Inc. now owns 4,434 shares of the asset manager’s stock valued at $4,197,000 after purchasing an additional 108 shares during the period. Global Wealth Strategies & Associates raised its stake in shares of BlackRock by 393.8% during the first quarter. Global Wealth Strategies & Associates now owns 79 shares of the asset manager’s stock valued at $75,000 after purchasing an additional 63 shares in the last quarter. First Financial Bank Trust Division acquired a new stake in BlackRock in the first quarter worth about $1,694,000. Fire Capital Management LLC bought a new position in BlackRock in the 4th quarter valued at about $1,016,000. Finally, Chancellor Financial Group WB LP bought a new stake in shares of BlackRock during the 4th quarter worth about $325,000. 80.69% of the stock is currently owned by institutional investors.

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.