Zacks reiterated their neutral rating on shares of BlackRock (NYSE: BLK) in a research note issued to investors on Tuesday. The firm currently has a $248.00 target price on the stock.
Zacks’ analyst wrote, “BlackRock’s fourth quarter 2012 earnings substantially surpassed the Zacks Consensus Estimate. Better-than-expected results were primarily driven by increased top line, partly offset by a rise in operating expenses. Further, improved assets under management (AUM) were the tailwind for the quarter. The company’s enhanced capital deployment activities and acquisition plans will prove accretive to its overall performance going forward. Also, the company’s initiatives to improve market share in ETF business in commendable. However, its elevated cost structure and high dependence on fee-based revenue are the causes of concern. Further, we remain apprehensive about the effects of persisting macro economic issues, low interest rate environment and stringent regulatory landscape on its profitability and growth.”
Shares of BlackRock traded down 0.11% during mid-day trading on Tuesday, hitting $240.81. BlackRock has a one year low of $160.25 and a one year high of $247.00. The stock’s 50-day moving average is currently $234.9. The company has a market cap of $41.230 billion and a P/E ratio of 17.48.
The company also recently announced a quarterly dividend, which is scheduled for Monday, March 25th. Stockholders of record on Thursday, March 7th will be paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.79%. The ex-dividend date is Tuesday, March 5th. This is a boost from BlackRock’s previous quarterly dividend of $1.50.
BLK has been the subject of a number of other recent research reports. Analysts at TheStreet reiterated a buy rating on shares of BlackRock in a research note to investors on Thursday, January 31st. Separately, analysts at Goldman Sachs reiterated a buy rating on shares of BlackRock in a research note to investors on Friday, January 18th. They now have a $260.00 price target on the stock, up previously from $250.00. Finally, analysts at Credit Suisse raised their price target on shares of BlackRock to $230.00 in a research note to investors on Friday, January 18th. They now have a neutral rating on the stock.
Thirteen research analysts have rated the stock with a buy rating, two have issued an overweight rating, and seven have issued a hold rating to the company. The stock has an average rating of overweight and a consensus price target of $250.22.
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