BlackRock (NYSE:BLK) Given a $567.00 Price Target by Credit Suisse Group Analysts

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BlackRock (NYSE:BLK) has been given a $567.00 target price by equities research analysts at Credit Suisse Group in a report released on Thursday, TipRanks reports. The firm presently has a “buy” rating on the asset manager’s stock. Credit Suisse Group’s target price indicates a potential upside of 28.00% from the stock’s previous close.

BLK has been the subject of a number of other research reports. Barclays boosted their price objective on BlackRock from $515.00 to $540.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. ValuEngine cut BlackRock from a “hold” rating to a “sell” rating in a report on Wednesday. JPMorgan Chase & Co. dropped their price objective on BlackRock from $527.00 to $525.00 and set an “overweight” rating for the company in a report on Monday, July 22nd. UBS Group boosted their price objective on BlackRock from $515.00 to $525.00 and gave the company a “buy” rating in a report on Monday, July 8th. Finally, Morgan Stanley boosted their price objective on BlackRock from $550.00 to $553.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $501.72.

BLK traded up $8.21 during trading hours on Thursday, reaching $442.96. 556,191 shares of the company’s stock traded hands, compared to its average volume of 595,070. The firm has a 50-day moving average price of $431.71 and a 200 day moving average price of $446.17. BlackRock has a 52-week low of $360.79 and a 52-week high of $492.00. The company has a quick ratio of 2.92, a current ratio of 2.92 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $67.20 billion, a PE ratio of 16.45, a PEG ratio of 1.61 and a beta of 1.52.

BlackRock (NYSE:BLK) last posted its quarterly earnings data on Friday, July 19th. The asset manager reported $6.41 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $6.52 by ($0.11). BlackRock had a net margin of 30.25% and a return on equity of 13.24%. The business had revenue of $3.52 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter in the previous year, the firm earned $6.66 EPS. BlackRock’s revenue was down 2.2% compared to the same quarter last year. Equities analysts predict that BlackRock will post 27.5 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Bangor Savings Bank raised its position in shares of BlackRock by 1.5% in the 2nd quarter. Bangor Savings Bank now owns 1,483 shares of the asset manager’s stock worth $696,000 after acquiring an additional 22 shares in the last quarter. Smith Moore & CO. raised its position in shares of BlackRock by 4.2% in the 1st quarter. Smith Moore & CO. now owns 615 shares of the asset manager’s stock worth $263,000 after acquiring an additional 25 shares in the last quarter. Pinnacle Bank raised its position in shares of BlackRock by 2.7% in the 2nd quarter. Pinnacle Bank now owns 945 shares of the asset manager’s stock worth $443,000 after acquiring an additional 25 shares in the last quarter. Wambolt & Associates LLC raised its position in shares of BlackRock by 2.0% in the 2nd quarter. Wambolt & Associates LLC now owns 1,306 shares of the asset manager’s stock worth $613,000 after acquiring an additional 25 shares in the last quarter. Finally, C M Bidwell & Associates Ltd. raised its position in shares of BlackRock by 1.9% in the 2nd quarter. C M Bidwell & Associates Ltd. now owns 1,313 shares of the asset manager’s stock worth $616,000 after acquiring an additional 25 shares in the last quarter. 81.93% of the stock is 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.

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