JPMorgan Chase & Co. Lowers Target Price for BlackRock (NYSE: BLK) Stock

Analysts at JPMorgan Chase & Co. have recently revised their target price for BlackRock (NYSE: BLK), reducing it from $1,053.00 to $1,046.00. This decision was announced in a research report published on Wednesday. The bank currently holds a "neutral" rating on BlackRock’s stock, indicating that they expect the stock's performance to remain steady.

The new price target from JPMorgan points to a potential upside of approximately 9.44% based on the stock's current pricing. This revised projection indicates a cautious approach toward the asset management firm's future performance.

Market Reactions and Analyst Insights

In the midst of this news, several other financial institutions have also updated their perspectives on BlackRock. Notably, Wells Fargo & Company raised their target price on the firm's stock from $1,155.00 to $1,175.00, assigning it an "overweight" rating. Citigroup also adjusted their target price upward from $1,150.00 to $1,200.00 with a "buy" rating on the company. Deutsche Bank followed suit by increasing their price target from $1,215.00 to $1,275.00, maintaining a "buy" rating.

In contrast, Keefe, Bruyette & Woods lowered their price objective from $1,225.00 to $1,160.00 but still retained an "outperform" rating for the stock. Additionally, Morgan Stanley increased their target price from $1,261.00 to $1,275.00, issuing an "overweight" rating. Currently, three analysts have given the stock a hold rating, while a total of ten have assigned a buy rating to it. According to data from MarketBeat.com, BlackRock has an average rating of "Moderate Buy" with a consensus price target of $1,126.92.

BlackRock’s Stock Performance

On the day of the announcement, BlackRock's stock (BLK) experienced an uptick, rising by $11.73 during trading to reach $955.81. The trading volume for the day was reported at 246,688 shares, in comparison to its average volume of 666,971. Currently, the firm holds a market capitalization of $148.39 billion and has a P/E ratio of 22.76. Over the past year, BlackRock's stock has seen a low of $745.55 and a high of $1,084.22.

During its last earnings report, released on January 15th, BlackRock reported earnings per share (EPS) of $11.93, which exceeded analysts’ expectations of $11.52. The company generated revenues of $5.68 billion, beating the average estimate of $5.57 billion. This represented a 22.6% increase in revenue compared to the same quarter the previous year.

Insider Activity and Institutional Holdings

In related news, Director J. Richard Kushel recently sold 430 shares of BlackRock stock for an average price of $949.37, totaling a value of approximately $408,229. Following this transaction, Kushel retained 3,720 shares of the company worth $3,531,656.40. Over the last quarter, insiders sold a total of 20,430 shares valued at $21,234,629. It is important to note that company insiders own around 0.90% of BlackRock's stock. Furthermore, institutional ownership remains robust, with hedge funds adjusting their positions accordingly.

United Bank recently increased its holdings in BlackRock by 1.1%, while Atom Investors LP raised its stake by 7.1%. Similarly, Investment Management Corp of Ontario expanded its position by an impressive 51.7%. Overall, 80.69% of BlackRock’s shares are now owned by institutional investors and hedge funds.

Conclusion

While JPMorgan Chase & Co. has issued a more cautious forecast for BlackRock's stock, various other analysts remain optimistic. Investors may want to monitor how the asset management firm continues to perform and how these ratings might impact the stock's trajectory.

BlackRock, stock, forecast