Financial Advocates Investment Management reduced its position in BlackRock, Inc. (NYSE:BLK – Get Rating ) by 34.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 789 shares of the asset manager’s stock after selling 423 shares during the period. Financial Advocates Investment Management’s holdings in BlackRock were worth $603,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently bought and sold shares of BLK. State Street Corp boosted its holdings in BlackRock by 3.0% in the fourth quarter. State Street Corp now owns 6,539,029 shares of the asset manager’s stock valued at $5,986,873,000 after acquiring an additional 192,641 shares during the period. Capital International Investors boosted its holdings in BlackRock by 2.2% in the fourth quarter. Capital International Investors now owns 3,288,052 shares of the asset manager’s stock valued at $3,010,396,000 after acquiring an additional 71,631 shares during the period. Geode Capital Management LLC boosted its holdings in BlackRock by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 2,300,304 shares of the asset manager’s stock valued at $2,099,650,000 after acquiring an additional 66,107 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of BlackRock by 3.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,016,362 shares of the asset manager’s stock worth $1,846,102,000 after purchasing an additional 68,493 shares during the period. Finally, Norges Bank acquired a new position in shares of BlackRock during the fourth quarter valued at approximately $1,230,851,000. Hedge funds and other institutional investors own 93.81% of the company’s shares.
Insider buying and selling at BlackRock
In other news, Chairman Robert Kapito sold 37,588 shares of the stock in a transaction on Monday, July 25th. The shares were sold at an average price of $632.88, for a total transaction of $23,788,693.44. Following the completion of the transaction, the chairman now directly owns 226,680 shares in the company, valued at approximately $143,461,238.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC’s website. In other news, CEO Laurence Fink sold 44,500 shares of the stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $684.61, for a total transaction of $30,465,145.00. Following the completion of the transaction, the chief executive officer now directly owns 563,771 shares in the company, valued at approximately $385,963,264.31. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC’s website. Also, Chairman Robert Kapito sold 37,588 shares of the stock in a transaction on Monday, July 25th. The shares were sold at an average price of $632.88, for a total value of $23,788,693.44. Following the transaction, the chairman now owns 226,680 shares of the company’s stock, valued at $143,461,238.40. Disclosure of this sale can be found here. Insiders sold a total of 83,448 shares of company stock worth $55,259,953 in the last three months. 1.06% of the shares are owned by corporate insiders.
Changes in analyst ratings
A number of brokerages have recently weighed in on BLK. Deutsche Bank Aktiengesellschaft boosted their target price on BlackRock from $720.00 to $860.00 and gave the stock a “buy” rating in a research note on Friday, August 12th. Goldman Sachs Group cut their price target on BlackRock from $830.00 to $710.00 and set a “buy” rating for the company in a research note on Wednesday, June 29th. Morgan Stanley dropped their target price on BlackRock from $801.00 to $773.00 and set an “overweight” rating for the company in a research note on Wednesday, July 27th. UBS Group decreased their target price on BlackRock from $825.00 to $718.00 in a research note on Monday, July 11th. Finally, StockNews.com raised BlackRock from a “sell” rating to a “hold” rating in a research note on Tuesday, August 16th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Moderate Buy” and a consensus price target of $804.46, according to MarketBeat.com.
BlackRock stock down 4.2%
Shares of NYSE:BLK opened at $713.85 on Monday. The company has a quick ratio of 3.64, a current ratio of 3.64, and a debt-to-equity ratio of 0.37. The company has a fifty day moving average of $646.68 and a two hundred day moving average of $680.53. The stock has a market cap of $108.15 billion, a P/E ratio of 18.82, a PEG ratio of 3.74 and a beta of 1.25. BlackRock, Inc. it has a 52-week low of $575.60 and a 52-week high of $973.16.
BlackRock (NYSE:BLK – Get Rating ) last posted its earnings results on Friday, July 15th. The asset manager reported $7.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.94 by ($0.58). The company had revenue of $4.53 billion in the quarter, compared to analysts’ expectations of $4.53 billion. BlackRock had a net margin of 30.12% and a return on equity of 15.74%. The company’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter last year, the company posted earnings per share of $10.03. On average, research analysts expect that BlackRock, Inc. will post 33.92 earnings per share for the current year.
BlackRock announces dividends
The business also recently announced a quarterly dividend, which will be paid on Friday, September 23rd. Shareholders of record on Wednesday, September 7th will be paid a $4.88 dividend. This represents an annualized dividend of $19.52 and a yield of 2.73%. The ex-gratia date for this dividend is Tuesday, September 6. BlackRock’s payout ratio is currently 51.46%.
BlackRock Company Profile
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BlackRock, Inc. is a publicly owned investment manager. The company primarily provides its services to institutional, intermediary and individual investors, such as corporate, public, union and industry pension plans, insurance companies, third party investment funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions and banks.
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