State Treasurer State of Michigan cut its position in shares of BlackRock, Inc. (NYSE:BLK) by 0.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,880 shares of the asset manager’s stock after selling 100 shares during the period. State Treasurer State of Michigan’s holdings in BlackRock were worth $16,846,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Osborn Williams & Donohoe LLC raised its stake in shares of BlackRock by 1.2% in the first quarter. Osborn Williams & Donohoe LLC now owns 21,310 shares of the asset manager’s stock worth $8,173,000 after buying an additional 263 shares during the last quarter. CHURCHILL MANAGEMENT Corp purchased a new stake in shares of BlackRock during the first quarter worth about $279,000. Trust Co raised its stake in shares of BlackRock by 7.8% in the fourth quarter. Trust Co now owns 4,237 shares of the asset manager’s stock worth $1,613,000 after buying an additional 307 shares during the last quarter. Chevy Chase Trust Holdings Inc. raised its stake in shares of BlackRock by 2.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 113,736 shares of the asset manager’s stock worth $43,619,000 after buying an additional 2,805 shares during the last quarter. Finally, First Financial Bank N.A. Trust Division raised its stake in shares of BlackRock by 1.6% in the first quarter. First Financial Bank N.A. Trust Division now owns 17,157 shares of the asset manager’s stock worth $6,580,000 after buying an additional 271 shares during the last quarter. Hedge funds and other institutional investors own 80.37% of the company’s stock.
Shares of BlackRock, Inc. (NYSE:BLK) traded up 0.35% during trading on Friday, hitting $424.16. The stock had a trading volume of 807,059 shares. The stock has a market cap of $68.80 billion, a P/E ratio of 20.36 and a beta of 1.71. BlackRock, Inc. has a one year low of $336.84 and a one year high of $442.84. The stock’s 50 day moving average price is $428.03 and its 200-day moving average price is $399.68.
BlackRock (NYSE:BLK) last announced its quarterly earnings results on Monday, July 17th. The asset manager reported $5.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $5.39 by $0.15. The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $3.01 billion. BlackRock had a return on equity of 11.71% and a net margin of 29.24%. BlackRock’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.78 earnings per share. Analysts expect that BlackRock, Inc. will post $21.85 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Tuesday, September 5th will be paid a $2.50 dividend. The ex-dividend date is Thursday, August 31st. This represents a $10.00 dividend on an annualized basis and a yield of 2.36%. BlackRock’s dividend payout ratio is presently 47.98%.
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A number of brokerages recently issued reports on BLK. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $440.00 price target on shares of BlackRock in a report on Friday, July 14th. Morgan Stanley reiterated an “overweight” rating and issued a $460.00 price target (up previously from $422.00) on shares of BlackRock in a report on Monday, July 10th. Wells Fargo & Company reiterated a “market perform” rating and issued a $425.00 price target (up previously from $380.00) on shares of BlackRock in a report on Wednesday, July 12th. Deutsche Bank AG upped their target price on BlackRock from $447.00 to $449.00 and gave the stock a “buy” rating in a report on Tuesday, July 4th. Finally, Zacks Investment Research upgraded BlackRock from a “hold” rating to a “buy” rating and set a $480.00 target price for the company in a report on Tuesday, June 20th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. BlackRock presently has a consensus rating of “Buy” and a consensus target price of $434.93.
In other news, insider Jeff A. Smith sold 250 shares of the business’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $434.87, for a total transaction of $108,717.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mark Mccombe sold 500 shares of the business’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $405.98, for a total transaction of $202,990.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,772 shares of company stock worth $1,567,516. 1.86% of the stock is currently owned by company insiders.
BlackRock Company Profile
BlackRock, Inc (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients.
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