Palouse Capital Management Inc. acquired a new stake in shares of BlackRock, Inc. (NYSE:BLK) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 17,419 shares of the asset manager’s stock, valued at approximately $6,680,000. BlackRock makes up about 2.5% of Palouse Capital Management Inc.’s holdings, making the stock its 6th largest position.
A number of other institutional investors have also recently made changes to their positions in BLK. Kings Point Capital Management boosted its position in shares of BlackRock by 34.5% in the first quarter. Kings Point Capital Management now owns 273 shares of the asset manager’s stock valued at $105,000 after buying an additional 70 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in shares of BlackRock during the first quarter valued at about $108,000. Peoples Financial Services CORP. purchased a new position in shares of BlackRock during the first quarter valued at about $115,000. Twin Tree Management LP raised its stake in shares of BlackRock by 131.2% in the first quarter. Twin Tree Management LP now owns 343 shares of the asset manager’s stock valued at $132,000 after buying an additional 1,443 shares during the last quarter. Finally, Adirondack Trust Co. raised its stake in shares of BlackRock by 7.1% in the first quarter. Adirondack Trust Co. now owns 450 shares of the asset manager’s stock valued at $172,000 after buying an additional 30 shares during the last quarter. 80.33% of the stock is currently owned by institutional investors.
BlackRock, Inc. (NYSE BLK) traded down 0.81% during mid-day trading on Friday, reaching $416.55. 1,015,041 shares of the company were exchanged. BlackRock, Inc. has a 12 month low of $336.84 and a 12 month high of $442.84. The company has a market cap of $67.57 billion, a P/E ratio of 19.99 and a beta of 1.71. The stock’s 50-day moving average is $428.07 and its 200-day moving average is $401.25.
BlackRock (NYSE:BLK) last posted its quarterly earnings data on Monday, July 17th. The asset manager reported $5.24 earnings per share for the quarter, missing the consensus estimate of $5.39 by $0.15. The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $3.01 billion. BlackRock had a return on equity of 11.74% and a net margin of 29.92%. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the company earned $4.78 earnings per share. Equities analysts expect that BlackRock, Inc. will post $21.85 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Tuesday, September 5th will be given a dividend of $2.50 per share. The ex-dividend date is Thursday, August 31st. This represents a $10.00 annualized dividend and a dividend yield of 2.40%. BlackRock’s dividend payout ratio is currently 47.98%.
Several equities research analysts have commented on BLK shares. Deutsche Bank AG restated a “buy” rating and set a $455.00 target price (down from $465.00) on shares of BlackRock in a research report on Tuesday, July 18th. Zacks Investment Research upgraded shares of BlackRock from a “hold” rating to a “buy” rating and set a $480.00 target price on the stock in a research report on Tuesday, June 20th. Bank of America Corporation restated a “buy” rating and set a $450.00 target price on shares of BlackRock in a research report on Monday, June 19th. BidaskClub lowered shares of BlackRock from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $387.00 price objective on shares of BlackRock in a research report on Wednesday, May 17th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $443.00.
In related news, insider Jeff A. Smith sold 250 shares of the stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $434.87, for a total transaction of $108,717.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark Mccombe sold 500 shares of the stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $405.98, for a total value of $202,990.00. The disclosure for this sale can be found here. Insiders have sold 3,772 shares of company stock valued at $1,567,516 over the last ninety days. 1.86% of the stock is owned by 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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