Pinnacle Associates Ltd. lifted its stake in BlackRock, Inc. (NYSE:BLK) by 4.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,816 shares of the asset manager’s stock after purchasing an additional 781 shares during the period. Pinnacle Associates Ltd.’s holdings in BlackRock were worth $6,606,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Capital Investment Advisory Services LLC bought a new position in shares of BlackRock during the 4th quarter valued at about $156,000. Transamerica Financial Advisors Inc. boosted its holdings in shares of BlackRock by 658.3% during the 4th quarter. Transamerica Financial Advisors Inc. now owns 91 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 79 shares during the last quarter. Empire Life Investments Inc. boosted its holdings in shares of BlackRock by 1.0% during the 4th quarter. Empire Life Investments Inc. now owns 13,798 shares of the asset manager’s stock valued at $5,420,000 after purchasing an additional 142 shares during the last quarter. Aspiriant LLC boosted its holdings in shares of BlackRock by 8.6% during the 4th quarter. Aspiriant LLC now owns 820 shares of the asset manager’s stock valued at $320,000 after purchasing an additional 65 shares during the last quarter. Finally, Schmidt P J Investment Management Inc. boosted its holdings in shares of BlackRock by 1.6% during the 4th quarter. Schmidt P J Investment Management Inc. now owns 13,574 shares of the asset manager’s stock valued at $5,332,000 after purchasing an additional 217 shares during the last quarter. Hedge funds and other institutional investors own 86.05% of the company’s stock.
Shares of NYSE:BLK opened at $425.51 on Wednesday. The company has a quick ratio of 3.07, a current ratio of 3.07 and a debt-to-equity ratio of 0.76. BlackRock, Inc. has a 12 month low of $360.79 and a 12 month high of $578.80. The stock has a market capitalization of $64.94 billion, a P/E ratio of 15.80, a price-to-earnings-growth ratio of 1.57 and a beta of 1.37.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 21st. Investors of record on Wednesday, March 6th will be issued a $3.30 dividend. This is an increase from BlackRock’s previous quarterly dividend of $3.13. The ex-dividend date of this dividend is Tuesday, March 5th. This represents a $13.20 dividend on an annualized basis and a dividend yield of 3.10%. BlackRock’s dividend payout ratio (DPR) is presently 46.49%.
In related news, Director Jeff A. Smith sold 2,250 shares of the stock in a transaction dated Tuesday, February 5th. The shares were sold at an average price of $415.78, for a total value of $935,505.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director J. Richard Kushel sold 2,100 shares of the stock in a transaction dated Monday, November 26th. The stock was sold at an average price of $419.11, for a total transaction of $880,131.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 86,929 shares of company stock valued at $36,214,650. 1.75% of the stock is owned by insiders.
Several research firms have commented on BLK. Bank of America reissued a “buy” rating and set a $478.00 price objective (down previously from $525.00) on shares of BlackRock in a report on Thursday, December 6th. Morgan Stanley set a $515.00 price objective on shares of BlackRock and gave the company a “buy” rating in a report on Friday, February 8th. Argus dropped their price objective on shares of BlackRock from $620.00 to $535.00 and set a “buy” rating for the company in a report on Wednesday, October 17th. Wells Fargo & Co reissued a “hold” rating and set a $440.00 price objective (down previously from $510.00) on shares of BlackRock in a report on Tuesday, October 16th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $472.00 price objective on shares of BlackRock in a report on Wednesday, January 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company’s stock. BlackRock currently has an average rating of “Buy” and a consensus price target of $503.03.
BlackRock Profile
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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