Pinnacle Associates Ltd. lowered its stake in BlackRock, Inc. (NYSE:BLK) by 1.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,611 shares of the asset manager’s stock after selling 273 shares during the quarter. Pinnacle Associates Ltd.’s holdings in BlackRock were worth $7,017,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Enterprise Financial Services Corp lifted its stake in shares of BlackRock by 52.5% in the 2nd quarter. Enterprise Financial Services Corp now owns 247 shares of the asset manager’s stock valued at $104,000 after purchasing an additional 85 shares during the period. Penserra Capital Management LLC acquired a new position in shares of BlackRock in the 2nd quarter valued at $104,000. Proficio Capital Partners LLC lifted its stake in shares of BlackRock by 48.9% in the 1st quarter. Proficio Capital Partners LLC now owns 259 shares of the asset manager’s stock valued at $103,000 after purchasing an additional 85 shares during the period. Kings Point Capital Management lifted its stake in shares of BlackRock by 34.5% in the 1st quarter. Kings Point Capital Management now owns 273 shares of the asset manager’s stock valued at $105,000 after purchasing an additional 70 shares during the period. Finally, Financial Architects Inc lifted its stake in shares of BlackRock by 0.7% in the 2nd quarter. Financial Architects Inc now owns 291 shares of the asset manager’s stock valued at $123,000 after purchasing an additional 2 shares during the period. 82.47% of the stock is currently owned by institutional investors.
A number of research analysts have recently weighed in on the company. Jefferies Group LLC reissued a “hold” rating and issued a $440.00 price target on shares of BlackRock in a research note on Friday, August 18th. Bank of America Corporation reissued a “buy” rating and issued a $450.00 price target on shares of BlackRock in a research note on Monday, June 19th. Morgan Stanley reissued an “overweight” rating and issued a $476.00 price target (up previously from $460.00) on shares of BlackRock in a research note on Tuesday, July 18th. Zacks Investment Research raised BlackRock from a “hold” rating to a “buy” rating and set a $480.00 price target on the stock in a research note on Tuesday, June 20th. Finally, Deutsche Bank AG increased their price target on BlackRock from $447.00 to $449.00 and gave the company a “buy” rating in a research note on Tuesday, July 4th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $449.08.
In other BlackRock news, insider Robert W. Fairbairn sold 3,675 shares of the company’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $415.31, for a total value of $1,526,264.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeff A. Smith sold 250 shares of the company’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $434.87, for a total transaction of $108,717.50. The disclosure for this sale can be found here. Insiders sold a total of 4,447 shares of company stock valued at $1,855,015 over the last ninety days. 1.86% of the stock is currently owned by insiders.
BlackRock, Inc. (NYSE BLK) opened at 428.72 on Monday. BlackRock, Inc. has a 12-month low of $336.84 and a 12-month high of $442.83. The company has a market cap of $69.54 billion, a PE ratio of 20.58 and a beta of 1.71. The firm’s 50-day moving average price is $422.13 and its 200-day moving average price is $406.10.
BlackRock (NYSE:BLK) last issued its quarterly earnings data on Monday, July 17th. The asset manager reported $5.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $5.39 by ($0.15). BlackRock had a return on equity of 11.74% and a net margin of 29.92%. The firm had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $3.01 billion. During the same period in the previous year, the company posted $4.78 earnings per share. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities research analysts forecast that BlackRock, Inc. will post $21.83 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Tuesday, September 5th will be given a $2.50 dividend. This represents a $10.00 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Thursday, August 31st. BlackRock’s payout ratio is 47.98%.
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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