Robertson Stephens Wealth Management LLC cut its holdings in BlackRock, Inc. (NYSE:BLK) by 53.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 390 shares of the asset manager’s stock after selling 452 shares during the quarter. Robertson Stephens Wealth Management LLC’s holdings in BlackRock were worth $219,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Kestra Private Wealth Services LLC purchased a new stake in BlackRock in the third quarter valued at approximately $563,000. WealthStone Inc. lifted its holdings in BlackRock by 11.4% during the third quarter. WealthStone Inc. now owns 461 shares of the asset manager’s stock valued at $260,000 after purchasing an additional 47 shares in the last quarter. Advisory Services Network LLC lifted its holdings in BlackRock by 34.4% during the second quarter. Advisory Services Network LLC now owns 2,705 shares of the asset manager’s stock valued at $1,472,000 after purchasing an additional 692 shares in the last quarter. Bank of Montreal Can grew its position in shares of BlackRock by 25.1% in the second quarter. Bank of Montreal Can now owns 177,009 shares of the asset manager’s stock valued at $97,254,000 after purchasing an additional 35,551 shares during the period. Finally, Osher Van de Voorde Investment Management increased its stake in shares of BlackRock by 1.2% during the third quarter. Osher Van de Voorde Investment Management now owns 25,886 shares of the asset manager’s stock worth $14,588,000 after purchasing an additional 300 shares in the last quarter. 71.18% of the stock is owned by institutional investors and hedge funds.
NYSE BLK opened at $672.71 on Friday. The business’s fifty day simple moving average is $631.29 and its 200-day simple moving average is $572.88. The company has a quick ratio of 1.02, a current ratio of 1.01 and a debt-to-equity ratio of 0.45. The firm has a market cap of $102.60 billion, a PE ratio of 22.30, a P/E/G ratio of 2.33 and a beta of 1.14. BlackRock, Inc. has a 52 week low of $323.98 and a 52 week high of $692.73.
BlackRock (NYSE:BLK) last issued its earnings results on Sunday, October 18th. The asset manager reported $9.22 EPS for the quarter, topping analysts’ consensus estimates of $7.45 by $1.77. BlackRock had a net margin of 29.83% and a return on equity of 14.91%. The company had revenue of $4.37 billion for the quarter, compared to the consensus estimate of $3.89 billion. During the same period in the previous year, the firm earned $7.15 earnings per share. BlackRock’s quarterly revenue was up 18.3% compared to the same quarter last year. Research analysts expect that BlackRock, Inc. will post 32.1 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Friday, December 4th will be issued a $3.63 dividend. This represents a $14.52 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date is Thursday, December 3rd. BlackRock’s dividend payout ratio is presently 50.98%.
In related news, General Counsel Christopher J. Meade sold 699 shares of the business’s stock in a transaction dated Wednesday, November 11th. The shares were sold at an average price of $669.79, for a total value of $468,183.21. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Mark Wiedman sold 3,850 shares of the company’s stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $626.47, for a total transaction of $2,411,909.50. The disclosure for this sale can be found here. Corporate insiders own 1.42% of the company’s stock.
Several equities research analysts recently issued reports on the company. BMO Capital Markets lifted their price objective on BlackRock from $594.00 to $602.00 and gave the stock a “market perform” rating in a report on Thursday, October 15th. They noted that the move was a valuation call. Wells Fargo & Company reaffirmed a “buy” rating on shares of BlackRock in a research note on Wednesday, October 14th. Barclays boosted their price target on BlackRock from $625.00 to $700.00 in a research report on Wednesday, October 14th. Citigroup raised their price objective on BlackRock from $690.00 to $800.00 and gave the company a “buy” rating in a report on Wednesday, October 14th. Finally, Morgan Stanley lifted their target price on shares of BlackRock from $652.00 to $686.00 and gave the stock an “overweight” rating in a research note on Friday, October 9th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $644.58.
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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