BlackRock $BLK is Palouse Capital Management Inc.’s 7th Largest Position

Palouse Capital Management Inc. trimmed its position in BlackRock (NYSE:BLK) by 11.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,877 shares of the asset manager’s stock after selling 481 shares during the period. BlackRock comprises about 2.7% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 7th largest position. Palouse Capital Management Inc.’s holdings in BlackRock were worth $4,068,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Securian Asset Management Inc. acquired a new stake in shares of BlackRock during the first quarter worth $7,331,000. Allianz SE raised its position in shares of BlackRock by 2.6% during the 1st quarter. Allianz SE now owns 11,025 shares of the asset manager’s stock worth $10,435,000 after purchasing an additional 277 shares during the period. Opus Investment Management Inc. bought a new stake in shares of BlackRock in the 1st quarter worth approximately $1,420,000. Ally Financial Inc. acquired a new position in BlackRock during the 1st quarter valued at approximately $1,893,000. Finally, Graybill Wealth Management LTD. bought a new position in BlackRock during the 1st quarter worth $6,101,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BLK. Argus boosted their price target on shares of BlackRock from $1,165.00 to $1,330.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Jefferies Financial Group lifted their price objective on shares of BlackRock from $1,196.00 to $1,325.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. The Goldman Sachs Group upped their target price on shares of BlackRock from $1,163.00 to $1,312.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. JPMorgan Chase & Co. lifted their price target on BlackRock from $1,093.00 to $1,242.00 and gave the company a “neutral” rating in a report on Thursday, October 2nd. Finally, Keefe, Bruyette & Woods raised their target price on BlackRock from $1,215.00 to $1,300.00 and gave the company an “outperform” rating in a research report on Monday, October 13th. Seventeen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,303.41.

BlackRock Stock Up 0.0%

Shares of BLK stock opened at $1,082.37 on Tuesday. The business’s fifty day moving average is $1,129.70 and its 200-day moving average is $1,071.68. BlackRock has a 1 year low of $773.74 and a 1 year high of $1,219.94. The stock has a market cap of $167.61 billion, a PE ratio of 27.83, a price-to-earnings-growth ratio of 1.90 and a beta of 1.48. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04.

BlackRock (NYSE:BLK) last issued its quarterly earnings results on Tuesday, October 14th. The asset manager reported $11.55 EPS for the quarter, missing the consensus estimate of $11.78 by ($0.23). BlackRock had a return on equity of 15.36% and a net margin of 26.64%.The business had revenue of $6.51 billion during the quarter, compared to the consensus estimate of $6.22 billion. During the same quarter last year, the firm posted $11.46 earnings per share. BlackRock’s revenue was up 25.2% compared to the same quarter last year. Equities analysts expect that BlackRock will post 47.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other BlackRock news, Director Rachel Lord sold 12,000 shares of BlackRock stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $1,165.04, for a total value of $13,980,480.00. Following the transaction, the director owned 7,205 shares in the company, valued at approximately $8,394,113.20. The trade was a 62.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.98% of the company’s stock.

About BlackRock

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.