Waterfront Wealth Inc. Invests $1.59 Million in BlackRock, Inc. (NYSE:BLK)

Waterfront Wealth Inc. acquired a new position in shares of BlackRock, Inc. (NYSE:BLK) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,549 shares of the asset manager’s stock, valued at approximately $1,588,000.

Other institutional investors also recently bought and sold shares of the company. Oddo BHF Asset Management Sas acquired a new stake in shares of BlackRock in the 3rd quarter worth $518,000. Erste Asset Management GmbH purchased a new position in shares of BlackRock in the 3rd quarter valued at about $32,904,000. Raymond James Trust N.A. increased its stake in shares of BlackRock by 2.3% in the 3rd quarter. Raymond James Trust N.A. now owns 27,092 shares of the asset manager’s stock valued at $25,724,000 after purchasing an additional 614 shares in the last quarter. MML Investors Services LLC increased its stake in shares of BlackRock by 2.8% in the 3rd quarter. MML Investors Services LLC now owns 68,466 shares of the asset manager’s stock valued at $65,010,000 after purchasing an additional 1,852 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC boosted its holdings in BlackRock by 20.4% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 3,338 shares of the asset manager’s stock worth $3,169,000 after buying an additional 565 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at BlackRock

In other news, COO Robert L. Goldstein sold 54,000 shares of the business’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $1,046.03, for a total value of $56,485,620.00. Following the sale, the chief operating officer now owns 41,916 shares of the company’s stock, valued at $43,845,393.48. The trade was a 56.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director J. Richard Kushel sold 10,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $1,010.00, for a total transaction of $10,100,000.00. Following the transaction, the director now owns 68,433 shares in the company, valued at approximately $69,117,330. The trade was a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,190 shares of company stock valued at $115,163,141. 0.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BLK. Deutsche Bank Aktiengesellschaft boosted their target price on BlackRock from $1,215.00 to $1,275.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Morgan Stanley boosted their target price on BlackRock from $1,261.00 to $1,275.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Keefe, Bruyette & Woods cut their price objective on BlackRock from $1,225.00 to $1,160.00 and set an “outperform” rating on the stock in a research report on Monday, January 13th. Citigroup boosted their target price on shares of BlackRock from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Monday, December 23rd. Finally, JPMorgan Chase & Co. upped their price objective on shares of BlackRock from $914.00 to $971.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,120.67.

BlackRock Price Performance

Shares of BlackRock stock opened at $990.47 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 5.23 and a quick ratio of 5.23. BlackRock, Inc. has a fifty-two week low of $745.55 and a fifty-two week high of $1,084.22. The firm has a fifty day moving average price of $1,013.24 and a two-hundred day moving average price of $976.04. The company has a market cap of $153.40 billion, a PE ratio of 23.58, a price-to-earnings-growth ratio of 1.88 and a beta of 1.28.

BlackRock (NYSE:BLK) last posted its quarterly earnings data on Wednesday, January 15th. The asset manager reported $11.93 earnings per share for the quarter, beating the consensus estimate of $11.52 by $0.41. BlackRock had a net margin of 31.21% and a return on equity of 16.32%. The firm had revenue of $5.68 billion during the quarter, compared to analysts’ expectations of $5.57 billion. During the same quarter last year, the company posted $9.66 EPS. The company’s quarterly revenue was up 22.6% compared to the same quarter last year. Analysts expect that BlackRock, Inc. will post 47.44 EPS for the current year.

BlackRock Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be issued a dividend of $5.21 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $20.84 dividend on an annualized basis and a yield of 2.10%. This is a boost from BlackRock’s previous quarterly dividend of $5.10. BlackRock’s payout ratio is currently 48.57%.

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.