First Long Island Investors LLC reduced its stake in shares of BlackRock, Inc. (NYSE:BLK) by 9.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,396 shares of the asset manager’s stock after selling 2,843 shares during the quarter. BlackRock comprises about 2.0% of First Long Island Investors LLC’s investment portfolio, making the stock its 22nd largest holding. First Long Island Investors LLC’s holdings in BlackRock were worth $13,672,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Blue Chip Partners Inc. raised its position in BlackRock by 12.2% in the second quarter. Blue Chip Partners Inc. now owns 17,619 shares of the asset manager’s stock worth $8,793,000 after acquiring an additional 1,914 shares in the last quarter. Brightworth raised its position in BlackRock by 1.8% in the second quarter. Brightworth now owns 13,795 shares of the asset manager’s stock worth $6,884,000 after acquiring an additional 247 shares in the last quarter. Highland Capital Management LLC bought a new stake in BlackRock in the second quarter worth about $4,591,000. Pekin Singer Strauss Asset Management IL raised its position in BlackRock by 20.9% in the first quarter. Pekin Singer Strauss Asset Management IL now owns 578 shares of the asset manager’s stock worth $313,000 after acquiring an additional 100 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in BlackRock by 5.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 463,251 shares of the asset manager’s stock worth $250,953,000 after acquiring an additional 25,901 shares in the last quarter. Institutional investors and hedge funds own 84.12% of the company’s stock.
NYSE BLK opened at $474.15 on Monday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 3.87 and a current ratio of 3.87. The stock has a market cap of $76.71 billion, a price-to-earnings ratio of 20.98, a P/E/G ratio of 1.49 and a beta of 1.61. BlackRock, Inc. has a 1 year low of $408.62 and a 1 year high of $594.52.
BlackRock (NYSE:BLK) last released its earnings results on Monday, July 16th. The asset manager reported $6.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $6.55 by $0.11. BlackRock had a return on equity of 13.20% and a net margin of 38.97%. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.58 billion. During the same quarter in the previous year, the business posted $5.24 EPS. The business’s revenue for the quarter was up 11.4% on a year-over-year basis. sell-side analysts expect that BlackRock, Inc. will post 27.71 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 24th. Shareholders of record on Friday, September 7th will be paid a dividend of $3.13 per share. This represents a $12.52 annualized dividend and a yield of 2.64%. The ex-dividend date is Thursday, September 6th. This is a boost from BlackRock’s previous quarterly dividend of $2.88. BlackRock’s payout ratio is 50.97%.
In other BlackRock news, Director William E. Ford bought 1,000 shares of the stock in a transaction on Wednesday, July 18th. The shares were bought at an average price of $507.98 per share, with a total value of $507,980.00. Following the purchase, the director now directly owns 4,400 shares in the company, valued at approximately $2,235,112. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Laurence Fink sold 19,800 shares of BlackRock stock in a transaction dated Wednesday, July 18th. The shares were sold at an average price of $507.67, for a total value of $10,051,866.00. Following the transaction, the chairman now directly owns 1,098,328 shares in the company, valued at approximately $557,588,175.76. The disclosure for this sale can be found here. Insiders own 1.75% of the company’s stock.
Several analysts have issued reports on the company. Barclays cut their price objective on BlackRock from $615.00 to $595.00 and set an “overweight” rating on the stock in a report on Tuesday, July 17th. Zacks Investment Research downgraded BlackRock from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Citigroup upgraded BlackRock from a “neutral” rating to a “buy” rating in a report on Monday, June 18th. Deutsche Bank cut their price objective on BlackRock from $570.00 to $561.00 and set a “buy” rating on the stock in a report on Thursday. Finally, ValuEngine downgraded BlackRock from a “buy” rating to a “hold” rating in a report on Friday, June 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $594.25.
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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