Sequoia Financial Advisors LLC purchased a new position in BlackRock, Inc. (NYSE:BLK) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,559 shares of the asset manager’s stock, valued at approximately $3,772,000.
Several other hedge funds and other institutional investors have also modified their holdings of BLK. Summit Trail Advisors LLC grew its stake in BlackRock by 53,902.3% in the first quarter. Summit Trail Advisors LLC now owns 1,274,454 shares of the asset manager’s stock worth $1,274,000 after purchasing an additional 1,272,094 shares in the last quarter. FIL Ltd grew its stake in BlackRock by 386.0% in the first quarter. FIL Ltd now owns 322,223 shares of the asset manager’s stock worth $174,555,000 after purchasing an additional 255,927 shares in the last quarter. BlackRock Inc. grew its stake in BlackRock by 2.6% in the first quarter. BlackRock Inc. now owns 7,447,936 shares of the asset manager’s stock worth $4,034,698,000 after purchasing an additional 192,139 shares in the last quarter. Cornerstone Wealth Management LLC bought a new position in BlackRock in the second quarter worth approximately $377,000. Finally, Altman Advisors Inc. grew its stake in BlackRock by 3,276.3% in the second quarter. Altman Advisors Inc. now owns 189,004 shares of the asset manager’s stock worth $2,140,000 after purchasing an additional 183,406 shares in the last quarter. Hedge funds and other institutional investors own 82.90% of the company’s stock.
Shares of NYSE BLK opened at $471.96 on Friday. The company has a current ratio of 3.87, a quick ratio of 3.87 and a debt-to-equity ratio of 0.88. The firm has a market cap of $76.32 billion, a price-to-earnings ratio of 20.88, a P/E/G ratio of 1.48 and a beta of 1.54. BlackRock, Inc. has a 12-month low of $409.41 and a 12-month high of $594.52.
BlackRock (NYSE:BLK) last announced its earnings results on Monday, July 16th. The asset manager reported $6.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.55 by $0.11. The business had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.58 billion. BlackRock had a return on equity of 13.20% and a net margin of 38.97%. The business’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter last year, the firm earned $5.24 EPS. equities research analysts expect that BlackRock, Inc. will post 27.73 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 24th. Shareholders of record on Friday, September 7th will be given a dividend of $3.13 per share. This represents a $12.52 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Thursday, September 6th. This is a boost from BlackRock’s previous quarterly dividend of $2.88. BlackRock’s dividend payout ratio (DPR) is 50.97%.
BLK has been the topic of several research analyst reports. Deutsche Bank dropped their price objective on BlackRock from $570.00 to $561.00 and set a “buy” rating on the stock in a research note on Thursday, August 16th. Morgan Stanley dropped their price objective on BlackRock from $624.00 to $607.00 and set an “overweight” rating on the stock in a research note on Thursday, July 12th. Zacks Investment Research cut BlackRock from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Goldman Sachs Group dropped their price objective on BlackRock to $570.00 and set a “buy” rating on the stock in a research note on Tuesday, July 17th. Finally, JPMorgan Chase & Co. set a $547.00 price objective on BlackRock and gave the stock a “buy” rating in a research note on Sunday, July 8th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $594.25.
In other BlackRock news, Chairman Laurence Fink sold 19,800 shares of the stock in a transaction on Wednesday, July 18th. The stock was sold at an average price of $507.67, for a total transaction of $10,051,866.00. Following the sale, the chairman now owns 1,098,328 shares of the company’s stock, valued at approximately $557,588,175.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William E. Ford bought 1,000 shares of the company’s stock in a transaction on Wednesday, July 18th. The shares were bought at an average cost of $507.98 per share, for a total transaction of $507,980.00. Following the transaction, the director now directly owns 4,400 shares in the company, valued at approximately $2,235,112. The disclosure for this purchase can be found here. 1.86% of the stock is currently owned by company insiders.
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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