Barrett Asset Management LLC Cuts Stake in BlackRock, Inc. (BLK)
Barrett Asset Management LLC lowered its stake in shares of BlackRock, Inc. (NYSE:BLK) by 2.2% in the fourth quarter, HoldingsChannel reports. The firm owned 65,119 shares of the asset manager’s stock after selling 1,444 shares during the period. BlackRock accounts for about 2.4% of Barrett Asset Management LLC’s investment portfolio, making the stock its 16th largest position. Barrett Asset Management LLC’s holdings in BlackRock were worth $33,452,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Invictus RG purchased a new stake in shares of BlackRock during the third quarter worth about $110,000. Sumitomo Mitsui Financial Group Inc. increased its stake in shares of BlackRock by 1,119.2% during the third quarter. Sumitomo Mitsui Financial Group Inc. now owns 317 shares of the asset manager’s stock worth $141,000 after purchasing an additional 291 shares in the last quarter. Oakworth Capital Inc. increased its stake in shares of BlackRock by 67.6% during the fourth quarter. Oakworth Capital Inc. now owns 305 shares of the asset manager’s stock worth $153,000 after purchasing an additional 123 shares in the last quarter. Manchester Capital Management LLC purchased a new stake in shares of BlackRock during the third quarter worth about $156,000. Finally, Penserra Capital Management LLC increased its stake in shares of BlackRock by 48.8% during the third quarter. Penserra Capital Management LLC now owns 369 shares of the asset manager’s stock worth $164,000 after purchasing an additional 121 shares in the last quarter. 83.27% of the stock is owned by institutional investors and hedge funds.
In other news, insider Jeff A. Smith sold 100 shares of the stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $477.54, for a total value of $47,754.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan Wagner sold 4,000 shares of the stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $506.10, for a total transaction of $2,024,400.00. Following the completion of the sale, the director now directly owns 481,915 shares of the company’s stock, valued at approximately $243,897,181.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,775 shares of company stock valued at $2,983,400. 1.86% of the stock is owned by corporate insiders.
BlackRock (NYSE:BLK) last announced its quarterly earnings data on Friday, January 12th. The asset manager reported $6.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.94 by $0.30. BlackRock had a net margin of 39.79% and a return on equity of 12.54%. The company had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.33 billion. During the same quarter in the prior year, the company earned $5.14 EPS. BlackRock’s revenue was up 20.0% compared to the same quarter last year. equities analysts expect that BlackRock, Inc. will post 28.52 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 22nd. Investors of record on Wednesday, March 7th will be paid a dividend of $2.88 per share. This represents a $11.52 annualized dividend and a yield of 2.21%. The ex-dividend date is Tuesday, March 6th. This is a boost from BlackRock’s previous quarterly dividend of $2.50. BlackRock’s dividend payout ratio is currently 33.00%.
BLK has been the subject of a number of research reports. Citigroup cut shares of BlackRock from a “buy” rating to a “neutral” rating and set a $625.00 target price for the company. in a research note on Thursday, January 25th. Argus reissued a “buy” rating and set a $620.00 target price (up previously from $520.00) on shares of BlackRock in a research note on Tuesday, January 16th. Credit Suisse Group reissued a “buy” rating and set a $680.00 target price on shares of BlackRock in a research note on Friday, January 12th. Zacks Investment Research cut shares of BlackRock from a “buy” rating to a “hold” rating in a research note on Tuesday, December 5th. Finally, Wells Fargo & Co reaffirmed a “market perform” rating and set a $555.00 price objective (up previously from $535.00) on shares of BlackRock in a research note on Tuesday, January 16th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. BlackRock has a consensus rating of “Buy” and an average price target of $547.92.
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BlackRock, Inc (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients.
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