Basswood Capital Management L.L.C. Takes $15 Million Position in BlackRock, Inc. (BLK)
Basswood Capital Management L.L.C. purchased a new position in BlackRock, Inc. (NYSE:BLK) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 38,177 shares of the asset manager’s stock, valued at approximately $14,997,000.
Other large investors have also modified their holdings of the company. Shine Investment Advisory Services Inc. raised its holdings in shares of BlackRock by 18.1% in the 4th quarter. Shine Investment Advisory Services Inc. now owns 176 shares of the asset manager’s stock worth $69,000 after purchasing an additional 27 shares during the period. IMS Capital Management raised its holdings in shares of BlackRock by 0.8% in the 3rd quarter. IMS Capital Management now owns 3,510 shares of the asset manager’s stock worth $1,654,000 after purchasing an additional 28 shares during the period. Security Asset Management raised its holdings in shares of BlackRock by 0.4% in the 4th quarter. Security Asset Management now owns 7,538 shares of the asset manager’s stock worth $2,961,000 after purchasing an additional 30 shares during the period. Lau Associates LLC raised its holdings in shares of BlackRock by 2.9% in the 4th quarter. Lau Associates LLC now owns 1,056 shares of the asset manager’s stock worth $415,000 after purchasing an additional 30 shares during the period. Finally, Confluence Wealth Management LLC raised its holdings in shares of BlackRock by 2.1% in the 4th quarter. Confluence Wealth Management LLC now owns 1,534 shares of the asset manager’s stock worth $603,000 after purchasing an additional 32 shares during the period. 82.09% of the stock is currently owned by hedge funds and other institutional investors.
In other BlackRock news, insider J. Richard Kushel sold 3,077 shares of the firm’s stock in a transaction that occurred on Tuesday, January 29th. The stock was sold at an average price of $409.29, for a total transaction of $1,259,385.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Laurence Fink sold 30,832 shares of the firm’s stock in a transaction that occurred on Tuesday, January 22nd. The shares were sold at an average price of $418.32, for a total value of $12,897,642.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 138,650 shares of company stock worth $57,774,089. Company insiders own 1.75% of the company’s stock.
BlackRock (NYSE:BLK) last announced its earnings results on Wednesday, January 16th. The asset manager reported $6.08 EPS for the quarter, missing the consensus estimate of $6.35 by ($0.27). The company had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.47 billion. BlackRock had a net margin of 30.32% and a return on equity of 13.51%. The business’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $6.24 earnings per share. On average, equities analysts forecast that BlackRock, Inc. will post 26.23 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 21st. Investors of record on Wednesday, March 6th will be issued a dividend of $3.30 per share. This is an increase from BlackRock’s previous quarterly dividend of $3.13. This represents a $13.20 annualized dividend and a dividend yield of 3.04%. The ex-dividend date of this dividend is Tuesday, March 5th. BlackRock’s dividend payout ratio (DPR) is presently 49.02%.
A number of equities analysts have recently commented on the company. Bank of America restated a “buy” rating and issued a $478.00 price objective (down from $525.00) on shares of BlackRock in a report on Thursday, December 6th. Morgan Stanley set a $515.00 price objective on BlackRock and gave the stock a “buy” rating in a report on Friday, February 8th. Barclays raised their price objective on BlackRock from $455.00 to $472.00 and gave the stock an “overweight” rating in a report on Tuesday, February 19th. Argus reiterated a “buy” rating on shares of BlackRock in a report on Thursday, January 17th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $472.00 target price on shares of BlackRock in a report on Wednesday, January 9th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. BlackRock has an average rating of “Buy” and a consensus price target of $498.49.
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BlackRock Company Profile
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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