BlackRock, Inc. (BLK) Position Increased by Exchange Capital Management Inc.
Exchange Capital Management Inc. boosted its stake in shares of BlackRock, Inc. (NYSE:BLK) by 6.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,665 shares of the asset manager’s stock after buying an additional 714 shares during the period. BlackRock comprises approximately 1.8% of Exchange Capital Management Inc.’s holdings, making the stock its 16th largest position. Exchange Capital Management Inc.’s holdings in BlackRock were worth $5,350,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. Rockland Trust Co. boosted its position in BlackRock by 1.0% in the first quarter. Rockland Trust Co. now owns 15,699 shares of the asset manager’s stock worth $6,021,000 after buying an additional 160 shares in the last quarter. Oakbrook Investments LLC acquired a new position in BlackRock during the first quarter worth about $2,215,000. Huntington National Bank boosted its position in BlackRock by 1.3% in the first quarter. Huntington National Bank now owns 98,430 shares of the asset manager’s stock worth $37,749,000 after buying an additional 1,262 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in BlackRock during the first quarter worth about $108,000. Finally, Stewart & Patten Co. LLC acquired a new position in BlackRock during the first quarter worth about $205,000. Institutional investors own 80.33% of the company’s stock.
BlackRock, Inc. (NYSE BLK) opened at 418.07 on Thursday. BlackRock, Inc. has a 52-week low of $336.84 and a 52-week high of $442.83. The firm has a market capitalization of $67.81 billion, a price-to-earnings ratio of 20.07 and a beta of 1.71. The stock’s 50 day moving average price is $427.39 and its 200 day moving average price is $402.40.
BlackRock (NYSE:BLK) last issued its earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share for the quarter, missing the consensus estimate of $5.39 by $0.15. The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $3.01 billion. BlackRock had a net margin of 29.92% and a return on equity of 11.74%. The company’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.78 earnings per share. On average, equities analysts anticipate that BlackRock, Inc. will post $21.85 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Investors of record on Tuesday, September 5th will be issued a dividend of $2.50 per share. This represents a $10.00 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend is Thursday, August 31st. BlackRock’s dividend payout ratio is presently 47.98%.
BLK has been the subject of a number of research analyst reports. BidaskClub raised BlackRock from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 1st. Morgan Stanley reaffirmed an “overweight” rating and issued a $460.00 price target (up from $422.00) on shares of BlackRock in a report on Monday, July 10th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $440.00 price target on shares of BlackRock in a report on Friday, July 14th. Zacks Investment Research cut BlackRock from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and issued a $534.00 price target on shares of BlackRock in a report on Tuesday, July 18th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $443.00.
In related news, Director Susan Wagner sold 2,500 shares of the stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $414.31, for a total transaction of $1,035,775.00. Following the completion of the sale, the director now directly owns 484,386 shares in the company, valued at approximately $200,685,963.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark Mccombe sold 500 shares of the stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $405.98, for a total value of $202,990.00. The disclosure for this sale can be found here. Insiders have sold a total of 3,772 shares of company stock valued at $1,567,516 over the last 90 days. 1.86% of the stock is currently owned by company insiders.
BlackRock Company Profile
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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