BlackRock, Inc. (BLK) Stake Increased by American Money Management LLC
American Money Management LLC grew its stake in shares of BlackRock, Inc. (NYSE:BLK) by 2.2% in the third quarter, HoldingsChannel.com reports. The firm owned 7,499 shares of the asset manager’s stock after acquiring an additional 159 shares during the period. BlackRock accounts for approximately 2.0% of American Money Management LLC’s holdings, making the stock its 19th largest position. American Money Management LLC’s holdings in BlackRock were worth $3,535,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Dynamic Technology Lab Private Ltd bought a new position in BlackRock in the third quarter worth about $236,000. Lido Advisors LLC raised its holdings in BlackRock by 11.9% in the third quarter. Lido Advisors LLC now owns 2,048 shares of the asset manager’s stock worth $965,000 after purchasing an additional 217 shares in the last quarter. Evercore Wealth Management LLC raised its holdings in BlackRock by 2.2% in the third quarter. Evercore Wealth Management LLC now owns 97,203 shares of the asset manager’s stock worth $45,814,000 after purchasing an additional 2,129 shares in the last quarter. Ally Financial Inc. bought a new position in BlackRock in the third quarter worth about $2,357,000. Finally, First Republic Investment Management Inc. raised its holdings in BlackRock by 0.5% in the third quarter. First Republic Investment Management Inc. now owns 74,193 shares of the asset manager’s stock worth $34,970,000 after purchasing an additional 399 shares in the last quarter. 83.14% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have commented on BLK. Zacks Investment Research upgraded shares of BlackRock from a “sell” rating to a “hold” rating in a report on Friday, August 31st. Deutsche Bank boosted their target price on shares of BlackRock from $549.00 to $559.00 and gave the stock a “buy” rating in a report on Thursday, September 27th. JPMorgan Chase & Co. upgraded shares of BlackRock to an “overweight” rating in a report on Tuesday, October 9th. Morgan Stanley reduced their target price on shares of BlackRock from $607.00 to $600.00 and set a “buy” rating for the company in a report on Tuesday, October 9th. Finally, UBS Group reduced their target price on shares of BlackRock from $575.00 to $565.00 and set a “buy” rating for the company in a report on Monday, October 8th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $548.86.
BLK opened at $400.23 on Friday. BlackRock, Inc. has a 52-week low of $376.31 and a 52-week high of $594.52. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.07 and a current ratio of 3.07. The stock has a market cap of $64.46 billion, a PE ratio of 17.71, a P/E/G ratio of 1.27 and a beta of 1.55.
BlackRock (NYSE:BLK) last posted its quarterly earnings data on Tuesday, October 16th. The asset manager reported $7.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $6.93 by $0.59. BlackRock had a net margin of 39.92% and a return on equity of 13.72%. The firm had revenue of $3.58 billion for the quarter, compared to the consensus estimate of $3.65 billion. During the same quarter in the prior year, the company posted $5.76 earnings per share. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, analysts anticipate that BlackRock, Inc. will post 27.81 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 26th. Stockholders of record on Friday, December 7th will be issued a dividend of $3.13 per share. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $12.52 annualized dividend and a dividend yield of 3.13%. BlackRock’s dividend payout ratio (DPR) is currently 55.40%.
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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