BlackRock, Inc. (BLK) Stake Lifted by Chemical Bank
Chemical Bank increased its holdings in shares of BlackRock, Inc. (NYSE:BLK) by 23.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 4,636 shares of the asset manager’s stock after acquiring an additional 869 shares during the period. Chemical Bank’s holdings in BlackRock were worth $2,382,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the company. Somerset Trust Co lifted its position in shares of BlackRock by 2.7% during the 4th quarter. Somerset Trust Co now owns 3,449 shares of the asset manager’s stock valued at $1,772,000 after buying an additional 90 shares in the last quarter. Naples Global Advisors LLC lifted its position in shares of BlackRock by 1.7% during the 4th quarter. Naples Global Advisors LLC now owns 5,495 shares of the asset manager’s stock valued at $2,823,000 after buying an additional 93 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in shares of BlackRock by 10.7% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 960 shares of the asset manager’s stock valued at $493,000 after buying an additional 93 shares in the last quarter. Lau Associates LLC lifted its position in shares of BlackRock by 10.3% during the 4th quarter. Lau Associates LLC now owns 1,026 shares of the asset manager’s stock valued at $527,000 after buying an additional 96 shares in the last quarter. Finally, Assetmark Inc. lifted its position in shares of BlackRock by 57.1% during the 4th quarter. Assetmark Inc. now owns 278 shares of the asset manager’s stock valued at $143,000 after buying an additional 101 shares in the last quarter. Hedge funds and other institutional investors own 84.74% of the company’s stock.
In other news, COO Robert L. Goldstein sold 5,000 shares of BlackRock stock in a transaction on Monday, February 26th. The stock was sold at an average price of $558.00, for a total transaction of $2,790,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jeff A. Smith sold 425 shares of BlackRock stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $565.96, for a total value of $240,533.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,961 shares of company stock worth $11,375,444. Insiders own 1.86% of the company’s stock.
BlackRock (NYSE:BLK) last announced its quarterly earnings data on Friday, January 12th. The asset manager reported $6.24 earnings per share for the quarter, beating analysts’ consensus estimates of $5.94 by $0.30. The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. BlackRock had a return on equity of 12.31% and a net margin of 39.79%. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter last year, the firm posted $5.14 EPS. equities research analysts forecast that BlackRock, Inc. will post 28.46 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 22nd. Stockholders of record on Wednesday, March 7th were issued a dividend of $2.88 per share. This represents a $11.52 annualized dividend and a dividend yield of 2.14%. The ex-dividend date was Tuesday, March 6th. This is a positive change from BlackRock’s previous quarterly dividend of $2.50. BlackRock’s payout ratio is currently 38.02%.
BLK has been the topic of a number of recent analyst reports. Deutsche Bank decreased their target price on BlackRock to $623.00 and set a “buy” rating on the stock in a research report on Tuesday, March 6th. Credit Suisse Group reiterated a “buy” rating and set a $680.00 target price on shares of BlackRock in a research report on Friday, January 12th. Argus reiterated a “buy” rating and set a $620.00 target price (up previously from $520.00) on shares of BlackRock in a research report on Tuesday, January 16th. Citigroup increased their target price on BlackRock to $625.00 and gave the company a “buy” rating in a research report on Tuesday, January 16th. Finally, Zacks Investment Research lowered BlackRock from a “buy” rating to a “hold” rating in a report on Tuesday, March 13th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. BlackRock presently has an average rating of “Hold” and an average target price of $567.15.
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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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