California State Teachers Retirement System Sells 18,366 Shares of BlackRock, Inc. (BLK)
California State Teachers Retirement System trimmed its holdings in BlackRock, Inc. (NYSE:BLK) by 7.2% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 238,471 shares of the asset manager’s stock after selling 18,366 shares during the quarter. California State Teachers Retirement System owned 0.15% of BlackRock worth $100,733,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Salem Investment Counselors Inc. raised its holdings in BlackRock by 14.3% during the 2nd quarter. Salem Investment Counselors Inc. now owns 240 shares of the asset manager’s stock valued at $101,000 after buying an additional 30 shares during the last quarter. Enterprise Financial Services Corp raised its holdings in BlackRock by 52.5% during the 2nd quarter. Enterprise Financial Services Corp now owns 247 shares of the asset manager’s stock valued at $104,000 after buying an additional 85 shares during the last quarter. Penserra Capital Management LLC bought a new stake in BlackRock during the 2nd quarter valued at $104,000. Proficio Capital Partners LLC raised its holdings in BlackRock by 48.9% during the 1st quarter. Proficio Capital Partners LLC now owns 259 shares of the asset manager’s stock valued at $103,000 after buying an additional 85 shares during the last quarter. Finally, Harfst & Associates Inc. raised its holdings in BlackRock by 17.3% during the 2nd quarter. Harfst & Associates Inc. now owns 265 shares of the asset manager’s stock valued at $111,000 after buying an additional 39 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.
BlackRock (NYSE:BLK) last released its quarterly earnings data on Wednesday, October 11th. The asset manager reported $5.92 earnings per share for the quarter, beating the consensus estimate of $5.49 by $0.43. The firm had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.10 billion. BlackRock had a return on equity of 11.74% and a net margin of 29.92%. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period in the previous year, the company posted $5.14 earnings per share.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 22nd. Investors of record on Tuesday, September 5th were issued a $2.50 dividend. The ex-dividend date was Thursday, August 31st. This represents a $10.00 annualized dividend and a dividend yield of 2.11%. BlackRock’s payout ratio is currently 47.98%.
BLK has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $440.00 price target on shares of BlackRock in a report on Friday, July 14th. Goldman Sachs Group, Inc. (The) upgraded shares of BlackRock from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $440.00 to $500.00 in a report on Thursday, September 28th. Wells Fargo & Company restated a “market perform” rating and issued a $475.00 price objective (up from $450.00) on shares of BlackRock in a report on Thursday. Bank of America Corporation restated a “buy” rating and issued a $450.00 price objective on shares of BlackRock in a report on Monday, June 19th. Finally, Barclays PLC initiated coverage on shares of BlackRock in a report on Friday, September 8th. They issued an “overweight” rating and a $475.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. BlackRock has an average rating of “Buy” and an average price target of $478.50.
In related news, insider Robert W. Fairbairn sold 3,675 shares of BlackRock stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $415.31, for a total value of $1,526,264.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeff A. Smith sold 250 shares of BlackRock stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $434.87, for a total value of $108,717.50. The disclosure for this sale can be found here. Insiders sold 4,447 shares of company stock valued at $1,855,015 over the last 90 days. 1.86% of the stock is currently owned by corporate insiders.
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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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