Cutler Investment Counsel LLC Acquires 3,537 Shares of BlackRock, Inc. (BLK)
Cutler Investment Counsel LLC grew its holdings in BlackRock, Inc. (NYSE:BLK) by 16.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,946 shares of the asset manager’s stock after buying an additional 3,537 shares during the period. BlackRock accounts for about 2.6% of Cutler Investment Counsel LLC’s holdings, making the stock its 12th biggest holding. Cutler Investment Counsel LLC’s holdings in BlackRock were worth $10,537,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of BLK. Proficio Capital Partners LLC raised its position in shares of BlackRock by 48.9% in the first 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. Enterprise Financial Services Corp raised its position in shares of BlackRock by 52.5% in the second 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 acquired a new stake in BlackRock during the second quarter worth about $104,000. Kings Point Capital Management increased its position in BlackRock by 34.5% during the first quarter. Kings Point Capital Management now owns 273 shares of the asset manager’s stock worth $105,000 after purchasing an additional 70 shares during the last quarter. Finally, Harfst & Associates Inc. increased its position in BlackRock by 17.3% during the second quarter. Harfst & Associates Inc. now owns 265 shares of the asset manager’s stock worth $111,000 after purchasing an additional 39 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.
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In other BlackRock news, insider Robert W. Fairbairn sold 3,675 shares of the company’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $415.31, for a total value of $1,526,264.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jeff A. Smith sold 250 shares of the company’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $434.87, for a total transaction of $108,717.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,447 shares of company stock worth $1,855,015. 1.86% of the stock is owned by insiders.
Shares of BlackRock, Inc. (NYSE:BLK) opened at 464.43 on Friday. The firm has a market capitalization of $75.33 billion, a PE ratio of 22.29 and a beta of 1.72. The company’s 50-day moving average is $428.27 and its 200 day moving average is $411.59. BlackRock, Inc. has a 52-week low of $336.84 and a 52-week high of $465.61.
BlackRock (NYSE:BLK) last released its earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $5.39 by ($0.15). The firm had revenue of $2.97 billion during 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%. BlackRock’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter last year, the company posted $4.78 earnings per share. Equities analysts expect that BlackRock, Inc. will post $21.90 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 22nd. Shareholders of record on Tuesday, September 5th were issued a $2.50 dividend. The ex-dividend date of this dividend was Thursday, August 31st. This represents a $10.00 dividend on an annualized basis and a yield of 2.15%. BlackRock’s dividend payout ratio (DPR) is 47.98%.
Several research firms recently issued reports on BLK. Morgan Stanley restated an “overweight” rating and set a $460.00 price objective (up from $422.00) on shares of BlackRock in a research report on Monday, July 10th. BidaskClub upgraded shares of BlackRock from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 1st. Credit Suisse Group AG restated an “outperform” rating on shares of BlackRock in a research report on Tuesday, August 29th. Deutsche Bank AG restated a “buy” rating and set a $455.00 price objective (down from $465.00) on shares of BlackRock in a research report on Tuesday, July 18th. Finally, Jefferies Group LLC restated a “hold” rating and set a $440.00 price objective on shares of BlackRock in a research report on Friday, August 18th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $460.08.
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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