Empire Life Investments Inc. Sells 2,339 Shares of BlackRock, Inc. (BLK)
Empire Life Investments Inc. cut its stake in BlackRock, Inc. (NYSE:BLK) by 6.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,409 shares of the asset manager’s stock after selling 2,339 shares during the period. Empire Life Investments Inc.’s holdings in BlackRock were worth $14,043,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the stock. Third Point LLC purchased a new stake in BlackRock during the 2nd quarter worth about $654,736,000. Harbour Capital Advisors LLC lifted its holdings in BlackRock by 38,807.6% during the 2nd quarter. Harbour Capital Advisors LLC now owns 1,203,024 shares of the asset manager’s stock worth $2,848,000 after buying an additional 1,199,932 shares during the last quarter. Capital World Investors lifted its holdings in BlackRock by 12.9% during the 2nd quarter. Capital World Investors now owns 7,105,319 shares of the asset manager’s stock worth $3,001,358,000 after buying an additional 810,667 shares during the last quarter. Vanguard Group Inc. lifted its holdings in BlackRock by 8.4% during the 2nd quarter. Vanguard Group Inc. now owns 8,450,778 shares of the asset manager’s stock worth $3,569,693,000 after buying an additional 656,569 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in BlackRock by 207.1% during the 2nd quarter. Principal Financial Group Inc. now owns 527,380 shares of the asset manager’s stock worth $222,771,000 after buying an additional 355,630 shares during the last quarter. Hedge funds and other institutional investors own 83.75% of the company’s stock.
A number of brokerages have issued reports on BLK. Zacks Investment Research downgraded BlackRock from a “buy” rating to a “hold” rating in a report on Tuesday. J P Morgan Chase & Co lifted their price target on BlackRock to $558.00 and gave the stock an “overweight” rating in a report on Thursday, October 12th. Credit Suisse Group reaffirmed an “outperform” rating on shares of BlackRock in a report on Thursday, October 12th. Jefferies Group reaffirmed a “hold” rating and set a $465.00 price target on shares of BlackRock in a report on Thursday, October 12th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $500.00 price target on shares of BlackRock in a report on Thursday, October 12th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $489.08.
In other news, Director Susan Wagner sold 4,000 shares of BlackRock stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $506.10, for a total transaction of $2,024,400.00. Following the sale, the director now owns 481,915 shares in the company, valued at $243,897,181.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeff A. Smith sold 100 shares of the business’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $477.54, for a total value of $47,754.00. The disclosure for this sale can be found here. Insiders have sold 5,200 shares of company stock worth $2,599,302 in the last quarter. Insiders own 1.86% of the company’s stock.
Shares of BlackRock, Inc. (NYSE:BLK) opened at $512.41 on Friday. The company has a current ratio of 2.89, a quick ratio of 2.89 and a debt-to-equity ratio of 1.09. BlackRock, Inc. has a 52-week low of $365.83 and a 52-week high of $516.52. The company has a market capitalization of $82,061.13, a PE ratio of 23.75, a PEG ratio of 1.78 and a beta of 1.81.
BlackRock (NYSE:BLK) last posted its earnings results on Wednesday, October 11th. The asset manager reported $5.92 EPS for the quarter, topping the Zacks’ consensus estimate of $5.49 by $0.43. BlackRock had a return on equity of 12.01% and a net margin of 29.52%. The business had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.10 billion. During the same quarter in the previous year, the firm earned $5.14 earnings per share. The business’s revenue was up 14.0% compared to the same quarter last year. research analysts forecast that BlackRock, Inc. will post 22.3 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Monday, December 4th will be given a dividend of $2.50 per share. This represents a $10.00 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date is Friday, December 1st. BlackRock’s dividend payout ratio (DPR) is currently 46.82%.
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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