Investors Sell Shares of BlackRock, Inc. (BLK) on Strength (BLK)
Traders sold shares of BlackRock, Inc. (NYSE:BLK) on strength during trading on Tuesday. $29.04 million flowed into the stock on the tick-up and $67.16 million flowed out of the stock on the tick-down, for a money net flow of $38.12 million out of the stock. Of all stocks tracked, BlackRock had the 23rd highest net out-flow for the day. BlackRock traded up $2.95 for the day and closed at $432.39
Several equities analysts have recently issued reports on the company. Jefferies Group LLC reiterated a “hold” rating and issued a $440.00 price target on shares of BlackRock in a research note on Friday, August 18th. Bank of America Corporation reiterated a “buy” rating and issued a $450.00 price target on shares of BlackRock in a research note on Monday, June 19th. Morgan Stanley reiterated an “overweight” rating and issued a $476.00 price target (up previously from $460.00) on shares of BlackRock in a research note on Tuesday, July 18th. Zacks Investment Research upgraded BlackRock from a “hold” rating to a “buy” rating and set a $480.00 price target on the stock in a research note on Tuesday, June 20th. Finally, Deutsche Bank AG lifted their price target on BlackRock from $447.00 to $449.00 and gave the company a “buy” rating in a research note on Tuesday, July 4th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $449.08.
The firm has a 50 day moving average price of $422.28 and a 200 day moving average price of $406.57. The stock has a market cap of $70.14 billion, a price-to-earnings ratio of 20.75 and a beta of 1.71.
BlackRock (NYSE:BLK) last released its earnings results on Monday, July 17th. The asset manager reported $5.24 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 the consensus estimate of $3.01 billion. BlackRock had a net margin of 29.92% and a return on equity of 11.74%. The firm’s revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the company earned $4.78 EPS. Equities research analysts forecast that BlackRock, Inc. will post $21.83 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Investors of record on Tuesday, September 5th will be paid a $2.50 dividend. The ex-dividend date is Thursday, August 31st. This represents a $10.00 dividend on an annualized basis and a yield of 2.31%. BlackRock’s dividend payout ratio is presently 47.98%.
In other news, insider Jeff A. Smith sold 250 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $434.87, for a total transaction of $108,717.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Robert W. Fairbairn sold 3,675 shares of the firm’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 disclosure for this sale can be found here. Insiders have sold 4,447 shares of company stock worth $1,855,015 over the last ninety days. Insiders own 1.86% of the company’s stock.
Large investors have recently made changes to their positions in the company. Salem Investment Counselors Inc. grew its stake in shares of BlackRock by 14.3% during the second 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. Proficio Capital Partners LLC grew its stake in shares of BlackRock by 48.9% during 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 grew its stake in shares of BlackRock by 52.5% during 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 bought a new position in shares of BlackRock during the second quarter valued at about $104,000. Finally, Kings Point Capital Management grew its stake in shares of BlackRock by 34.5% during the first quarter. Kings Point Capital Management now owns 273 shares of the asset manager’s stock valued at $105,000 after buying an additional 70 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.
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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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