Pioneer Investment Management Inc. Reduces Stake in BlackRock, Inc. (BLK)
Pioneer Investment Management Inc. lowered its position in BlackRock, Inc. (NYSE:BLK) by 14.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 513,501 shares of the asset manager’s stock after selling 85,245 shares during the period. Pioneer Investment Management Inc. owned approximately 0.32% of BlackRock worth $216,908,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of the company. Fisher Asset Management LLC raised its stake in BlackRock by 44.1% in the first quarter. Fisher Asset Management LLC now owns 108,774 shares of the asset manager’s stock worth $41,716,000 after buying an additional 33,283 shares during the last quarter. Stifel Financial Corp raised its stake in BlackRock by 19.1% in the first quarter. Stifel Financial Corp now owns 170,590 shares of the asset manager’s stock worth $65,487,000 after buying an additional 27,321 shares during the last quarter. KBC Group NV raised its stake in BlackRock by 35.1% in the first quarter. KBC Group NV now owns 50,282 shares of the asset manager’s stock worth $19,284,000 after buying an additional 13,065 shares during the last quarter. Kanawha Capital Management LLC raised its stake in BlackRock by 7.1% in the first quarter. Kanawha Capital Management LLC now owns 2,568 shares of the asset manager’s stock worth $985,000 after buying an additional 170 shares during the last quarter. Finally, Rafferty Asset Management LLC raised its stake in BlackRock by 260.6% in the first quarter. Rafferty Asset Management LLC now owns 22,709 shares of the asset manager’s stock worth $8,709,000 after buying an additional 16,411 shares during the last quarter. 82.76% of the stock is currently owned by institutional investors.
BlackRock, Inc. (NYSE BLK) opened at 414.13 on Wednesday. The company has a market cap of $67.17 billion, a P/E ratio of 19.88 and a beta of 1.71. BlackRock, Inc. has a 1-year low of $336.84 and a 1-year high of $442.83. The stock’s 50 day moving average price is $426.79 and its 200 day moving average price is $402.77.
BlackRock (NYSE:BLK) last issued its quarterly earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share for the quarter, missing the consensus estimate of $5.39 by $0.15. BlackRock had a return on equity of 11.74% and a net margin of 29.92%. The business had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $3.01 billion. During the same quarter in the previous year, the company posted $4.78 earnings per share. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, equities analysts anticipate that BlackRock, Inc. will post $21.85 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Tuesday, September 5th will be issued a $2.50 dividend. The ex-dividend date is Thursday, August 31st. This represents a $10.00 annualized dividend and a dividend yield of 2.41%. BlackRock’s payout ratio is 47.98%.
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BLK has been the subject of a number of analyst reports. BidaskClub raised BlackRock from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 1st. Morgan Stanley reissued an “overweight” rating and issued a $460.00 price target (up from $422.00) on shares of BlackRock in a research report on Monday, July 10th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $440.00 price target on shares of BlackRock in a research report on Friday, July 14th. Zacks Investment Research lowered BlackRock from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Finally, Wells Fargo & Company reissued a “market perform” rating and issued a $425.00 price target (up from $380.00) on shares of BlackRock in a research report on Wednesday, July 12th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $443.00.
In related news, Director Susan Wagner sold 2,500 shares of the stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $414.31, for a total value of $1,035,775.00. Following the transaction, the director now owns 484,386 shares of the company’s stock, valued at $200,685,963.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jeff A. Smith sold 522 shares of the stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $421.52, for a total value of $220,033.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,272 shares of company stock worth $1,364,526. Company insiders own 1.86% of the company’s stock.
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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