Traders Buy BlackRock (BLK) on Weakness
Traders purchased shares of BlackRock, Inc. (NYSE:BLK) on weakness during trading on Thursday. $77.91 million flowed into the stock on the tick-up and $57.12 million flowed out of the stock on the tick-down, for a money net flow of $20.79 million into the stock. Of all companies tracked, BlackRock had the 20th highest net in-flow for the day. BlackRock traded down ($1.03) for the day and closed at $468.98
BLK has been the topic of a number of recent analyst reports. ValuEngine lowered BlackRock from a “buy” rating to a “hold” rating in a research report on Friday, June 15th. Citigroup upgraded BlackRock from a “neutral” rating to a “buy” rating in a research report on Monday, June 18th. JPMorgan Chase & Co. reiterated a “focus list” rating and issued a $547.00 price objective on shares of BlackRock in a research report on Monday, July 2nd. Morgan Stanley cut their price objective on BlackRock from $624.00 to $607.00 and set an “overweight” rating on the stock in a research report on Thursday, July 12th. Finally, Keefe, Bruyette & Woods upgraded BlackRock from a “market perform” rating to an “outperform” rating and set a $590.00 price objective on the stock in a research report on Friday, July 13th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $594.25.
The company has a quick ratio of 3.87, a current ratio of 3.87 and a debt-to-equity ratio of 0.88. The stock has a market cap of $75.18 billion, a price-to-earnings ratio of 20.73, a P/E/G ratio of 1.46 and a beta of 1.54.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 24th. Investors of record on Friday, September 7th will be given a dividend of $3.13 per share. The ex-dividend date is Thursday, September 6th. This is a positive change from BlackRock’s previous quarterly dividend of $2.88. This represents a $12.52 annualized dividend and a dividend yield of 2.67%. BlackRock’s payout ratio is currently 55.40%.
In other news, Director William E. Ford purchased 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 18th. The shares were bought at an average cost of $507.98 per share, for a total transaction of $507,980.00. Following the completion of the transaction, the director now directly owns 4,400 shares of the company’s stock, valued at approximately $2,235,112. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Laurence Fink sold 19,800 shares of BlackRock stock in a transaction that occurred on Wednesday, July 18th. The shares were sold at an average price of $507.67, for a total value of $10,051,866.00. Following the sale, the chairman now owns 1,098,328 shares in the company, valued at $557,588,175.76. The disclosure for this sale can be found here. Insiders own 1.86% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in BLK. Bamco Inc. NY bought a new stake in BlackRock in the first quarter worth $106,000. Clarus Wealth Advisors bought a new stake in BlackRock in the second quarter worth $133,000. O Shaughnessy Asset Management LLC bought a new stake in BlackRock in the first quarter worth $139,000. AlphaMark Advisors LLC bought a new stake in BlackRock in the second quarter worth $147,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in BlackRock in the second quarter worth $150,000. 82.93% of the stock is currently owned by institutional investors and hedge funds.
About BlackRock (NYSE:BLK)
BlackRock, Inc is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks.
See Also: What is a Stop Order?
Receive News & Ratings for BlackRock Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BlackRock and related companies with MarketBeat.com's FREE daily email newsletter.