Traders Buy Shares of BlackRock, Inc. (BLK) on Weakness
Investors bought shares of BlackRock, Inc. (NYSE:BLK) on weakness during trading on Friday. $72.75 million flowed into the stock on the tick-up and $41.59 million flowed out of the stock on the tick-down, for a money net flow of $31.16 million into the stock. Of all stocks tracked, BlackRock had the 30th highest net in-flow for the day. BlackRock traded down ($1.21) for the day and closed at $463.22
A number of research firms have recently weighed in on BLK. Morgan Stanley reissued an “overweight” rating and set a $460.00 target price (up from $422.00) on shares of BlackRock in a research report on Monday, July 10th. BidaskClub raised shares of BlackRock from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 1st. Credit Suisse Group reissued an “outperform” rating on shares of BlackRock in a research report on Tuesday, August 29th. Deutsche Bank AG reissued a “buy” rating and set a $455.00 target price (down from $465.00) on shares of BlackRock in a research report on Tuesday, July 18th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $440.00 target price on shares of BlackRock in a research report on Friday, August 18th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. BlackRock currently has a consensus rating of “Buy” and a consensus price target of $460.08.
The company has a 50-day moving average of $429.51 and a 200-day moving average of $412.18. The firm has a market capitalization of $75.14 billion, a P/E ratio of 22.23 and a beta of 1.72.
BlackRock (NYSE:BLK) last released its quarterly earnings data 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 net margin of 29.92% and a return on equity of 11.74%. The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $3.01 billion. During the same period in the previous year, the firm earned $4.78 earnings per share. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, analysts predict that BlackRock, Inc. will post $21.95 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 22nd. Investors of record on Tuesday, September 5th were given a dividend of $2.50 per share. The ex-dividend date of this dividend was Thursday, August 31st. This represents a $10.00 annualized dividend and a yield of 2.16%. BlackRock’s dividend payout ratio (DPR) is 47.98%.
In related news, insider Robert W. Fairbairn sold 3,675 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $415.31, for a total transaction of $1,526,264.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeff A. Smith sold 522 shares of the business’s stock in a transaction that occurred on Tuesday, July 18th. The shares were sold at an average price of $421.52, for a total transaction of $220,033.44. The disclosure for this sale can be found here. Insiders have sold 4,447 shares of company stock valued at $1,855,015 over the last 90 days. 1.86% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Salem Investment Counselors Inc. grew its position in 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 period. Proficio Capital Partners LLC grew its position in 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 period. Enterprise Financial Services Corp grew its position in 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 period. Penserra Capital Management LLC bought a new stake in BlackRock during the second quarter valued at approximately $104,000. Finally, Kings Point Capital Management grew 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 valued at $105,000 after buying an additional 70 shares during the period. Institutional investors own 82.47% 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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