Investors Sell Shares of BlackRock, Inc. (BLK) on Strength (BLK)
Investors sold shares of BlackRock, Inc. (NYSE:BLK) on strength during trading hours on Friday. $77.08 million flowed into the stock on the tick-up and $110.07 million flowed out of the stock on the tick-down, for a money net flow of $32.99 million out of the stock. Of all equities tracked, BlackRock had the 16th highest net out-flow for the day. BlackRock traded up $1.47 for the day and closed at $424.16
BLK has been the topic of a number of analyst reports. Deutsche Bank AG reiterated a “buy” rating and issued a $441.00 price target (down from $449.00) on shares of BlackRock in a research report on Saturday, April 22nd. Morgan Stanley reiterated 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. BidaskClub upgraded shares of BlackRock from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 1st. Bank of America Corporation reiterated a “buy” rating and issued a $450.00 price target on shares of BlackRock in a research report on Monday, June 19th. Finally, Wells Fargo & Company reiterated 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 equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. BlackRock presently has an average rating of “Buy” and an average price target of $434.93.
The firm has a 50-day moving average of $428.00 and a 200 day moving average of $399.35. The firm has a market capitalization of $68.80 billion, a P/E ratio of 20.36 and a beta of 1.71.
BlackRock (NYSE:BLK) last issued its earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share for the quarter, missing analysts’ consensus estimates of $5.39 by $0.15. BlackRock had a return on equity of 11.74% and a net margin of 29.92%. The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $3.01 billion. During the same period in the previous year, the company earned $4.78 earnings per share. BlackRock’s revenue for the quarter was up 5.7% compared to the same quarter last year. Equities analysts predict that BlackRock, Inc. will post $21.85 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Tuesday, September 5th 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 2.36%. The ex-dividend date of this dividend is Thursday, August 31st. BlackRock’s payout ratio is 47.98%.
In other news, Director Susan Wagner sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $414.31, for a total transaction of $1,035,775.00. Following the transaction, the director now directly 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 Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark Mccombe sold 500 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $405.98, for a total value of $202,990.00. The disclosure for this sale can be found here. Insiders have sold 3,772 shares of company stock worth $1,567,516 over the last ninety days. 1.86% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the company. Enterprise Financial Services Corp increased its stake in shares of BlackRock by 52.5% in 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 shares of BlackRock during the second quarter valued at about $104,000. Proficio Capital Partners LLC increased its stake in shares of BlackRock by 48.9% in 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. Harfst & Associates Inc. increased its stake in shares of BlackRock by 17.3% in the second quarter. Harfst & Associates Inc. now owns 265 shares of the asset manager’s stock valued at $111,000 after buying an additional 39 shares during the period. Finally, Kings Point Capital Management increased its stake in shares of BlackRock by 34.5% in 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. 80.37% of the stock is currently owned by 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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