BlackRock, Inc. (BLK) Position Reduced by Sumitomo Mitsui Asset Management Company LTD
Sumitomo Mitsui Asset Management Company LTD reduced its position in shares of BlackRock, Inc. (NYSE:BLK) by 3.3% during the second quarter, Holdings Channel reports. The fund owned 9,701 shares of the asset manager’s stock after selling 331 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in BlackRock were worth $4,097,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Proficio Capital Partners LLC boosted its position in BlackRock by 48.9% in the first quarter. Proficio Capital Partners LLC now owns 259 shares of the asset manager’s stock worth $103,000 after buying an additional 85 shares during the last quarter. Kings Point Capital Management boosted its position in BlackRock by 34.5% in the first quarter. Kings Point Capital Management now owns 273 shares of the asset manager’s stock worth $105,000 after buying an additional 70 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in BlackRock during the first quarter worth $108,000. Financial Architects Inc boosted its position in BlackRock by 0.7% in the second quarter. Financial Architects Inc now owns 291 shares of the asset manager’s stock worth $123,000 after buying an additional 2 shares during the last quarter. Finally, Twin Tree Management LP boosted its position in BlackRock by 131.2% in the first quarter. Twin Tree Management LP now owns 343 shares of the asset manager’s stock worth $132,000 after buying an additional 1,443 shares during the last quarter. 80.33% of the stock is owned by institutional investors.
BlackRock, Inc. (NYSE:BLK) opened at 427.07 on Thursday. The firm has a market capitalization of $69.27 billion, a price-to-earnings ratio of 20.50 and a beta of 1.71. The company’s 50-day moving average is $428.46 and its 200-day moving average is $400.82. BlackRock, Inc. has a 52-week low of $336.84 and a 52-week high of $442.83.
BlackRock (NYSE:BLK) last posted its earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share for the quarter, missing the Thomson Reuters’ 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 business had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $3.01 billion. During the same quarter last year, the business posted $4.78 earnings per share. The business’s revenue 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 year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Tuesday, September 5th will be issued a dividend of $2.50 per share. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $10.00 annualized dividend and a yield of 2.34%. BlackRock’s dividend payout ratio (DPR) is currently 47.98%.
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A number of research analysts have weighed in on the stock. Morgan Stanley reaffirmed an “overweight” rating and issued a $460.00 price objective (up previously from $422.00) on shares of BlackRock in a report on Monday, July 10th. Jefferies Group LLC reissued a “hold” rating and set a $387.00 target price on shares of BlackRock in a research note on Wednesday, May 17th. BidaskClub raised shares of BlackRock from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 1st. Deutsche Bank AG reissued a “buy” rating and set a $441.00 target price (down previously from $449.00) on shares of BlackRock in a research note on Saturday, April 22nd. Finally, Credit Suisse Group reissued an “outperform” rating and set a $534.00 target price on shares of BlackRock in a research note on Tuesday, July 18th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. BlackRock has a consensus rating of “Buy” and an average target price of $438.92.
In other BlackRock news, Director Susan Wagner sold 2,500 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $414.31, for a total transaction of $1,035,775.00. Following the completion of the transaction, the director now directly owns 484,386 shares in the company, valued at approximately $200,685,963.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeff A. Smith sold 250 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $434.87, for a total transaction of $108,717.50. The disclosure for this sale can be found here. Insiders have sold a total of 3,772 shares of company stock valued at $1,567,516 over the last 90 days. 1.86% of the stock is currently owned by insiders.
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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