Traders Buy Shares of BlackRock, Inc. (BLK) on Weakness
Investors purchased shares of BlackRock, Inc. (NYSE:BLK) on weakness during trading on Friday. $166.41 million flowed into the stock on the tick-up and $93.47 million flowed out of the stock on the tick-down, for a money net flow of $72.94 million into the stock. Of all equities tracked, BlackRock had the 9th highest net in-flow for the day. BlackRock traded down ($3.39) for the day and closed at $416.55
A number of equities research analysts have recently commented on BLK shares. Deutsche Bank AG reiterated a “buy” rating and issued a $455.00 target price (down from $465.00) on shares of BlackRock in a research report on Tuesday, July 18th. Zacks Investment Research upgraded shares of BlackRock from a “hold” rating to a “buy” rating and set a $480.00 target price for the company in a research report on Tuesday, June 20th. Bank of America Corporation reiterated a “buy” rating and issued a $450.00 target price on shares of BlackRock in a research report on Monday, June 19th. BidaskClub cut shares of BlackRock from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $387.00 target price on shares of BlackRock in a research report on Wednesday, May 17th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $443.00.
The stock has a 50 day moving average of $428.26 and a 200-day moving average of $400.96. The stock has a market capitalization of $67.57 billion, a PE ratio of 19.99 and a beta of 1.71.
BlackRock (NYSE:BLK) last announced its 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 net margin of 29.92% and a return on equity of 11.74%. The firm had revenue of $2.97 billion during the quarter, compared to analyst estimates of $3.01 billion. During the same period in the previous year, the firm posted $4.78 EPS. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, equities analysts predict that BlackRock, Inc. will post $21.85 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Investors of record on Tuesday, September 5th will be paid a $2.50 dividend. This represents a $10.00 annualized dividend and a yield of 2.40%. The ex-dividend date is Thursday, August 31st. BlackRock’s payout ratio is 47.98%.
In related news, insider Mark Mccombe sold 500 shares of the business’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $405.98, for a total value of $202,990.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Susan Wagner sold 2,500 shares of the business’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 of the company’s stock, valued at approximately $200,685,963.66. The disclosure for this sale can be found here. Insiders sold a total of 3,772 shares of company stock valued at $1,567,516 in the last three months. 1.86% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its position in BlackRock by 2,775.4% in the first quarter. BlackRock Inc. now owns 6,541,505 shares of the asset manager’s stock worth $2,508,733,000 after buying an additional 6,314,004 shares in the last quarter. Third Point LLC bought a new position in BlackRock during the second quarter worth approximately $654,736,000. Harbour Capital Advisors LLC increased its position in BlackRock by 38,807.6% in the second quarter. Harbour Capital Advisors LLC now owns 1,203,024 shares of the asset manager’s stock worth $2,848,000 after buying an additional 1,199,932 shares in the last quarter. Capital World Investors increased its position in BlackRock by 12.9% in the second quarter. Capital World Investors now owns 7,105,319 shares of the asset manager’s stock worth $3,001,358,000 after buying an additional 810,667 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in BlackRock by 8.4% in the second quarter. Vanguard Group Inc. now owns 8,450,778 shares of the asset manager’s stock worth $3,569,693,000 after buying an additional 656,569 shares in the last quarter. 80.33% of the stock is owned by hedge funds and other institutional investors.
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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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