Alps Advisors Inc. Buys Shares of 758 BlackRock, Inc. (BLK)
Alps Advisors Inc. bought a new position in BlackRock, Inc. (NYSE:BLK) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 758 shares of the asset manager’s stock, valued at approximately $389,000.
A number of other hedge funds also recently added to or reduced their stakes in the business. Edgemoor Investment Advisors Inc. lifted its position in BlackRock by 4.6% in the 2nd quarter. Edgemoor Investment Advisors Inc. now owns 21,139 shares of the asset manager’s stock worth $10,549,000 after buying an additional 937 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its position in BlackRock by 127.9% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 234,000 shares of the asset manager’s stock worth $116,775,000 after buying an additional 131,319 shares in the last quarter. West Branch Capital LLC raised its holdings in shares of BlackRock by 129.4% during the 2nd quarter. West Branch Capital LLC now owns 6,022 shares of the asset manager’s stock valued at $3,005,000 after purchasing an additional 3,397 shares in the last quarter. Leisure Capital Management raised its holdings in shares of BlackRock by 106.5% during the 2nd quarter. Leisure Capital Management now owns 1,051 shares of the asset manager’s stock valued at $524,000 after purchasing an additional 542 shares in the last quarter. Finally, Capital Management Associates NY bought a new position in shares of BlackRock during the 2nd quarter valued at $294,000. Institutional investors own 82.93% of the company’s stock.
In other news, Director William E. Ford bought 1,000 shares of the stock in a transaction that occurred on Wednesday, July 18th. The shares were acquired at an average cost of $507.98 per share, for a total transaction of $507,980.00. Following the purchase, the director now owns 4,400 shares of the company’s stock, valued at approximately $2,235,112. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Laurence Fink sold 19,800 shares of the firm’s stock in a transaction on Wednesday, July 18th. The shares were sold at an average price of $507.67, for a total transaction of $10,051,866.00. Following the completion of the transaction, 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. Company insiders own 1.75% of the company’s stock.
BlackRock (NYSE:BLK) last released its quarterly earnings results on Monday, July 16th. The asset manager reported $6.66 earnings per share for the quarter, beating analysts’ consensus estimates of $6.55 by $0.11. BlackRock had a net margin of 38.97% and a return on equity of 13.20%. The business had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.58 billion. During the same quarter last year, the firm earned $5.24 EPS. BlackRock’s revenue for the quarter was up 11.4% on a year-over-year basis. research analysts expect that BlackRock, Inc. will post 27.73 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 24th. Investors of record on Friday, September 7th will be paid a $3.13 dividend. 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 dividend on an annualized basis and a yield of 2.66%. BlackRock’s dividend payout ratio (DPR) is presently 55.40%.
A number of research firms have recently weighed in on BLK. Zacks Investment Research upgraded shares of BlackRock from a “sell” rating to a “hold” rating in a report on Friday, August 31st. Deutsche Bank cut their price target on shares of BlackRock from $570.00 to $561.00 and set a “buy” rating on the stock in a report on Thursday, August 16th. Barclays cut their price target on shares of BlackRock from $615.00 to $595.00 and set an “overweight” rating on the stock in a report on Tuesday, July 17th. Goldman Sachs Group cut their price target on shares of BlackRock to $570.00 and set a “buy” rating on the stock in a report on Tuesday, July 17th. Finally, Keefe, Bruyette & Woods upgraded shares of BlackRock from a “market perform” rating to an “outperform” rating and set a $590.00 price target on the stock in a report on Friday, July 13th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. BlackRock currently has an average rating of “Buy” and a consensus target price of $594.25.
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.
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