Quest Investment Management LLC boosted its stake in BlackRock, Inc. (NYSE:BLK) by 13.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,751 shares of the asset manager’s stock after buying an additional 783 shares during the quarter. Quest Investment Management LLC’s holdings in BlackRock were worth $3,369,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in BLK. Bank of The West increased its holdings in shares of BlackRock by 3.8% during the 1st quarter. Bank of The West now owns 2,604 shares of the asset manager’s stock worth $1,411,000 after buying an additional 96 shares during the last quarter. World Asset Management Inc increased its holdings in shares of BlackRock by 1.3% during the 2nd quarter. World Asset Management Inc now owns 7,442 shares of the asset manager’s stock worth $3,714,000 after buying an additional 99 shares during the last quarter. Pekin Singer Strauss Asset Management IL increased its holdings in shares of BlackRock by 20.9% during the 1st quarter. Pekin Singer Strauss Asset Management IL now owns 578 shares of the asset manager’s stock worth $313,000 after buying an additional 100 shares during the last quarter. Intact Investment Management Inc. increased its holdings in shares of BlackRock by 1.0% during the 2nd quarter. Intact Investment Management Inc. now owns 10,300 shares of the asset manager’s stock worth $5,144,000 after buying an additional 100 shares during the last quarter. Finally, HM Payson & Co. increased its holdings in shares of BlackRock by 11.5% during the 1st quarter. HM Payson & Co. now owns 982 shares of the asset manager’s stock worth $532,000 after buying an additional 101 shares during the last quarter. 83.85% of the stock is currently owned by institutional investors and hedge funds.
BlackRock opened at $478.95 on Friday, Marketbeat Ratings reports. BlackRock, Inc. has a fifty-two week low of $408.62 and a fifty-two week high of $594.52. The company has a debt-to-equity ratio of 0.88, a current ratio of 3.87 and a quick ratio of 3.96. The company has a market capitalization of $77.54 billion, a P/E ratio of 18.97, a P/E/G ratio of 1.50 and a beta of 1.61.
BlackRock (NYSE:BLK) last posted its earnings results on Monday, July 16th. The asset manager reported $6.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $6.55 by $0.11. BlackRock had a net margin of 38.97% and a return on equity of 13.20%. The firm had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.58 billion. During the same quarter last year, the firm earned $5.24 EPS. The firm’s revenue for the quarter was up 11.4% on a year-over-year basis. sell-side analysts expect that BlackRock, Inc. will post 27.71 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 24th. Investors of record on Friday, September 7th will be issued a $3.13 dividend. This represents a $12.52 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend is Thursday, September 6th. This is an increase from BlackRock’s previous quarterly dividend of $2.88. BlackRock’s dividend payout ratio (DPR) is 50.97%.
In related news, Chairman Laurence Fink sold 19,800 shares of BlackRock stock in a transaction that occurred on Wednesday, July 18th. The shares were sold at an average price of $507.67, for a total value of $10,051,866.00. Following the completion of the sale, the chairman now owns 1,098,328 shares in the company, valued at approximately $557,588,175.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William E. Ford bought 1,000 shares of the company’s stock in a transaction that occurred on Thursday, August 2nd. The stock was bought at an average price of $467.92 per share, with a total value of $467,920.00. Following the acquisition, the director now directly owns 5,400 shares in the company, valued at approximately $2,526,768. The disclosure for this purchase can be found here. 1.86% of the stock is currently owned by company insiders.
A number of brokerages have recently issued reports on BLK. JPMorgan Chase & Co. restated a “focus list” rating and set a $547.00 price target on shares of BlackRock in a report on Monday, July 2nd. Keefe, Bruyette & Woods upgraded shares of BlackRock from a “market perform” rating to an “outperform” rating and set a $590.00 price target for the company in a report on Friday, July 13th. Goldman Sachs Group cut their price target on shares of BlackRock to $570.00 and set a “buy” rating for the company in a report on Tuesday, July 17th. ValuEngine downgraded shares of BlackRock from a “buy” rating to a “hold” rating in a report on Friday, June 15th. Finally, Barclays cut their price target on shares of BlackRock from $615.00 to $595.00 and set an “overweight” rating for the company in a report on Tuesday, July 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. BlackRock has an average rating of “Buy” and a consensus price target of $598.67.
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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