Essex Financial Services Inc. cut its stake in shares of BlackRock Inc. (NYSE:BLK) by 8.3% during the second quarter, Holdings Channel reports. The institutional investor owned 1,366 shares of the company’s stock after selling 124 shares during the period. Essex Financial Services Inc.’s holdings in BlackRock were worth $468,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. Mariner Wealth Advisors LLC purchased a new position in BlackRock during the first quarter valued at about $599,000. Sun Life Financial INC bought a new position in shares of BlackRock during the first quarter worth about $91,954,000. Geode Capital Management LLC boosted its position in shares of BlackRock by 1.5% in the first quarter. Geode Capital Management LLC now owns 1,024,080 shares of the company’s stock worth $348,066,000 after buying an additional 14,917 shares during the period. Fairfield Bush & CO. bought a new position in shares of BlackRock during the first quarter worth about $681,000. Finally, AXA boosted its position in shares of BlackRock by 0.3% in the first quarter. AXA now owns 60,830 shares of the company’s stock worth $20,716,000 after buying an additional 161 shares during the period. Institutional investors and hedge funds own 81.57% of the company’s stock.
BlackRock Inc. (NYSE:BLK) traded down 0.09% on Monday, hitting $354.60. The company’s stock had a trading volume of 624,239 shares. BlackRock Inc. has a 12 month low of $280.55 and a 12 month high of $376.65. The stock has a market cap of $58.32 billion, a PE ratio of 18.89 and a beta of 1.46. The firm has a 50 day moving average of $363.60 and a 200-day moving average of $357.45.
BlackRock (NYSE:BLK) last released its quarterly earnings data on Thursday, July 14th. The company reported $4.78 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $4.82 by $0.04. The company earned $2.80 billion during the quarter, compared to analysts’ expectations of $2.81 billion. BlackRock had a return on equity of 11.07% and a net margin of 28.12%. The firm’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.96 EPS. On average, analysts expect that BlackRock Inc. will post $19.23 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd were issued a $2.29 dividend. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $9.16 annualized dividend and a dividend yield of 2.58%. BlackRock’s dividend payout ratio is currently 48.83%.
BLK has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded BlackRock from a “hold” rating to a “buy” rating and set a $410.00 target price on the stock in a report on Monday, September 19th. Barclays PLC raised their target price on BlackRock from $364.00 to $375.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 24th. Citigroup Inc. restated a “buy” rating and set a $400.00 target price on shares of BlackRock in a report on Monday, October 10th. Deutsche Bank AG raised their target price on BlackRock from $412.00 to $418.00 and gave the stock a “buy” rating in a report on Wednesday, October 5th. Finally, Keefe, Bruyette & Woods set a $393.00 target price on BlackRock and gave the stock a “hold” rating in a report on Friday. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $385.26.
In related news, Director Susan Wagner sold 79,346 shares of the business’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $366.35, for a total transaction of $29,068,407.10. Following the transaction, the director now owns 587,365 shares in the company, valued at approximately $215,181,167.75. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ryan Stork sold 1,400 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $367.24, for a total value of $514,136.00. The disclosure for this sale can be found here. 2.20% of the stock is owned by insiders.
BlackRock Company Profile
BlackRock, Inc is an investment management company. The Company provides a range of investment and risk management services to institutional and retail clients across the world. Its offerings include single and multi-asset class portfolios investing in equities, fixed income, alternatives and money market instruments.
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