BlackRock Inc. (NYSE:BLK) announced its earnings results on Tuesday. The company reported $5.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.98 by $0.16. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $1.01 billion. BlackRock had a return on equity of 11.07% and a net margin of 28.12%.
BlackRock (NYSE:BLK) opened at 354.60 on Tuesday. BlackRock has a one year low of $280.55 and a one year high of $376.65. The firm’s 50-day moving average price is $363.60 and its 200 day moving average price is $357.45. The firm has a market capitalization of $58.32 billion, a P/E ratio of 18.89 and a beta of 1.46.
The business also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Shareholders of record on Friday, September 2nd were issued a dividend of $2.29 per share. This represents a $9.16 annualized dividend and a yield of 2.58%. The ex-dividend date was Wednesday, August 31st. BlackRock’s payout ratio is presently 48.83%.
BLK has been the topic of a number of recent research reports. Goldman Sachs Group Inc. lowered BlackRock from a “conviction-buy” rating to a “buy” rating and raised their price objective for the stock from $390.00 to $400.00 in a research note on Monday, August 8th. Deutsche Bank AG raised their price objective on BlackRock from $404.00 to $414.00 and gave the stock a “buy” rating in a research note on Friday, September 9th. Barclays PLC raised their price objective on BlackRock from $364.00 to $375.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 24th. Vetr lowered BlackRock from a “buy” rating to a “hold” rating and set a $382.97 price objective on the stock. in a research note on Tuesday, August 16th. Finally, Zacks Investment Research upgraded BlackRock from a “sell” rating to a “hold” rating in a research note on Wednesday, August 10th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $385.26.
In other news, Director James Grosfeld sold 25,379 shares of the company’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $374.22, for a total value of $9,497,329.38. Following the transaction, the director now owns 514,402 shares of the company’s stock, valued at $192,499,516.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Mark Mccombe sold 1,400 shares of the company’s stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $374.92, for a total transaction of $524,888.00. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lebenthal Asset Management LLC purchased a new position in BlackRock during the second quarter valued at $910,000. Lebenthal Wealth Advisors LLC purchased a new position in BlackRock during the second quarter valued at $248,000. Parsons Capital Management Inc. RI boosted its position in BlackRock by 0.8% in the second quarter. Parsons Capital Management Inc. RI now owns 15,479 shares of the company’s stock valued at $5,302,000 after buying an additional 120 shares during the last quarter. General Electric Co. purchased a new position in BlackRock during the second quarter valued at $2,422,000. Finally, Sei Investments Co. boosted its position in BlackRock by 159.2% in the second quarter. Sei Investments Co. now owns 11,604 shares of the company’s stock valued at $3,975,000 after buying an additional 7,127 shares during the last quarter. 81.57% of the stock is currently owned by hedge funds and other institutional investors.
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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