Axxcess Wealth Management LLC Acquires 18,514 Shares of BlackRock $BLK

Axxcess Wealth Management LLC boosted its holdings in shares of BlackRock (NYSE:BLK) by 532.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,992 shares of the asset manager’s stock after purchasing an additional 18,514 shares during the period. Axxcess Wealth Management LLC’s holdings in BlackRock were worth $23,542,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Signature Estate & Investment Advisors LLC lifted its stake in BlackRock by 2.4% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 20,853 shares of the asset manager’s stock worth $22,320,000 after purchasing an additional 491 shares during the last quarter. Goldenstone Wealth Management LLC bought a new stake in BlackRock during the fourth quarter worth $538,000. FourThought Financial Partners LLC lifted its stake in BlackRock by 0.6% during the fourth quarter. FourThought Financial Partners LLC now owns 11,072 shares of the asset manager’s stock worth $11,851,000 after purchasing an additional 62 shares during the last quarter. Global Retirement Partners LLC lifted its stake in BlackRock by 1.3% during the fourth quarter. Global Retirement Partners LLC now owns 5,557 shares of the asset manager’s stock worth $5,948,000 after purchasing an additional 71 shares during the last quarter. Finally, Great Diamond Partners LLC lifted its stake in BlackRock by 0.4% during the fourth quarter. Great Diamond Partners LLC now owns 2,791 shares of the asset manager’s stock worth $2,987,000 after purchasing an additional 10 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

BlackRock Stock Up 0.9%

Shares of NYSE:BLK opened at $1,073.03 on Friday. The firm has a market cap of $166.57 billion, a P/E ratio of 26.93, a P/E/G ratio of 1.39 and a beta of 1.44. The company has a quick ratio of 4.09, a current ratio of 4.09 and a debt-to-equity ratio of 0.34. BlackRock has a 12-month low of $917.39 and a 12-month high of $1,219.94. The business has a fifty day simple moving average of $1,018.09 and a 200 day simple moving average of $1,054.00.

BlackRock (NYSE:BLK) last announced its earnings results on Tuesday, April 14th. The asset manager reported $12.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $12.40 by $0.13. The business had revenue of $6.70 billion during the quarter, compared to analyst estimates of $6.56 billion. BlackRock had a return on equity of 14.74% and a net margin of 24.40%.BlackRock’s revenue for the quarter was up 27.0% compared to the same quarter last year. During the same period last year, the company earned $9.64 EPS. Analysts predict that BlackRock will post 52.8 earnings per share for the current year.

BlackRock Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 5th will be given a dividend of $5.73 per share. This represents a $22.92 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, June 5th. BlackRock’s dividend payout ratio (DPR) is currently 57.53%.

Insider Buying and Selling

In related news, CEO Laurence Fink sold 33,900 shares of the firm’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $1,050.55, for a total transaction of $35,613,645.00. Following the completion of the transaction, the chief executive officer directly owned 230,516 shares of the company’s stock, valued at $242,168,583.80. This trade represents a 12.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Robert Kapito sold 8,739 shares of the stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $1,056.60, for a total value of $9,233,627.40. Following the sale, the president owned 210,186 shares of the company’s stock, valued at approximately $222,082,527.60. The trade was a 3.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 45,249 shares of company stock valued at $47,671,714 in the last quarter. 1.92% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Morgan Stanley upped their target price on BlackRock from $1,368.00 to $1,393.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 15th. The Goldman Sachs Group increased their price target on BlackRock from $1,181.00 to $1,313.00 and gave the company a “buy” rating in a research note on Wednesday, April 15th. TD Cowen dropped their price target on BlackRock from $1,238.00 to $1,105.00 and set a “hold” rating for the company in a research note on Thursday, April 9th. Barclays increased their price target on BlackRock from $1,290.00 to $1,310.00 and gave the company an “overweight” rating in a research note on Wednesday, April 15th. Finally, Evercore reiterated an “outperform” rating and issued a $1,220.00 price target on shares of BlackRock in a research note on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,269.06.

BlackRock Profile

BlackRock, Inc is a global investment management firm that provides a broad range of products and services to institutional, intermediary and individual investors. Its core activities include portfolio management across active and index strategies, exchange-traded funds (ETFs) under the iShares brand, fixed income, equity and multi-asset solutions, as well as alternatives such as private equity, real estate and infrastructure. The firm also offers cash management and liquidity solutions and retirement-focused products designed for defined contribution and defined benefit investors.

In addition to traditional investment management, BlackRock is known for its technology and risk management capabilities, most prominently its Aladdin platform, which combines portfolio management, trading and risk analytics and is used both internally and licensed to external clients.