BlackRock, Inc. (NYSE:BLK)’s share price reached a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $472.73 and last traded at $472.31, with a volume of 637,516 shares changing hands. The stock had previously closed at $465.49.
The asset manager reported $5.92 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $5.49 by $0.43. The firm had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.10 billion. BlackRock had a net margin of 29.92% and a return on equity of 11.74%. The company’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter last year, the business posted $5.14 EPS.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 22nd. Shareholders of record on Tuesday, September 5th were paid a $2.50 dividend. The ex-dividend date of this dividend was Thursday, August 31st. This represents a $10.00 annualized dividend and a yield of 2.08%. BlackRock’s dividend payout ratio (DPR) is 47.98%.
Several research firms have commented on BLK. Wells Fargo & Company reiterated a “market perform” rating and issued a $475.00 price objective (up previously from $450.00) on shares of BlackRock in a research note on Thursday. J P Morgan Chase & Co increased their price objective on shares of BlackRock to $558.00 and gave the company an “overweight” rating in a research note on Thursday. Credit Suisse Group reiterated an “outperform” rating on shares of BlackRock in a research note on Thursday. Jefferies Group LLC reiterated a “hold” rating and issued a $465.00 price objective on shares of BlackRock in a research note on Thursday. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $500.00 price objective on shares of BlackRock in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. BlackRock currently has a consensus rating of “Buy” and a consensus price target of $478.50.
In related news, insider Robert W. Fairbairn sold 3,675 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $415.31, for a total value of $1,526,264.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeff A. Smith sold 250 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $434.87, for a total transaction of $108,717.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,447 shares of company stock valued at $1,855,015. 1.86% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in BLK. BlackRock Inc. boosted its holdings in BlackRock by 2,775.4% in the 1st quarter. BlackRock Inc. now owns 6,541,505 shares of the asset manager’s stock worth $2,508,733,000 after buying an additional 6,314,004 shares during the period. Third Point LLC bought a new position in BlackRock in the 2nd quarter worth approximately $654,736,000. Harbour Capital Advisors LLC boosted its holdings in BlackRock by 38,807.6% in the 2nd quarter. Harbour Capital Advisors LLC now owns 1,203,024 shares of the asset manager’s stock worth $2,848,000 after buying an additional 1,199,932 shares during the period. Capital World Investors boosted its holdings in BlackRock by 12.9% in the 2nd quarter. Capital World Investors now owns 7,105,319 shares of the asset manager’s stock worth $3,001,358,000 after buying an additional 810,667 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in BlackRock by 8.4% in the 2nd quarter. Vanguard Group Inc. now owns 8,450,778 shares of the asset manager’s stock worth $3,569,693,000 after buying an additional 656,569 shares during the period. 82.47% of the stock is owned by institutional investors.
The firm has a market capitalization of $77.96 billion, a P/E ratio of 23.07 and a beta of 1.72. The company has a 50-day moving average of $435.54 and a 200-day moving average of $414.91.
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BlackRock Company Profile
BlackRock, Inc (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients.
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