Cooper Financial Group raised its holdings in BlackRock, Inc. (NYSE:BLK – Get Rating) by 12.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 583 shares of the asset manager’s stock after acquiring an additional 63 shares during the quarter. Cooper Financial Group’s holdings in BlackRock were worth $355,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Nvwm LLC boosted its holdings in shares of BlackRock by 26.4% during the 1st quarter. Nvwm LLC now owns 115 shares of the asset manager’s stock worth $88,000 after buying an additional 24 shares during the period. State of Alaska Department of Revenue lifted its position in BlackRock by 6.8% during the 2nd quarter. State of Alaska Department of Revenue now owns 22,542 shares of the asset manager’s stock worth $13,728,000 after acquiring an additional 1,440 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of BlackRock by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 384,792 shares of the asset manager’s stock valued at $294,074,000 after purchasing an additional 5,783 shares during the last quarter. Wealth Alliance grew its position in shares of BlackRock by 2.7% in the first quarter. Wealth Alliance now owns 768 shares of the asset manager’s stock valued at $587,000 after purchasing an additional 20 shares during the last quarter. Finally, Phocas Financial Corp. lifted its position in shares of BlackRock by 5.4% during the 1st quarter. Phocas Financial Corp. now owns 685 shares of the asset manager’s stock worth $523,000 after purchasing an additional 35 shares during the last quarter. Institutional investors own 76.88% of the company’s stock.
Analysts Set New Price Targets
BLK has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft raised their target price on BlackRock from $720.00 to $860.00 and gave the company a “buy” rating in a report on Friday, August 12th. Keefe, Bruyette & Woods cut their target price on shares of BlackRock from $719.00 to $675.00 and set a “market perform” rating for the company in a research note on Tuesday, June 28th. UBS Group dropped their price objective on shares of BlackRock from $825.00 to $718.00 in a report on Monday, July 11th. JPMorgan Chase & Co. reduced their target price on shares of BlackRock from $902.00 to $729.00 and set an “overweight” rating for the company in a research note on Friday, July 8th. Finally, StockNews.com raised BlackRock from a “sell” rating to a “hold” rating in a report on Tuesday, August 16th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $804.46.
BlackRock Price Performance
BlackRock (NYSE:BLK – Get Rating) last issued its quarterly earnings data on Friday, July 15th. The asset manager reported $7.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.94 by ($0.58). BlackRock had a net margin of 30.12% and a return on equity of 15.74%. The company had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.53 billion. During the same period in the previous year, the business posted $10.03 earnings per share. The firm’s revenue was down 6.1% compared to the same quarter last year. On average, sell-side analysts forecast that BlackRock, Inc. will post 33.92 EPS for the current fiscal year.
BlackRock Increases Dividend
The firm also recently announced a dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Wednesday, September 7th will be issued a $4.88 dividend. This is an increase from BlackRock’s previous dividend of $2.29. The ex-dividend date of this dividend is Tuesday, September 6th. BlackRock’s payout ratio is presently 51.46%.
Insider Buying and Selling
In related news, President Robert Kapito sold 37,588 shares of BlackRock stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $632.88, for a total value of $23,788,693.44. Following the completion of the transaction, the president now directly owns 226,680 shares of the company’s stock, valued at $143,461,238.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other BlackRock news, Director Mark Mccombe sold 1,360 shares of the stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $739.79, for a total value of $1,006,114.40. Following the transaction, the director now directly owns 21,106 shares in the company, valued at approximately $15,614,007.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Robert Kapito sold 37,588 shares of the company’s stock in a transaction on Monday, July 25th. The shares were sold at an average price of $632.88, for a total value of $23,788,693.44. Following the transaction, the president now directly owns 226,680 shares in the company, valued at approximately $143,461,238.40. The disclosure for this sale can be found here. Insiders have sold a total of 83,448 shares of company stock worth $55,259,953 in the last three months. Insiders own 1.06% of the company’s stock.
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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