Summit Investment Advisors Inc. raised its stake in BlackRock, Inc. (NYSE:BLK - Free Report) by 63.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,100 shares of the asset manager's stock after buying an additional 1,590 shares during the period. Summit Investment Advisors Inc.'s holdings in BlackRock were worth $4,203,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. IAG Wealth Partners LLC acquired a new position in BlackRock in the 4th quarter worth about $26,000. Collier Financial acquired a new position in shares of BlackRock in the fourth quarter valued at approximately $32,000. Compass Planning Associates Inc bought a new position in BlackRock in the 4th quarter valued at approximately $33,000. Atwood & Palmer Inc. acquired a new stake in BlackRock during the 4th quarter worth approximately $36,000. Finally, West Financial Advisors LLC bought a new stake in BlackRock during the 4th quarter worth approximately $39,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In related news, Director J. Richard Kushel sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $1,072.64, for a total transaction of $10,726,400.00. Following the completion of the sale, the director now directly owns 68,433 shares of the company's stock, valued at approximately $73,403,973.12. This trade represents a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 20,430 shares of company stock valued at $21,234,629 in the last 90 days. 0.90% of the stock is currently owned by corporate insiders.
BlackRock Stock Down 2.5 %
BLK traded down $21.79 during trading on Wednesday, hitting $866.65. 591,319 shares of the company's stock were exchanged, compared to its average volume of 683,323. BlackRock, Inc. has a fifty-two week low of $745.55 and a fifty-two week high of $1,084.22. The stock has a market cap of $134.55 billion, a P/E ratio of 20.63, a PEG ratio of 1.90 and a beta of 1.38. The business's 50 day moving average is $937.25 and its two-hundred day moving average is $987.19. The company has a quick ratio of 5.23, a current ratio of 5.23 and a debt-to-equity ratio of 0.45.
BlackRock (NYSE:BLK - Get Free Report) last announced its quarterly earnings results on Friday, April 11th. The asset manager reported $11.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.84 by $0.46. BlackRock had a return on equity of 16.32% and a net margin of 31.21%. The business had revenue of $5.28 billion during the quarter, compared to the consensus estimate of $5.47 billion. During the same quarter in the prior year, the company posted $9.81 earnings per share. BlackRock's revenue was up 11.6% compared to the same quarter last year. As a group, equities analysts expect that BlackRock, Inc. will post 47.41 earnings per share for the current fiscal year.
BlackRock Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Friday, March 7th were given a $5.21 dividend. This represents a $20.84 dividend on an annualized basis and a yield of 2.40%. This is an increase from BlackRock's previous quarterly dividend of $5.10. The ex-dividend date was Friday, March 7th. BlackRock's dividend payout ratio is presently 50.63%.
Wall Street Analysts Forecast Growth
BLK has been the subject of a number of recent research reports. Citigroup decreased their price objective on BlackRock from $1,200.00 to $1,100.00 and set a "buy" rating for the company in a report on Monday. StockNews.com initiated coverage on BlackRock in a research report on Monday. They set a "hold" rating for the company. JPMorgan Chase & Co. reduced their target price on BlackRock from $1,046.00 to $988.00 and set a "neutral" rating on the stock in a report on Monday. Morgan Stanley lowered their price target on shares of BlackRock from $1,275.00 to $1,124.00 and set an "overweight" rating for the company in a report on Monday, April 7th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of BlackRock from $1,215.00 to $1,275.00 and gave the stock a "buy" rating in a research report on Thursday, January 16th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $1,077.08.
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About BlackRock
(
Free Report)
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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