BlackRock (NYSE:BLK - Get Free Report) announced its quarterly earnings data on Friday. The asset manager reported $11.30 earnings per share for the quarter, beating analysts' consensus estimates of $10.84 by $0.46, Zacks reports. BlackRock had a return on equity of 16.32% and a net margin of 31.21%. The business had revenue of $5.28 billion for the quarter, compared to analyst estimates of $5.47 billion. During the same period in the prior year, the company earned $9.81 earnings per share. The company's revenue was up 11.6% on a year-over-year basis.
BlackRock Price Performance
BLK stock traded up $2.79 during trading on Tuesday, hitting $892.74. The stock had a trading volume of 206,479 shares, compared to its average volume of 683,487. BlackRock has a twelve month low of $745.55 and a twelve month high of $1,084.22. The company's 50-day moving average price is $939.58 and its two-hundred day moving average price is $987.88. The company has a debt-to-equity ratio of 0.45, a current ratio of 5.23 and a quick ratio of 5.23. The stock has a market capitalization of $138.60 billion, a P/E ratio of 21.26, a PEG ratio of 1.90 and a beta of 1.38.
BlackRock Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were given a dividend of $5.21 per share. This represents a $20.84 annualized dividend and a dividend yield of 2.33%. The ex-dividend date was Friday, March 7th. This is an increase from BlackRock's previous quarterly dividend of $5.10. BlackRock's dividend payout ratio is 50.63%.
Analysts Set New Price Targets
Several analysts have recently commented on BLK shares. Citigroup dropped their price objective on shares of BlackRock from $1,200.00 to $1,100.00 and set a "buy" rating on the stock in a report on Monday. TD Cowen lowered their price target on shares of BlackRock from $1,251.00 to $1,032.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Bank of America reduced their price objective on BlackRock from $1,196.00 to $1,178.00 and set a "buy" rating for the company in a research note on Thursday, April 3rd. JPMorgan Chase & Co. lowered their target price on BlackRock from $1,046.00 to $988.00 and set a "neutral" rating on the stock in a research note on Monday. Finally, Wells Fargo & Company decreased their price target on BlackRock from $1,065.00 to $1,035.00 and set an "overweight" rating for the company in a report on Monday. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $1,077.08.
Read Our Latest Stock Report on BLK
Insider Buying and Selling at BlackRock
In related news, Director J. Richard Kushel sold 430 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $949.37, for a total value of $408,229.10. Following the completion of the transaction, the director now directly owns 3,720 shares of the company's stock, valued at approximately $3,531,656.40. This represents a 10.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 20,430 shares of company stock valued at $21,234,629 over the last quarter. 0.90% of the stock is currently owned by insiders.
Institutional Investors Weigh In On BlackRock
A hedge fund recently raised its stake in BlackRock stock. Brighton Jones LLC grew its stake in BlackRock, Inc. (NYSE:BLK - Free Report) by 23.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,575 shares of the asset manager's stock after purchasing an additional 296 shares during the period. Brighton Jones LLC's holdings in BlackRock were worth $1,615,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 80.69% of the stock is currently owned by hedge funds and other institutional investors.
About BlackRock
(
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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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