Ledyard National Bank increased its stake in shares of BlackRock, Inc. (NYSE:BLK) by 65.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 755 shares of the asset manager’s stock after buying an additional 300 shares during the period. Ledyard National Bank’s holdings in BlackRock were worth $319,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of BLK. Vanguard Group Inc. boosted its stake in BlackRock by 3.3% in the first quarter. Vanguard Group Inc. now owns 7,794,209 shares of the asset manager’s stock worth $2,989,157,000 after buying an additional 250,431 shares during the last quarter. BlackRock Inc. boosted its stake in BlackRock by 2,775.4% in the first 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 last quarter. State Street Corp boosted its stake in BlackRock by 2.1% in the first quarter. State Street Corp now owns 5,445,766 shares of the asset manager’s stock worth $2,088,501,000 after buying an additional 112,993 shares during the last quarter. Wells Fargo & Company MN boosted its stake in BlackRock by 4.1% in the first quarter. Wells Fargo & Company MN now owns 2,041,394 shares of the asset manager’s stock worth $782,896,000 after buying an additional 80,433 shares during the last quarter. Finally, UBS Group AG boosted its stake in BlackRock by 40.2% in the first quarter. UBS Group AG now owns 1,696,340 shares of the asset manager’s stock worth $650,563,000 after buying an additional 486,502 shares during the last quarter. 80.33% of the stock is owned by hedge funds and other institutional investors.
Shares of BlackRock, Inc. (NYSE:BLK) traded down 0.5373% during trading on Friday, hitting $417.6838. The stock had a trading volume of 405,022 shares. The company has a market capitalization of $67.75 billion, a price-to-earnings ratio of 20.0482 and a beta of 1.71. The company’s 50 day moving average price is $428.26 and its 200 day moving average price is $400.96. BlackRock, Inc. has a 52 week low of $336.84 and a 52 week high of $442.84.
BlackRock (NYSE:BLK) last posted its earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.39 by $0.15. The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $3.01 billion. BlackRock had a return on equity of 11.74% and a net margin of 29.92%. The company’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.78 EPS. Analysts predict that BlackRock, Inc. will post $21.85 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Tuesday, September 5th will be issued a $2.50 dividend. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $10.00 annualized dividend and a dividend yield of 2.38%. BlackRock’s payout ratio is currently 47.98%.
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A number of analysts have recently issued reports on the company. Jefferies Group LLC reaffirmed a “hold” rating and issued a $440.00 price objective on shares of BlackRock in a research report on Friday. BidaskClub cut BlackRock from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Deutsche Bank AG raised their price objective on BlackRock from $447.00 to $449.00 and gave the company a “buy” rating in a research report on Tuesday, July 4th. Zacks Investment Research raised BlackRock from a “hold” rating to a “buy” rating and set a $480.00 price objective for the company in a research report on Tuesday, June 20th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and issued a $534.00 price objective on shares of BlackRock in a research report on Tuesday, July 18th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $443.00.
In other news, insider Mark Mccombe sold 500 shares of the company’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $405.98, for a total value of $202,990.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jeff A. Smith sold 250 shares of the company’s stock in a transaction 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. In the last ninety days, insiders sold 3,772 shares of company stock worth $1,567,516. Insiders own 1.86% of the company’s stock.
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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