Klingenstein Fields & Co. LLC Buys Shares of 609 BlackRock, Inc. (BLK)

Klingenstein Fields & Co. LLC bought a new stake in shares of BlackRock, Inc. (NYSE:BLK) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 609 shares of the asset manager’s stock, valued at approximately $257,000.

Several other hedge funds have also made changes to their positions in BLK. Financial Architects Inc increased its stake in shares of BlackRock by 0.7% in the second quarter. Financial Architects Inc now owns 291 shares of the asset manager’s stock valued at $123,000 after buying an additional 2 shares in the last quarter. Eqis Capital Management Inc. increased its stake in shares of BlackRock by 0.5% in the first quarter. Eqis Capital Management Inc. now owns 609 shares of the asset manager’s stock valued at $233,000 after buying an additional 3 shares in the last quarter. National Asset Management Inc. increased its stake in shares of BlackRock by 0.4% in the first quarter. National Asset Management Inc. now owns 716 shares of the asset manager’s stock valued at $275,000 after buying an additional 3 shares in the last quarter. JNBA Financial Advisors increased its stake in shares of BlackRock by 0.4% in the first quarter. JNBA Financial Advisors now owns 910 shares of the asset manager’s stock valued at $349,000 after buying an additional 4 shares in the last quarter. Finally, Berkshire Asset Management LLC PA increased its stake in shares of BlackRock by 0.8% in the second quarter. Berkshire Asset Management LLC PA now owns 663 shares of the asset manager’s stock valued at $280,000 after buying an additional 5 shares in the last quarter. Institutional investors own 80.33% of the company’s stock.

BlackRock, Inc. (BLK) opened at 421.37 on Wednesday. The company has a market cap of $68.35 billion, a PE ratio of 20.23 and a beta of 1.71. BlackRock, Inc. has a one year low of $336.84 and a one year high of $442.83. The firm has a 50-day moving average of $427.87 and a 200-day moving average of $401.97.

BlackRock (NYSE:BLK) last issued its earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share for the quarter, missing the consensus estimate of $5.39 by $0.15. BlackRock had a net margin of 29.92% and a return on equity of 11.74%. The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $3.01 billion. During the same quarter last year, the firm posted $4.78 earnings per share. BlackRock’s revenue was up 5.7% on a year-over-year basis. On average, analysts predict that BlackRock, Inc. will post $21.85 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Tuesday, September 5th will be given a dividend of $2.50 per share. The ex-dividend date is Thursday, August 31st. This represents a $10.00 annualized dividend and a dividend yield of 2.37%. BlackRock’s dividend payout ratio (DPR) is currently 47.98%.

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Several equities analysts have recently commented on the stock. Bank of America Corporation reaffirmed a “buy” rating and set a $450.00 price target on shares of BlackRock in a research report on Monday, June 19th. Jefferies Group LLC reaffirmed a “hold” rating and set a $440.00 price target on shares of BlackRock in a research report on Friday, August 18th. Morgan Stanley reaffirmed an “overweight” rating and set a $476.00 price target (up previously from $460.00) on shares of BlackRock in a research report on Tuesday, July 18th. Deutsche Bank AG increased their price target on shares of BlackRock from $447.00 to $449.00 and gave the stock a “buy” rating in a research report on Tuesday, July 4th. Finally, Zacks Investment Research raised shares of BlackRock from a “hold” rating to a “buy” rating and set a $480.00 price target on the stock in a research report on Tuesday, June 20th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $443.00.

In other news, insider Mark Mccombe sold 500 shares of BlackRock stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $405.98, for a total transaction of $202,990.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jeff A. Smith sold 250 shares of BlackRock stock in a transaction dated Wednesday, July 26th. The shares were 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 quarter, insiders have sold 3,772 shares of company stock worth $1,567,516. 1.86% of the stock is owned by company insiders.

About BlackRock

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.

Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

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