Covenant Multifamily Offices LLC boosted its holdings in shares of BlackRock, Inc. (NYSE:BLK) by 3.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,830 shares of the asset manager’s stock after purchasing an additional 233 shares during the quarter. BlackRock makes up 1.8% of Covenant Multifamily Offices LLC’s holdings, making the stock its 19th largest position. Covenant Multifamily Offices LLC’s holdings in BlackRock were worth $2,885,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Proficio Capital Partners LLC boosted its position in BlackRock by 48.9% during the first quarter. Proficio Capital Partners LLC now owns 259 shares of the asset manager’s stock worth $103,000 after purchasing an additional 85 shares in the last quarter. Enterprise Financial Services Corp boosted its position in BlackRock by 52.5% during the second quarter. Enterprise Financial Services Corp now owns 247 shares of the asset manager’s stock worth $104,000 after purchasing an additional 85 shares in the last quarter. Kings Point Capital Management boosted its position in BlackRock by 34.5% during the first quarter. Kings Point Capital Management now owns 273 shares of the asset manager’s stock worth $105,000 after purchasing an additional 70 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in BlackRock during the first quarter worth approximately $108,000. Finally, Financial Architects Inc boosted its position in BlackRock by 0.7% during the second quarter. Financial Architects Inc now owns 291 shares of the asset manager’s stock worth $123,000 after purchasing an additional 2 shares in the last quarter. Institutional investors own 82.77% of the company’s stock.
A number of brokerages have issued reports on BLK. Barclays PLC began coverage on BlackRock in a research report on Friday. They set an “overweight” rating and a $475.00 price target on the stock. Jefferies Group LLC reiterated a “hold” rating and set a $440.00 price target on shares of BlackRock in a research report on Friday, August 18th. Deutsche Bank AG increased their price target on BlackRock from $447.00 to $449.00 and gave the stock a “buy” rating in a research report on Tuesday, July 4th. BidaskClub downgraded BlackRock from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Finally, Zacks Investment Research upgraded 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 research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $449.08.
In related news, insider Jeff A. Smith sold 250 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $434.87, for a total value of $108,717.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert W. Fairbairn sold 3,675 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $415.31, for a total value of $1,526,264.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,447 shares of company stock worth $1,855,015. 1.86% of the stock is owned by corporate insiders.
BlackRock, Inc. (NYSE:BLK) opened at 415.95 on Monday. The stock has a market cap of $67.47 billion, a P/E ratio of 19.96 and a beta of 1.71. The stock has a 50 day moving average price of $422.53 and a 200 day moving average price of $404.80. BlackRock, Inc. has a 52-week low of $336.84 and a 52-week high of $442.83.
BlackRock (NYSE:BLK) last announced its quarterly earnings results on Monday, July 17th. The asset manager reported $5.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $5.39 by $0.15. The firm 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%. BlackRock’s revenue was up 5.7% compared to the same quarter last year. During the same period last year, the firm earned $4.78 EPS. On average, equities research analysts forecast that BlackRock, Inc. will post $21.85 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Investors of record on Tuesday, September 5th will be paid a $2.50 dividend. This represents a $10.00 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Thursday, August 31st. BlackRock’s payout ratio is currently 47.98%.
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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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