Folger Hill Asset Management LP purchased a new stake in shares of BlackRock, Inc. (NYSE:BLK) in the 4th quarter, HoldingsChannel reports. The fund purchased 1,253 shares of the asset manager’s stock, valued at approximately $644,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Invictus RG purchased a new stake in shares of BlackRock during the third quarter valued at about $110,000. Assetmark Inc. lifted its position in shares of BlackRock by 57.1% during the fourth quarter. Assetmark Inc. now owns 278 shares of the asset manager’s stock valued at $143,000 after buying an additional 101 shares during the last quarter. Oakworth Capital Inc. lifted its position in shares of BlackRock by 67.6% during the fourth quarter. Oakworth Capital Inc. now owns 305 shares of the asset manager’s stock valued at $153,000 after buying an additional 123 shares during the last quarter. Sumitomo Mitsui Financial Group Inc. lifted its position in shares of BlackRock by 1,119.2% during the third quarter. Sumitomo Mitsui Financial Group Inc. now owns 317 shares of the asset manager’s stock valued at $141,000 after buying an additional 291 shares during the last quarter. Finally, Manchester Capital Management LLC purchased a new stake in shares of BlackRock during the third quarter valued at about $156,000. 82.90% of the stock is owned by institutional investors and hedge funds.
In related news, insider Jeff A. Smith sold 425 shares of the stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $565.96, for a total value of $240,533.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Robert L. Goldstein sold 5,000 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $558.00, for a total transaction of $2,790,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,961 shares of company stock worth $11,375,444. 1.86% of the stock is owned by corporate insiders.
BlackRock (NYSE:BLK) last posted its quarterly earnings data on Friday, January 12th. The asset manager reported $6.24 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $5.94 by $0.30. BlackRock had a net margin of 39.79% and a return on equity of 12.31%. The firm had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the prior year, the company posted $5.14 earnings per share. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. sell-side analysts forecast that BlackRock, Inc. will post 28.49 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 22nd. Stockholders of record on Wednesday, March 7th will be issued a dividend of $2.88 per share. The ex-dividend date is Tuesday, March 6th. This represents a $11.52 annualized dividend and a dividend yield of 2.00%. This is an increase from BlackRock’s previous quarterly dividend of $2.50. BlackRock’s dividend payout ratio is 38.02%.
BLK has been the subject of several analyst reports. Deutsche Bank decreased their price target on shares of BlackRock to $623.00 and set a “buy” rating for the company in a research report on Tuesday, March 6th. Credit Suisse Group reissued a “buy” rating and set a $680.00 price target on shares of BlackRock in a research report on Friday, January 12th. Argus reissued a “buy” rating and set a $620.00 price target (up from $520.00) on shares of BlackRock in a research report on Tuesday, January 16th. Citigroup increased their price target on shares of BlackRock to $625.00 and gave the company a “buy” rating in a research report on Tuesday, January 16th. Finally, ValuEngine lowered shares of BlackRock from a “buy” rating to a “hold” rating in a research report on Wednesday. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. BlackRock presently has a consensus rating of “Buy” and a consensus price target of $560.85.
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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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