Hartford Investment Management Co. Has $11.15 Million Position in BlackRock, Inc. (BLK)
Hartford Investment Management Co. cut its stake in shares of BlackRock, Inc. (NYSE:BLK) by 3.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 26,398 shares of the asset manager’s stock after selling 1,076 shares during the period. Hartford Investment Management Co.’s holdings in BlackRock were worth $11,151,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. DnB Asset Management AS boosted its position in shares of BlackRock by 5.8% in the first quarter. DnB Asset Management AS now owns 12,841 shares of the asset manager’s stock valued at $4,925,000 after buying an additional 700 shares during the period. Private Wealth Partners LLC boosted its position in shares of BlackRock by 153.9% in the first quarter. Private Wealth Partners LLC now owns 7,998 shares of the asset manager’s stock valued at $3,067,000 after buying an additional 4,848 shares during the period. Somerset Trust Co boosted its position in shares of BlackRock by 2.3% in the first quarter. Somerset Trust Co now owns 3,138 shares of the asset manager’s stock valued at $1,203,000 after buying an additional 72 shares during the period. Vicus Capital bought a new position in shares of BlackRock during the first quarter valued at about $254,000. Finally, Washington Trust Bank boosted its position in shares of BlackRock by 62.9% in the first quarter. Washington Trust Bank now owns 549 shares of the asset manager’s stock valued at $211,000 after buying an additional 212 shares during the period. 80.33% of the stock is owned by institutional investors and hedge funds.
BlackRock, Inc. (BLK) traded down 0.04% during midday trading on Wednesday, reaching $428.10. The company’s stock had a trading volume of 154,181 shares. BlackRock, Inc. has a 52 week low of $336.84 and a 52 week high of $442.83. The company’s 50-day moving average is $428.32 and its 200 day moving average is $400.63. The firm has a market capitalization of $69.44 billion, a P/E ratio of 20.55 and a beta of 1.71.
BlackRock (NYSE:BLK) last posted its quarterly earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share (EPS) for the quarter, missing the Zacks’ 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 company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $3.01 billion. During the same quarter in the previous year, the business posted $4.78 earnings per share. BlackRock’s revenue was up 5.7% on a year-over-year basis. Analysts expect that BlackRock, Inc. will post $21.85 earnings per share for the current fiscal year.
The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.34%. BlackRock’s payout ratio is 47.98%.
Several equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $440.00 price objective on shares of BlackRock in a report on Friday, July 14th. Morgan Stanley reissued an “overweight” rating and issued a $460.00 price objective (up previously from $422.00) on shares of BlackRock in a report on Monday, July 10th. Wells Fargo & Company reissued a “market perform” rating and issued a $425.00 price objective (up previously from $380.00) on shares of BlackRock in a report on Wednesday, July 12th. Deutsche Bank AG boosted their price objective on BlackRock from $447.00 to $449.00 and gave the company a “buy” rating in a report on Tuesday, July 4th. Finally, 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 report on Tuesday, June 20th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. BlackRock has a consensus rating of “Buy” and an average target price of $434.93.
In other news, Director Susan Wagner sold 2,500 shares of BlackRock stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $414.31, for a total transaction of $1,035,775.00. Following the completion of the sale, the director now directly owns 484,386 shares in the company, valued at approximately $200,685,963.66. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mark Mccombe sold 500 shares of BlackRock stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $405.98, for a total transaction of $202,990.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,772 shares of company stock valued at $1,567,516. Insiders own 1.86% of the company’s stock.
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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