Bright Rock Capital Management LLC Continues to Hold Stake in BlackRock, Inc. (BLK)
Bright Rock Capital Management LLC continued to hold its position in shares of BlackRock, Inc. (NYSE:BLK) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,000 shares of the asset manager’s stock at the end of the second quarter. Bright Rock Capital Management LLC’s holdings in BlackRock were worth $3,379,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the stock. Park Avenue Securities LLC boosted its stake in BlackRock by 71.9% in the first quarter. Park Avenue Securities LLC now owns 1,040 shares of the asset manager’s stock valued at $397,000 after buying an additional 435 shares during the period. Bartlett & Co. LLC boosted its stake in BlackRock by 0.6% in the first quarter. Bartlett & Co. LLC now owns 84,298 shares of the asset manager’s stock valued at $32,329,000 after buying an additional 518 shares during the period. ST Germain D J Co. Inc. boosted its stake in BlackRock by 4.4% in the first quarter. ST Germain D J Co. Inc. now owns 2,340 shares of the asset manager’s stock valued at $897,000 after buying an additional 99 shares during the period. Granite Investment Partners LLC boosted its stake in BlackRock by 14.4% in the first quarter. Granite Investment Partners LLC now owns 6,434 shares of the asset manager’s stock valued at $2,468,000 after buying an additional 809 shares during the period. Finally, Adviser Investments LLC purchased a new stake in BlackRock during the first quarter valued at $2,355,000. Hedge funds and other institutional investors own 82.76% of the company’s stock.
Shares of BlackRock, Inc. (BLK) opened at 416.20 on Thursday. The stock has a 50 day moving average of $426.79 and a 200 day moving average of $402.77. The stock has a market cap of $67.51 billion, a P/E ratio of 19.98 and a beta of 1.71. BlackRock, Inc. has a one year low of $336.84 and a one year high of $442.83.
BlackRock (NYSE:BLK) last issued its quarterly 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. The business had revenue of $2.97 billion during the quarter, compared to analyst estimates 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 in the prior year, the business posted $4.78 EPS. On average, analysts forecast that BlackRock, Inc. will post $21.85 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Tuesday, September 5th will be issued a $2.50 dividend. This represents a $10.00 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Thursday, August 31st. BlackRock’s dividend payout ratio is presently 47.98%.
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BLK has been the subject of several recent analyst reports. Deutsche Bank AG reiterated a “buy” rating and set a $455.00 price objective (down from $465.00) on shares of BlackRock in a research report on Tuesday, July 18th. Zacks Investment Research upgraded shares of 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. Bank of America Corporation reiterated a “buy” rating and set a $450.00 price objective on shares of BlackRock in a research report on Monday, June 19th. BidaskClub cut shares of BlackRock from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $387.00 price objective on shares of BlackRock in a research report on Wednesday, May 17th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $443.00.
In other BlackRock news, Director Susan Wagner sold 2,500 shares of the firm’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $414.31, for a total value of $1,035,775.00. Following the completion of the sale, the director now owns 484,386 shares of the company’s stock, valued at $200,685,963.66. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jeff A. Smith sold 522 shares of the firm’s stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $421.52, for a total value of $220,033.44. The disclosure for this sale can be found here. In the last three months, insiders sold 3,272 shares of company stock valued at $1,364,526. Corporate 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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