BlackRock, Inc. (BLK) Holdings Boosted by ProVise Management Group LLC
ProVise Management Group LLC raised its position in BlackRock, Inc. (NYSE:BLK) by 5.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,475 shares of the asset manager’s stock after buying an additional 948 shares during the quarter. BlackRock comprises about 1.2% of ProVise Management Group LLC’s portfolio, making the stock its 18th largest position. ProVise Management Group LLC’s holdings in BlackRock were worth $7,805,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Financial Architects Inc increased its holdings in BlackRock by 0.7% in the 2nd quarter. Financial Architects Inc now owns 291 shares of the asset manager’s stock valued at $123,000 after buying an additional 2 shares during the period. Davis R M Inc. increased its holdings in BlackRock by 0.4% in the 2nd quarter. Davis R M Inc. now owns 564 shares of the asset manager’s stock valued at $238,000 after buying an additional 2 shares during the period. Eqis Capital Management Inc. increased its holdings in BlackRock by 0.5% in the 1st 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 during the period. National Asset Management Inc. increased its holdings in BlackRock by 0.4% in the 1st 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 during the period. Finally, Proficio Capital Partners LLC increased its holdings in BlackRock by 1.2% in the 2nd quarter. Proficio Capital Partners LLC now owns 262 shares of the asset manager’s stock valued at $111,000 after buying an additional 3 shares during the period. 82.77% of the stock is currently owned by hedge funds and other institutional investors.
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Shares of BlackRock, Inc. (NYSE:BLK) opened at 415.95 on Monday. BlackRock, Inc. has a 52-week low of $336.84 and a 52-week high of $442.83. The firm has a market capitalization of $67.47 billion, a P/E ratio of 19.96 and a beta of 1.71. The company’s 50-day moving average is $422.53 and its 200 day moving average is $404.80.
BlackRock (NYSE:BLK) last issued its earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $5.39 by $0.15. The firm had revenue of $2.97 billion during 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%. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the company earned $4.78 EPS. Analysts expect that BlackRock, Inc. will post $21.85 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Tuesday, September 5th will be paid 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 currently 47.98%.
In other BlackRock news, insider Robert W. Fairbairn sold 3,675 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $415.31, for a total value of $1,526,264.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jeff A. Smith sold 522 shares of the company’s stock in a transaction that occurred on 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 ninety days, insiders sold 4,447 shares of company stock valued at $1,855,015. 1.86% of the stock is owned by insiders.
Several equities analysts have commented on the stock. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $440.00 target price on shares of BlackRock in a report on Friday, July 14th. Morgan Stanley reissued an “overweight” rating and issued a $460.00 target price (up 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 target price (up from $380.00) on shares of BlackRock in a report on Wednesday, July 12th. Deutsche Bank AG raised their target price on shares of 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 shares of BlackRock from a “hold” rating to a “buy” rating and set a $480.00 target price on the stock in a report on Tuesday, June 20th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. BlackRock presently has an average rating of “Buy” and a consensus price target of $449.08.
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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