Great Lakes Advisors LLC Boosts Position in BlackRock, Inc. (BLK)
Great Lakes Advisors LLC boosted its stake in shares of BlackRock, Inc. (NYSE:BLK) by 64.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 21,882 shares of the asset manager’s stock after buying an additional 8,610 shares during the quarter. Great Lakes Advisors LLC’s holdings in BlackRock were worth $9,243,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Proficio Capital Partners LLC grew 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 valued at $103,000 after buying an additional 85 shares during the period. Enterprise Financial Services Corp grew 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 valued at $104,000 after buying an additional 85 shares during the period. Kings Point Capital Management grew 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 valued at $105,000 after buying an additional 70 shares during the period. State of Alaska Department of Revenue bought a new position in BlackRock during the first quarter valued at about $108,000. Finally, Financial Architects Inc grew its position in BlackRock by 0.7% during the second 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. Institutional investors own 82.77% of the company’s stock.
Shares of BlackRock, Inc. (BLK) opened at 424.04 on Tuesday. BlackRock, Inc. has a one year low of $336.84 and a one year high of $442.84. The stock has a market capitalization of $68.78 billion, a P/E ratio of 20.35 and a beta of 1.71. The stock has a 50 day moving average of $422.35 and a 200-day moving average of $405.12.
BlackRock (NYSE:BLK) last released 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. The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $3.01 billion. BlackRock had a net margin of 29.92% and a return on equity of 11.74%. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.78 earnings per share. Equities analysts forecast that BlackRock, Inc. will post $21.82 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Investors of record on Tuesday, September 5th will be paid a dividend of $2.50 per share. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $10.00 dividend on an annualized basis and a dividend yield of 2.36%. BlackRock’s dividend payout ratio (DPR) is presently 47.98%.
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In related news, insider Robert W. Fairbairn sold 3,675 shares of the business’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 transaction of $1,526,264.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeff A. Smith sold 250 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $434.87, for a total value of $108,717.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,447 shares of company stock valued at $1,855,015. 1.86% of the stock is currently owned by corporate insiders.
BLK has been the subject of several research reports. BidaskClub upgraded shares of BlackRock from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 1st. Morgan Stanley restated an “overweight” rating and set a $460.00 price target (up previously from $422.00) on shares of BlackRock in a research report on Monday, July 10th. Credit Suisse Group restated an “outperform” rating on shares of BlackRock in a research report on Tuesday, August 29th. Zacks Investment Research lowered shares of BlackRock from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $440.00 price target on shares of BlackRock in a research report on Friday, July 14th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price 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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