Fiduciary Trust Co. Lowers Holdings in BlackRock, Inc. (BLK)
Fiduciary Trust Co. lowered its holdings in shares of BlackRock, Inc. (NYSE:BLK) by 6.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,400 shares of the asset manager’s stock after selling 178 shares during the quarter. Fiduciary Trust Co.’s holdings in BlackRock were worth $1,014,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also added to or reduced their stakes in BLK. Proficio Capital Partners LLC lifted 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 purchasing an additional 85 shares during the last quarter. Enterprise Financial Services Corp lifted 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 purchasing an additional 85 shares during the last quarter. Penserra Capital Management LLC bought a new position in BlackRock during the second quarter valued at $104,000. Kings Point Capital Management lifted 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 purchasing an additional 70 shares during the last quarter. Finally, Financial Architects Inc lifted 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 purchasing an additional 2 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.
BlackRock, Inc. (NYSE:BLK) opened at 434.07 on Thursday. The stock has a market cap of $70.41 billion, a P/E ratio of 20.83 and a beta of 1.71. BlackRock, Inc. has a 52-week low of $336.84 and a 52-week high of $442.84. The firm’s 50-day moving average is $422.45 and its 200-day moving average is $406.87.
BlackRock (NYSE:BLK) last issued 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 business had revenue of $2.97 billion for 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 revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter last year, the company earned $4.78 earnings per share. Equities research analysts predict that BlackRock, Inc. will post $21.83 earnings per share 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 paid 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 yield of 2.30%. BlackRock’s dividend payout ratio (DPR) is presently 47.98%.
In other BlackRock news, insider Jeff A. Smith sold 250 shares of the business’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $434.87, for a total transaction of $108,717.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Robert W. Fairbairn sold 3,675 shares of the business’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $415.31, for a total transaction of $1,526,264.25. The disclosure for this sale can be found here. Insiders have sold 4,447 shares of company stock worth $1,855,015 over the last quarter. Insiders own 1.86% of the company’s stock.
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 issued a $460.00 target price (up previously from $422.00) on shares of BlackRock in a report on Monday, July 10th. Credit Suisse Group restated an “outperform” rating on shares of BlackRock in a report on Tuesday, August 29th. Zacks Investment Research lowered shares of BlackRock from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $440.00 target price on shares of BlackRock in a report on Friday, July 14th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $449.08.
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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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