Covington Capital Management Trims Position in BlackRock, Inc. (BLK)
Covington Capital Management lessened its stake in BlackRock, Inc. (NYSE:BLK) by 2.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 32,002 shares of the asset manager’s stock after selling 678 shares during the period. BlackRock comprises 1.0% of Covington Capital Management’s portfolio, making the stock its 27th biggest holding. Covington Capital Management’s holdings in BlackRock were worth $16,440,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Invictus RG bought a new stake in shares of BlackRock in the third quarter valued at about $110,000. Assetmark Inc. lifted its stake in BlackRock by 57.1% during the fourth quarter. Assetmark Inc. now owns 278 shares of the asset manager’s stock worth $143,000 after purchasing an additional 101 shares during the period. Oakworth Capital Inc. lifted its stake in BlackRock by 67.6% during the fourth quarter. Oakworth Capital Inc. now owns 305 shares of the asset manager’s stock worth $153,000 after purchasing an additional 123 shares during the period. Sumitomo Mitsui Financial Group Inc. lifted its stake in BlackRock by 1,119.2% during the third quarter. Sumitomo Mitsui Financial Group Inc. now owns 317 shares of the asset manager’s stock worth $141,000 after purchasing an additional 291 shares during the period. Finally, Manchester Capital Management LLC bought a new position in BlackRock during the third quarter worth about $156,000. Institutional investors and hedge funds own 84.65% of the company’s stock.
In other news, Director Deryck C. Maughan bought 3,861 shares of the business’s stock in a transaction dated Wednesday, January 17th. The stock was bought at an average price of $573.44 per share, for a total transaction of $2,214,051.84. Following the completion of the purchase, the director now owns 12,265 shares of the company’s stock, valued at approximately $7,033,241.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ryan Stork sold 7,136 shares of BlackRock stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $543.50, for a total transaction of $3,878,416.00. The disclosure for this sale can be found here. Insiders sold 20,961 shares of company stock valued at $11,375,444 in the last quarter. 1.86% of the stock is currently owned by corporate insiders.
BlackRock (NYSE:BLK) last posted its earnings results on Friday, January 12th. The asset manager reported $6.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.94 by $0.30. BlackRock had a net margin of 39.79% and a return on equity of 12.31%. The company had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.33 billion. During the same quarter in the previous year, the company posted $5.14 earnings per share. BlackRock’s quarterly revenue was up 20.0% compared to the same quarter last year. analysts anticipate that BlackRock, Inc. will post 28.49 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 22nd. Stockholders of record on Wednesday, March 7th will be paid a $2.88 dividend. The ex-dividend date is Tuesday, March 6th. This represents a $11.52 dividend on an annualized basis and a dividend yield of 2.05%. This is a boost from BlackRock’s previous quarterly dividend of $2.50. BlackRock’s payout ratio is 38.02%.
A number of brokerages have commented on BLK. Zacks Investment Research cut shares of BlackRock from a “buy” rating to a “hold” rating in a research note on Tuesday. ValuEngine cut shares of BlackRock from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Deutsche Bank cut their price target on shares of BlackRock to $623.00 and set a “buy” rating for the company in a research note on Tuesday, March 6th. Citigroup cut shares of BlackRock from a “buy” rating to a “neutral” rating and set a $625.00 price target for the company. in a research note on Thursday, January 25th. Finally, Argus restated a “buy” rating and set a $620.00 price target (up previously from $520.00) on shares of BlackRock in a research note on Tuesday, January 16th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $560.85.
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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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