Highland Associates Inc. acquired a new position in shares of BlackRock, Inc. (NYSE:BLK) during the second quarter, HoldingsChannel reports. The institutional investor acquired 13,370 shares of the asset manager’s stock, valued at approximately $6,672,000. BlackRock comprises 1.3% of Highland Associates Inc.’s holdings, making the stock its 5th largest holding.

A number of other hedge funds have also made changes to their positions in BLK. Bank of The West boosted its position in BlackRock by 3.8% during the first quarter. Bank of The West now owns 2,604 shares of the asset manager’s stock worth $1,411,000 after purchasing an additional 96 shares in the last quarter. World Asset Management Inc boosted its position in BlackRock by 1.3% during the second quarter. World Asset Management Inc now owns 7,442 shares of the asset manager’s stock worth $3,714,000 after purchasing an additional 99 shares in the last quarter. Pekin Singer Strauss Asset Management IL boosted its position in BlackRock by 20.9% during the first quarter. Pekin Singer Strauss Asset Management IL now owns 578 shares of the asset manager’s stock worth $313,000 after purchasing an additional 100 shares in the last quarter. Intact Investment Management Inc. boosted its position in BlackRock by 1.0% during the second quarter. Intact Investment Management Inc. now owns 10,300 shares of the asset manager’s stock worth $5,144,000 after purchasing an additional 100 shares in the last quarter. Finally, HM Payson & Co. boosted its position in BlackRock by 11.5% during the first quarter. HM Payson & Co. now owns 982 shares of the asset manager’s stock worth $532,000 after purchasing an additional 101 shares in the last quarter. 83.85% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Chairman Laurence Fink sold 19,800 shares of the stock in a transaction dated Wednesday, July 18th. The stock was sold at an average price of $507.67, for a total transaction of $10,051,866.00. Following the transaction, the chairman now directly owns 1,098,328 shares in the company, valued at $557,588,175.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeff A. Smith sold 166 shares of the stock in a transaction dated Monday, May 21st. The stock was sold at an average price of $546.13, for a total value of $90,657.58. The disclosure for this sale can be found here. 1.86% of the stock is owned by corporate insiders.

A number of analysts have commented on the company. JPMorgan Chase & Co. reiterated a “focus list” rating and set a $547.00 target price on shares of BlackRock in a research report on Monday, July 2nd. Keefe, Bruyette & Woods upgraded BlackRock from a “market perform” rating to an “outperform” rating and set a $590.00 target price on the stock in a research report on Friday, July 13th. Goldman Sachs Group decreased their target price on BlackRock to $570.00 and set a “buy” rating on the stock in a research report on Tuesday, July 17th. ValuEngine downgraded BlackRock from a “buy” rating to a “hold” rating in a research report on Friday, June 15th. Finally, Barclays reduced their price objective on BlackRock from $615.00 to $595.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 17th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. BlackRock currently has an average rating of “Buy” and an average price target of $598.67.

Shares of NYSE:BLK opened at $478.95 on Friday. The company has a current ratio of 3.96, a quick ratio of 3.96 and a debt-to-equity ratio of 1.02. BlackRock, Inc. has a 52-week low of $408.62 and a 52-week high of $594.52. The firm has a market capitalization of $78.01 billion, a PE ratio of 19.08, a P/E/G ratio of 1.51 and a beta of 1.61.

BlackRock (NYSE:BLK) last issued its quarterly earnings data on Monday, July 16th. The asset manager reported $6.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $6.55 by $0.11. BlackRock had a return on equity of 13.29% and a net margin of 38.97%. The business had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.58 billion. During the same period in the prior year, the business earned $5.24 earnings per share. The business’s revenue was up 11.4% on a year-over-year basis. equities analysts anticipate that BlackRock, Inc. will post 27.71 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 24th. Stockholders of record on Friday, September 7th will be given a $3.13 dividend. This is an increase from BlackRock’s previous quarterly dividend of $2.88. This represents a $12.52 annualized dividend and a dividend yield of 2.61%. The ex-dividend date is Thursday, September 6th. BlackRock’s dividend payout ratio is currently 50.97%.

BlackRock Profile

BlackRock, Inc is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks.

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Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

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