Lineweaver Wealth Advisors LLC Raises Position in BlackRock $BLK

Lineweaver Wealth Advisors LLC increased its holdings in BlackRock (NYSE:BLK) by 9.6% during the second quarter, Holdings Channel.com reports. The firm owned 4,023 shares of the asset manager’s stock after acquiring an additional 351 shares during the quarter. Lineweaver Wealth Advisors LLC’s holdings in BlackRock were worth $4,221,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Pines Wealth Management LLC purchased a new position in shares of BlackRock in the second quarter valued at about $252,000. Sunpointe LLC purchased a new position in shares of BlackRock in the second quarter valued at about $598,000. Mirador Capital Partners LP increased its position in shares of BlackRock by 1.4% in the second quarter. Mirador Capital Partners LP now owns 5,822 shares of the asset manager’s stock valued at $6,109,000 after acquiring an additional 82 shares during the period. Hummer Financial Advisory Services Inc increased its position in shares of BlackRock by 4.7% in the second quarter. Hummer Financial Advisory Services Inc now owns 785 shares of the asset manager’s stock valued at $824,000 after acquiring an additional 35 shares during the period. Finally, Balefire LLC purchased a new position in shares of BlackRock in the second quarter valued at about $264,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

BlackRock Stock Up 0.3%

Shares of BlackRock stock opened at $1,118.01 on Wednesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04. The stock has a market capitalization of $173.12 billion, a PE ratio of 27.03, a price-to-earnings-growth ratio of 2.13 and a beta of 1.45. BlackRock has a 52-week low of $773.74 and a 52-week high of $1,171.89. The company has a 50-day simple moving average of $1,117.47 and a two-hundred day simple moving average of $1,009.52.

BlackRock (NYSE:BLK) last issued its earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.41 by $1.64. The business had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.40 billion. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the previous year, the company earned $10.36 earnings per share. On average, analysts anticipate that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be issued a dividend of $5.21 per share. This represents a $20.84 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, September 5th. BlackRock’s payout ratio is presently 50.39%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BLK. Jefferies Financial Group boosted their price objective on shares of BlackRock from $959.00 to $1,210.00 in a research report on Thursday, July 10th. Bank of America boosted their price objective on shares of BlackRock from $1,214.00 to $1,224.00 and gave the company a “buy” rating in a research report on Wednesday, July 16th. Barclays lifted their target price on shares of BlackRock from $990.00 to $1,220.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. Wells Fargo & Company cut their target price on shares of BlackRock from $1,180.00 to $1,170.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 16th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $1,115.00 target price on shares of BlackRock in a research note on Tuesday, July 8th. Twelve research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, BlackRock presently has an average rating of “Moderate Buy” and a consensus price target of $1,154.07.

Insider Activity at BlackRock

In other BlackRock news, CEO Laurence Fink sold 14,828 shares of the stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $1,122.28, for a total value of $16,641,167.84. Following the transaction, the chief executive officer directly owned 263,751 shares in the company, valued at approximately $296,002,472.28. This trade represents a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director J. Richard Kushel sold 17,142 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total transaction of $19,207,611.00. Following the completion of the sale, the director directly owned 61,369 shares of the company’s stock, valued at approximately $68,763,964.50. This trade represents a 21.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,494 shares of company stock valued at $74,694,573 over the last ninety days. Company insiders own 1.98% of the company’s stock.

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.