Tufton Capital Management purchased a new stake in BlackRock, Inc. (NYSE:BLK) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 522 shares of the asset manager’s stock, valued at approximately $223,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Norges Bank acquired a new position in BlackRock in the fourth quarter valued at approximately $1,092,934,000. Northern Trust Corp boosted its holdings in BlackRock by 0.9% in the fourth quarter. Northern Trust Corp now owns 1,666,574 shares of the asset manager’s stock valued at $654,663,000 after purchasing an additional 14,587 shares in the last quarter. Geode Capital Management LLC boosted its holdings in BlackRock by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 1,443,990 shares of the asset manager’s stock valued at $566,150,000 after purchasing an additional 60,941 shares in the last quarter. Pennsylvania Trust Co boosted its holdings in BlackRock by 5,049.8% in the first quarter. Pennsylvania Trust Co now owns 1,084,132 shares of the asset manager’s stock valued at $44,805,000 after purchasing an additional 1,063,080 shares in the last quarter. Finally, Flossbach Von Storch AG boosted its holdings in BlackRock by 114.1% in the fourth quarter. Flossbach Von Storch AG now owns 582,743 shares of the asset manager’s stock valued at $228,913,000 after purchasing an additional 310,623 shares in the last quarter. 80.49% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently weighed in on BLK shares. Barclays increased their price objective on BlackRock from $472.00 to $490.00 and gave the company an “overweight” rating in a report on Thursday, March 14th. Zacks Investment Research raised BlackRock from a “sell” rating to a “hold” rating in a report on Wednesday, March 6th. Citigroup increased their price objective on BlackRock from $450.00 to $500.00 and gave the company a “buy” rating in a report on Monday, April 15th. Bank of America reissued a “buy” rating and issued a $498.00 price objective (up from $490.00) on shares of BlackRock in a report on Friday, March 8th. Finally, Deutsche Bank increased their price objective on BlackRock from $428.00 to $431.00 and gave the company a “hold” rating in a report on Friday, March 15th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. BlackRock currently has an average rating of “Buy” and a consensus target price of $509.38.
Shares of BlackRock stock traded up $1.87 during trading hours on Friday, hitting $435.76. 272,077 shares of the company were exchanged, compared to its average volume of 506,545. BlackRock, Inc. has a 1 year low of $360.79 and a 1 year high of $557.00. The company has a debt-to-equity ratio of 0.83, a current ratio of 3.49 and a quick ratio of 3.49. The stock has a market capitalization of $67.51 billion, a PE ratio of 16.18, a price-to-earnings-growth ratio of 1.59 and a beta of 1.44.
BlackRock (NYSE:BLK) last released its quarterly earnings results on Tuesday, April 16th. The asset manager reported $6.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $6.13 by $0.48. BlackRock had a return on equity of 13.46% and a net margin of 30.58%. The business had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.30 billion. During the same quarter in the prior year, the business earned $6.48 earnings per share. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. As a group, equities research analysts anticipate that BlackRock, Inc. will post 27.78 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, June 6th will be paid a dividend of $3.30 per share. This represents a $13.20 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend is Wednesday, June 5th. BlackRock’s dividend payout ratio (DPR) is presently 49.02%.
In other news, COO Robert L. Goldstein sold 5,133 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $443.00, for a total transaction of $2,273,919.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeff A. Smith sold 300 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $468.22, for a total value of $140,466.00. The disclosure for this sale can be found here. Insiders have sold 39,658 shares of company stock valued at $18,864,994 in the last 90 days. Company insiders own 1.42% of the company’s stock.
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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