First National Bank of South Miami reduced its stake in BlackRock, Inc. (NYSE:BLK – Free Report) by 8.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,239 shares of the asset manager’s stock after selling 118 shares during the period. First National Bank of South Miami’s holdings in BlackRock were worth $856,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new position in BlackRock during the fourth quarter worth about $1,037,009,000. Moneta Group Investment Advisors LLC lifted its holdings in BlackRock by 104,159.9% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 697,499 shares of the asset manager’s stock worth $494,269,000 after acquiring an additional 696,830 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in BlackRock by 14.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,335,602 shares of the asset manager’s stock worth $2,363,708,000 after acquiring an additional 430,524 shares in the last quarter. Renaissance Technologies LLC bought a new position in BlackRock during the first quarter worth about $187,527,000. Finally, First Trust Advisors LP lifted its holdings in BlackRock by 277.9% during the first quarter. First Trust Advisors LP now owns 317,614 shares of the asset manager’s stock worth $242,711,000 after acquiring an additional 233,568 shares in the last quarter. 77.01% of the stock is currently owned by institutional investors.
BlackRock Stock Performance
NYSE BLK opened at $694.89 on Tuesday. The company has a current ratio of 4.21, a quick ratio of 4.21 and a debt-to-equity ratio of 0.36. The firm’s fifty day moving average price is $706.56 and its two-hundred day moving average price is $681.26. BlackRock, Inc. has a 1 year low of $503.12 and a 1 year high of $785.65. The firm has a market capitalization of $103.75 billion, a P/E ratio of 20.29, a price-to-earnings-growth ratio of 1.96 and a beta of 1.29.
BlackRock Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Friday, September 8th will be paid a $5.00 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $20.00 annualized dividend and a yield of 2.88%. BlackRock’s dividend payout ratio is 58.41%.
Analysts Set New Price Targets
A number of research analysts have weighed in on the stock. Citigroup lifted their price target on shares of BlackRock from $750.00 to $815.00 and gave the company a “buy” rating in a research note on Friday, July 14th. Deutsche Bank Aktiengesellschaft boosted their price target on BlackRock from $780.00 to $785.00 in a report on Monday, July 17th. Keefe, Bruyette & Woods upgraded BlackRock from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $770.00 to $835.00 in a report on Monday, July 10th. Morgan Stanley boosted their price target on BlackRock from $881.00 to $888.00 and gave the company an “overweight” rating in a report on Tuesday, July 18th. Finally, Jefferies Financial Group boosted their price target on BlackRock from $741.00 to $781.00 in a report on Monday, July 10th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, BlackRock presently has an average rating of “Moderate Buy” and a consensus target price of $767.69.
Insider Buying and Selling at BlackRock
In other BlackRock news, CEO Laurence Fink sold 20,200 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $742.04, for a total value of $14,989,208.00. Following the sale, the chief executive officer now owns 464,125 shares in the company, valued at $344,399,315. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other BlackRock news, Director Mark Wiedman sold 2,079 shares of BlackRock stock in a transaction dated Tuesday, July 18th. The shares were sold at an average price of $733.82, for a total value of $1,525,611.78. Following the completion of the sale, the director now owns 6,160 shares in the company, valued at approximately $4,520,331.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Laurence Fink sold 20,200 shares of the stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $742.04, for a total transaction of $14,989,208.00. Following the transaction, the chief executive officer now owns 464,125 shares in the company, valued at approximately $344,399,315. The disclosure for this sale can be found here. Corporate insiders own 1.06% of the company’s stock.
BlackRock Company 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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