Liberty Mutual Group Asset Management Inc. cut its stake in BlackRock, Inc. (NYSE:BLK) by 23.8% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 7,101 shares of the asset manager’s stock after selling 2,217 shares during the period. Liberty Mutual Group Asset Management Inc.’s holdings in BlackRock were worth $2,724,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of the company. Kings Point Capital Management boosted its stake in BlackRock by 34.5% in the first quarter. Kings Point Capital Management now owns 273 shares of the asset manager’s stock valued at $105,000 after buying an additional 70 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in BlackRock during the first quarter valued at about $108,000. Peoples Financial Services CORP. purchased a new stake in BlackRock during the first quarter valued at about $115,000. Twin Tree Management LP boosted its stake in BlackRock by 131.2% in the first quarter. Twin Tree Management LP now owns 343 shares of the asset manager’s stock valued at $132,000 after buying an additional 1,443 shares in the last quarter. Finally, Adirondack Trust Co. boosted its stake in BlackRock by 7.1% in the first quarter. Adirondack Trust Co. now owns 450 shares of the asset manager’s stock valued at $172,000 after buying an additional 30 shares in the last quarter. Institutional investors and hedge funds own 80.85% of the company’s stock.
BlackRock, Inc. (NYSE:BLK) opened at 428.65 on Friday. BlackRock, Inc. has a 12-month low of $336.84 and a 12-month high of $442.84. The company’s 50 day moving average is $424.10 and its 200 day moving average is $394.52. The company has a market cap of $69.81 billion, a price-to-earnings ratio of 20.57 and a beta of 1.71.
BlackRock (NYSE:BLK) last released its quarterly earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $5.39 by $0.15. The business had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $3.01 billion. BlackRock had a net margin of 29.92% and a return on equity of 11.79%. BlackRock’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the previous year, the company earned $4.78 EPS. Analysts forecast that BlackRock, Inc. will post $21.90 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Investors of record on Tuesday, September 5th will be paid a dividend of $2.50 per share. This represents a $10.00 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Thursday, August 31st. BlackRock’s payout ratio is 47.98%.
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BLK has been the topic of several recent analyst reports. Deutsche Bank AG reiterated a “buy” rating and issued a $455.00 target price (down from $465.00) on shares of BlackRock in a research note on Tuesday, July 18th. Zacks Investment Research upgraded shares of BlackRock from a “hold” rating to a “buy” rating and set a $480.00 target price on the stock in a research note on Tuesday, June 20th. Bank of America Corporation reiterated a “buy” rating and issued a $450.00 target price on shares of BlackRock in a research note on Monday, June 19th. Jefferies Group LLC reiterated a “hold” rating and issued a $387.00 target price on shares of BlackRock in a research note on Wednesday, May 17th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $440.00 target price on shares of BlackRock in a research note on Friday, July 14th. Seven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $434.93.
In related news, Director Susan Wagner sold 2,500 shares of the company’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $414.31, for a total transaction of $1,035,775.00. Following the sale, the director now owns 484,386 shares of the company’s stock, valued at $200,685,963.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jeff A. Smith sold 522 shares of the company’s stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $421.52, for a total transaction of $220,033.44. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,522 shares of company stock worth $1,458,798. 1.86% of the stock is owned by insiders.
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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