Cobiz Wealth LLC increased its position in BlackRock, Inc. (NYSE:BLK) by 2.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,859 shares of the asset manager’s stock after acquiring an additional 241 shares during the period. Cobiz Wealth LLC’s holdings in BlackRock were worth $4,641,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Raymond James & Associates boosted its holdings in shares of BlackRock by 7.6% in the fourth quarter. Raymond James & Associates now owns 166,642 shares of the asset manager’s stock worth $65,467,000 after buying an additional 11,811 shares during the period. Smith Moore & CO. boosted its holdings in shares of BlackRock by 14.6% in the fourth quarter. Smith Moore & CO. now owns 590 shares of the asset manager’s stock worth $232,000 after buying an additional 75 shares during the period. Morningstar Investment Services LLC boosted its holdings in shares of BlackRock by 108.6% in the fourth quarter. Morningstar Investment Services LLC now owns 83,769 shares of the asset manager’s stock worth $32,906,000 after buying an additional 43,614 shares during the period. Rockland Trust Co. boosted its holdings in shares of BlackRock by 3.5% in the first quarter. Rockland Trust Co. now owns 15,712 shares of the asset manager’s stock worth $6,715,000 after buying an additional 531 shares during the period. Finally, JGP Wealth Management LLC boosted its holdings in shares of BlackRock by 37.0% in the fourth quarter. JGP Wealth Management LLC now owns 8,887 shares of the asset manager’s stock worth $3,491,000 after buying an additional 2,398 shares during the period. 83.67% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have commented on BLK. Citigroup raised their target price on shares of BlackRock from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Zacks Investment Research raised shares of BlackRock from a “hold” rating to a “buy” rating and set a $491.00 price target for the company in a research report on Tuesday, April 2nd. Barclays increased their price target on shares of BlackRock from $455.00 to $472.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 19th. Morgan Stanley set a $515.00 price target on shares of BlackRock and gave the stock a “buy” rating in a research report on Friday, February 8th. Finally, Argus reissued a “buy” rating on shares of BlackRock in a research report on Thursday, January 17th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. BlackRock presently has a consensus rating of “Buy” and an average target price of $509.38.
BlackRock (NYSE:BLK) last released its quarterly earnings results on Tuesday, April 16th. The asset manager reported $6.61 EPS for the quarter, beating the Zacks’ consensus estimate of $6.13 by $0.48. BlackRock had a net margin of 30.58% and a return on equity of 13.35%. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.30 billion. During the same quarter last year, the firm posted $6.48 earnings per share. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. On average, sell-side analysts anticipate that BlackRock, Inc. will post 27.78 earnings per share for the current fiscal year.
In other news, insider Jeff A. Smith sold 75 shares of the firm’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $479.40, for a total value of $35,955.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Laurence Fink sold 31,250 shares of the firm’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $481.79, for a total transaction of $15,055,937.50. The disclosure for this sale can be found here. In the last three months, insiders sold 88,346 shares of company stock worth $39,030,645. Insiders own 1.42% of the company’s stock.
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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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