Associated Banc Corp Boosts Stake in BlackRock, Inc. (BLK)

Associated Banc Corp increased its position in shares of BlackRock, Inc. (NYSE:BLK) by 1.4% during the first quarter, HoldingsChannel.com reports. The fund owned 47,988 shares of the asset manager’s stock after acquiring an additional 684 shares during the period. BlackRock makes up approximately 1.2% of Associated Banc Corp’s holdings, making the stock its 24th largest holding. Associated Banc Corp’s holdings in BlackRock were worth $20,509,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Raymond James & Associates increased its holdings in BlackRock by 7.6% during the 4th quarter. Raymond James & Associates now owns 166,642 shares of the asset manager’s stock worth $65,467,000 after acquiring an additional 11,811 shares during the period. Smith Moore & CO. increased its holdings in BlackRock by 14.6% during the 4th quarter. Smith Moore & CO. now owns 590 shares of the asset manager’s stock worth $232,000 after acquiring an additional 75 shares during the period. Morningstar Investment Services LLC increased its holdings in BlackRock by 108.6% during the 4th quarter. Morningstar Investment Services LLC now owns 83,769 shares of the asset manager’s stock worth $32,906,000 after acquiring an additional 43,614 shares during the period. Rockland Trust Co. increased its holdings in BlackRock by 3.5% during the 1st quarter. Rockland Trust Co. now owns 15,712 shares of the asset manager’s stock worth $6,715,000 after acquiring an additional 531 shares during the period. Finally, Cordatus Wealth Management LLC bought a new stake in BlackRock during the 4th quarter worth approximately $364,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

In other news, insider Jeff A. Smith sold 75 shares of the company’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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Robert L. Goldstein sold 5,133 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $443.00, for a total transaction of $2,273,919.00. The disclosure for this sale can be found here. Insiders sold a total of 39,658 shares of company stock valued at $18,864,994 in the last ninety days. 1.42% of the stock is owned by corporate insiders.

A number of brokerages have recently commented on BLK. Citigroup increased their price target 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 on the stock in a 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 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 report on Friday, February 8th. Finally, Wells Fargo & Co increased their price target on shares of BlackRock from $460.00 to $480.00 and gave the stock an “average” rating in a report on Wednesday, April 17th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $509.38.

Shares of BlackRock stock opened at $441.56 on Friday. BlackRock, Inc. has a 52-week low of $360.79 and a 52-week high of $557.00. The firm has a market capitalization of $69.11 billion, a PE ratio of 16.40, a price-to-earnings-growth ratio of 1.61 and a beta of 1.44. The company has a debt-to-equity ratio of 0.83, a current ratio of 3.49 and a quick ratio of 3.49.

BlackRock (NYSE:BLK) last announced its quarterly earnings data on Tuesday, April 16th. The asset manager reported $6.61 earnings per share (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 13.46%. The company 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 company earned $6.48 EPS. The firm’s revenue was down 6.6% on a year-over-year basis. As a group, equities research analysts forecast that BlackRock, Inc. will post 27.78 EPS for the current year.

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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.

Further Reading: Are all No-Load Funds Equal?

Want to see what other hedge funds are holding BLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BlackRock, Inc. (NYSE:BLK).

Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

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