Tufton Capital Management decreased its stake in shares of BlackRock, Inc. (NYSE:BLK) by 4.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 497 shares of the asset manager’s stock after selling 25 shares during the quarter. Tufton Capital Management’s holdings in BlackRock were worth $233,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of BLK. Ellis Investment Partners LLC bought a new position in BlackRock during the first quarter valued at $26,000. Valley National Advisers Inc. lifted its position in BlackRock by 81.8% during the first quarter. Valley National Advisers Inc. now owns 60 shares of the asset manager’s stock valued at $26,000 after purchasing an additional 27 shares during the last quarter. Advisory Alpha LLC bought a new position in BlackRock during the first quarter valued at $26,000. Harvest Group Wealth Management LLC bought a new position in BlackRock during the first quarter valued at $37,000. Finally, Rational Advisors LLC lifted its position in BlackRock by 260.0% during the first quarter. Rational Advisors LLC now owns 90 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 65 shares during the last quarter. Hedge funds and other institutional investors own 81.68% of the company’s stock.
Several brokerages have recently weighed in on BLK. Morgan Stanley increased their target price on shares of BlackRock from $550.00 to $553.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. Citigroup increased their target price on shares of BlackRock from $450.00 to $500.00 and gave the company a “buy” rating in a research note on Monday, April 15th. UBS Group increased their target price on shares of BlackRock from $515.00 to $525.00 and gave the company a “buy” rating in a research note on Monday, July 8th. JPMorgan Chase & Co. reduced their target price on shares of BlackRock from $527.00 to $525.00 and set an “overweight” rating on the stock in a research note on Monday, July 22nd. Finally, Wells Fargo & Co increased their target price on shares of BlackRock from $460.00 to $480.00 and gave the company an “average” rating in a research note on Wednesday, April 17th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $499.03.
BlackRock (NYSE:BLK) last posted its quarterly earnings results on Friday, July 19th. The asset manager reported $6.41 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $6.52 by ($0.11). The company had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.57 billion. BlackRock had a return on equity of 13.23% and a net margin of 30.25%. The company’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the business earned $6.66 EPS. As a group, sell-side analysts predict that BlackRock, Inc. will post 27.62 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 24th. Investors of record on Thursday, September 5th will be paid a $3.30 dividend. This represents a $13.20 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Wednesday, September 4th. BlackRock’s dividend payout ratio is presently 49.02%.
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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