Parsons Capital Management Inc. RI lessened its holdings in BlackRock, Inc. (NYSE:BLK) by 1.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,227 shares of the asset manager’s stock after selling 275 shares during the period. Parsons Capital Management Inc. RI’s holdings in BlackRock were worth $6,677,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Ellis Investment Partners LLC bought a new stake in BlackRock in the first quarter worth $26,000. Valley National Advisers Inc. boosted its stake in BlackRock by 81.8% during the first quarter. Valley National Advisers Inc. now owns 60 shares of the asset manager’s stock worth $26,000 after buying an additional 27 shares during the period. Advisory Alpha LLC purchased a new position in BlackRock during the first quarter worth $26,000. Harvest Group Wealth Management LLC purchased a new position in BlackRock during the first quarter worth $37,000. Finally, Rational Advisors LLC boosted its stake in BlackRock by 260.0% during the first quarter. Rational Advisors LLC now owns 90 shares of the asset manager’s stock worth $38,000 after buying an additional 65 shares during the period. Institutional investors own 81.77% of the company’s stock.
BLK has been the subject of several recent analyst reports. UBS Group lifted their price objective on shares of BlackRock from $515.00 to $525.00 and gave the stock a “buy” rating in a research note on Monday, July 8th. Morgan Stanley lifted their price objective on shares of BlackRock from $550.00 to $553.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Wells Fargo & Co lifted their price objective on shares of BlackRock from $460.00 to $480.00 and gave the stock an “average” rating in a research note on Wednesday, April 17th. Barclays lifted their price objective on shares of BlackRock from $515.00 to $540.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of BlackRock from $527.00 to $525.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $499.03.
BlackRock (NYSE:BLK) last issued its earnings results on Friday, July 19th. The asset manager reported $6.41 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $6.52 by ($0.11). The company had revenue of $3.52 billion for the quarter, compared to analysts’ expectations of $3.57 billion. BlackRock had a net margin of 30.25% and a return on equity of 13.23%. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $6.66 earnings per share. On average, equities analysts expect that BlackRock, Inc. will post 27.6 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 24th. Stockholders of record on Thursday, September 5th will be paid a dividend of $3.30 per share. This represents a $13.20 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend is Wednesday, September 4th. BlackRock’s dividend payout ratio is currently 49.02%.
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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