State Board of Administration of Florida Retirement System Cuts Position in BlackRock, Inc. (NYSE:BLK)

State Board of Administration of Florida Retirement System trimmed its position in shares of BlackRock, Inc. (NYSE:BLK) by 3.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 155,753 shares of the asset manager’s stock after selling 4,907 shares during the period. State Board of Administration of Florida Retirement System owned about 0.10% of BlackRock worth $73,095,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Advisory Alpha LLC purchased a new position in BlackRock in the first quarter valued at approximately $26,000. Valley National Advisers Inc. increased its stake in BlackRock by 81.8% in 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. SevenBridge Financial Group LLC purchased a new position in BlackRock in the second quarter valued at approximately $38,000. Spectrum Management Group Inc. increased its stake in BlackRock by 133.3% in the second quarter. Spectrum Management Group Inc. now owns 84 shares of the asset manager’s stock valued at $39,000 after purchasing an additional 48 shares during the last quarter. Finally, Harvest Group Wealth Management LLC purchased a new position in BlackRock in the first quarter valued at approximately $37,000. Hedge funds and other institutional investors own 82.24% of the company’s stock.

Shares of BLK traded up $2.96 during mid-day trading on Wednesday, reaching $421.25. 123,663 shares of the company’s stock were exchanged, compared to its average volume of 566,313. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.92 and a quick ratio of 2.92. The stock has a market capitalization of $64.84 billion, a PE ratio of 15.64, a price-to-earnings-growth ratio of 1.55 and a beta of 1.51. The business’s fifty day simple moving average is $457.37 and its 200-day simple moving average is $446.54. BlackRock, Inc. has a 52-week low of $360.79 and a 52-week high of $492.00.

BlackRock (NYSE:BLK) last announced its earnings results on Friday, July 19th. The asset manager reported $6.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.52 by ($0.11). The business had revenue of $3.52 billion for the quarter, compared to analysts’ expectations of $3.57 billion. BlackRock had a return on equity of 13.24% and a net margin of 30.25%. The business’s revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the business posted $6.66 earnings per share. Equities research analysts predict that BlackRock, Inc. will post 27.53 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 24th. Stockholders of record on Thursday, September 5th will be given a dividend of $3.30 per share. The ex-dividend date is Wednesday, September 4th. This represents a $13.20 dividend on an annualized basis and a dividend yield of 3.13%. BlackRock’s dividend payout ratio (DPR) is presently 49.02%.

Several equities analysts have commented on BLK shares. Barclays increased their price target on shares of BlackRock from $515.00 to $540.00 and gave the company an “overweight” rating in a research note on Tuesday, July 16th. Morgan Stanley increased their price target 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. UBS Group increased their price target 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. Finally, JPMorgan Chase & Co. dropped their price target 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. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $499.03.

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.

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Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

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