BlackRock (NYSE:BLK) Reaches New 1-Year High – Here’s What Happened

by · The Cerbat Gem

BlackRock (NYSE:BLK – Get Free Report) shares reached a new 52-week high on Monday . The stock traded as high as $1,107.48 and last traded at $1,105.42, with a volume of 126352 shares changing hands. The stock had previously closed at $1,101.64.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Argus reissued a “buy” rating on shares of BlackRock in a report on Tuesday, July 8th. UBS Group reaffirmed a “neutral” rating and set a $980.00 target price on shares of BlackRock in a report on Tuesday, July 8th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $1,115.00 target price on shares of BlackRock in a report on Tuesday, July 8th. JPMorgan Chase & Co. reduced their target price on shares of BlackRock from $1,046.00 to $988.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Finally, Wall Street Zen raised shares of BlackRock to a “hold” rating in a report on Saturday, May 24th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,132.29.

Check Out Our Latest Stock Report on BlackRock

BlackRock Stock Up 0.7%

The company has a debt-to-equity ratio of 0.38, a current ratio of 4.34 and a quick ratio of 4.34. The company’s 50-day simple moving average is $996.68 and its 200 day simple moving average is $970.45. The firm has a market cap of $171.85 billion, a P/E ratio of 26.95, a price-to-earnings-growth ratio of 2.22 and a beta of 1.41.

BlackRock (NYSE:BLK – Get Free Report) last released its quarterly earnings data on Friday, April 11th. The asset manager reported $11.30 EPS for the quarter, beating the consensus estimate of $10.84 by $0.46. BlackRock had a net margin of 30.09% and a return on equity of 15.57%. The business had revenue of $5.28 billion during the quarter, compared to analyst estimates of $5.47 billion. During the same quarter last year, the business earned $9.81 earnings per share. BlackRock’s quarterly revenue was up 11.6% compared to the same quarter last year. Research analysts anticipate that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Thursday, June 5th were paid a $5.21 dividend. This represents a $20.84 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend was Thursday, June 5th. BlackRock’s dividend payout ratio is presently 50.63%.

Insider Buying and Selling

In related news, Director J. Richard Kushel sold 10,000 shares of the firm’s stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $912.50, for a total value of $9,125,000.00. Following the transaction, the director owned 66,034 shares of the company’s stock, valued at $60,256,025. This trade represents a 13.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.98% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of BlackRock by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 13,764,072 shares of the asset manager’s stock valued at $13,027,419,000 after buying an additional 387,466 shares in the last quarter. Capital World Investors lifted its stake in BlackRock by 2.3% during the 4th quarter. Capital World Investors now owns 4,097,524 shares of the asset manager’s stock valued at $4,200,450,000 after acquiring an additional 93,844 shares during the period. GAMMA Investing LLC increased its holdings in shares of BlackRock by 104,598.9% during the 1st quarter. GAMMA Investing LLC now owns 3,500,083 shares of the asset manager’s stock valued at $3,312,759,000 after purchasing an additional 3,496,740 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of BlackRock by 6.8% during the 4th quarter. Geode Capital Management LLC now owns 3,006,765 shares of the asset manager’s stock valued at $3,072,787,000 after purchasing an additional 190,188 shares in the last quarter. Finally, FMR LLC increased its holdings in shares of BlackRock by 1.1% during the 4th quarter. FMR LLC now owns 2,390,450 shares of the asset manager’s stock valued at $2,450,475,000 after purchasing an additional 26,485 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

BlackRock Company Profile

(Get Free Report)

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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