CIBC Asset Management Inc grew its stake in BlackRock, Inc. (NYSE:BLK) by 6.6% during the first quarter, HoldingsChannel.com reports. The fund owned 19,533 shares of the asset manager’s stock after acquiring an additional 1,207 shares during the period. CIBC Asset Management Inc’s holdings in BlackRock were worth $8,348,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in BLK. Norges Bank purchased a new stake in shares of BlackRock in the 4th quarter valued at approximately $1,092,934,000. Pennsylvania Trust Co increased its stake in BlackRock by 5,049.8% during the 1st quarter. Pennsylvania Trust Co now owns 1,084,132 shares of the asset manager’s stock worth $44,805,000 after buying an additional 1,063,080 shares during the period. Flossbach Von Storch AG increased its stake in BlackRock by 114.1% during the 4th quarter. Flossbach Von Storch AG now owns 582,743 shares of the asset manager’s stock worth $228,913,000 after buying an additional 310,623 shares during the period. Beutel Goodman & Co Ltd. purchased a new stake in BlackRock during the 4th quarter worth approximately $6,039,000. Finally, Partner Fund Management L.P. purchased a new stake in BlackRock during the 4th quarter worth approximately $65,513,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.
In other BlackRock news, insider Jeff A. Smith sold 75 shares of the stock in a transaction that occurred 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 filing with the SEC, which is available through this link. Also, Chairman Laurence Fink sold 31,250 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $481.79, for a total transaction of $15,055,937.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 40,483 shares of company stock worth $19,221,303. Insiders own 1.42% of the company’s stock.
BlackRock (NYSE:BLK) last announced its quarterly earnings data on Tuesday, April 16th. The asset manager reported $6.61 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 for the quarter, compared to the consensus estimate of $3.30 billion. During the same period in the prior year, the firm posted $6.48 EPS. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. On average, research analysts forecast that BlackRock, Inc. will post 27.78 earnings per share for the current fiscal year.
BLK has been the topic of several recent research reports. Bank of America reaffirmed a “buy” rating and set a $498.00 target price (up from $490.00) on shares of BlackRock in a research note on Friday, March 8th. Deutsche Bank upped their target price on shares of BlackRock from $428.00 to $431.00 and gave the stock a “hold” rating in a research note on Friday, March 15th. Credit Suisse Group reaffirmed a “buy” rating and set a $532.00 target price on shares of BlackRock in a research note on Thursday, January 17th. Wells Fargo & Co reaffirmed a “hold” rating and set a $425.00 target price (up from $410.00) on shares of BlackRock in a research note on Wednesday, January 16th. Finally, Zacks Investment Research raised shares of BlackRock from a “sell” rating to a “hold” rating in a research note on Wednesday, March 6th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $509.38.
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.
Featured Article: Balanced Fund
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).
Receive News & Ratings for BlackRock Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BlackRock and related companies with MarketBeat.com's FREE daily email newsletter.