Eagle Ridge Investment Management cut its stake in shares of BlackRock, Inc. (NYSE:BLK) by 2.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,877 shares of the asset manager’s stock after selling 487 shares during the quarter. BlackRock accounts for approximately 1.6% of Eagle Ridge Investment Management’s holdings, making the stock its 19th biggest position. Eagle Ridge Investment Management’s holdings in BlackRock were worth $11,205,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Wright Investors Service Inc. lifted its holdings in shares of BlackRock by 6.6% during the second quarter. Wright Investors Service Inc. now owns 2,175 shares of the asset manager’s stock worth $1,021,000 after purchasing an additional 135 shares during the period. Executive Wealth Management LLC raised its position in BlackRock by 10.2% in the second quarter. Executive Wealth Management LLC now owns 10,770 shares of the asset manager’s stock worth $5,054,000 after acquiring an additional 997 shares in the last quarter. Hayden Royal LLC purchased a new position in BlackRock in the second quarter worth $230,000. Close Asset Management Ltd raised its position in BlackRock by 1.7% in the second quarter. Close Asset Management Ltd now owns 12,381 shares of the asset manager’s stock worth $5,804,000 after acquiring an additional 207 shares in the last quarter. Finally, Advisory Services Network LLC raised its position in BlackRock by 4.1% in the second quarter. Advisory Services Network LLC now owns 2,101 shares of the asset manager’s stock worth $985,000 after acquiring an additional 82 shares in the last quarter. 81.77% of the stock is owned by hedge funds and other institutional investors.
BLK has been the subject of several research analyst reports. Wells Fargo & Co increased their price objective on BlackRock from $460.00 to $480.00 and gave the stock an “average” rating in a research report on Wednesday, April 17th. Barclays increased their price objective on BlackRock from $515.00 to $540.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. Morgan Stanley increased their price objective on BlackRock from $550.00 to $553.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. JPMorgan Chase & Co. cut their price objective on BlackRock from $527.00 to $525.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Finally, UBS Group increased their price objective on BlackRock from $515.00 to $525.00 and gave the stock a “buy” rating in a research report on Monday, July 8th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $499.03.
BlackRock (NYSE:BLK) last announced its quarterly earnings results on Friday, July 19th. The asset manager reported $6.41 earnings per share for the quarter, missing analysts’ consensus estimates of $6.52 by ($0.11). BlackRock had a net margin of 30.25% and a return on equity of 13.23%. The firm had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter in the prior year, the business earned $6.66 EPS. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, equities analysts forecast that BlackRock, Inc. will post 27.6 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 24th. Stockholders of record on Thursday, September 5th will be given a $3.30 dividend. 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, 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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