Private Asset Management Inc. trimmed its position in BlackRock, Inc. (NYSE:BLK) by 6.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,258 shares of the asset manager’s stock after selling 210 shares during the period. Private Asset Management Inc.’s holdings in BlackRock were worth $1,529,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of BlackRock by 1.2% in the 2nd quarter. BlackRock Inc. now owns 7,642,761 shares of the asset manager’s stock valued at $3,586,748,000 after acquiring an additional 89,230 shares during the period. Northern Trust Corp increased its stake in BlackRock by 1.7% during the 2nd quarter. Northern Trust Corp now owns 1,706,376 shares of the asset manager’s stock worth $800,801,000 after purchasing an additional 28,720 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in BlackRock by 3.3% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 912,329 shares of the asset manager’s stock worth $428,156,000 after purchasing an additional 29,474 shares in the last quarter. Nuveen Asset Management LLC increased its stake in BlackRock by 20,980.2% during the 2nd quarter. Nuveen Asset Management LLC now owns 895,908 shares of the asset manager’s stock worth $420,451,000 after purchasing an additional 891,658 shares in the last quarter. Finally, Neuberger Berman Group LLC increased its stake in BlackRock by 11.4% during the 1st quarter. Neuberger Berman Group LLC now owns 665,134 shares of the asset manager’s stock worth $284,258,000 after purchasing an additional 68,129 shares in the last quarter. Institutional investors and hedge funds own 81.83% of the company’s stock.
A number of analysts recently issued reports on BLK shares. Barclays increased their target price on BlackRock from $515.00 to $540.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. Morgan Stanley increased their target price on BlackRock from $550.00 to $553.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. JPMorgan Chase & Co. lowered their target price on BlackRock from $527.00 to $525.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. ValuEngine raised BlackRock from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, Credit Suisse Group set a $567.00 target price on BlackRock and gave the stock a “buy” rating in a research note on Thursday, September 12th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $501.72.
BlackRock (NYSE:BLK) last announced its quarterly earnings results on Friday, July 19th. The asset manager reported $6.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.52 by ($0.11). BlackRock had a net margin of 30.25% and a return on equity of 13.24%. The business had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the business earned $6.66 EPS. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. On average, research analysts anticipate that BlackRock, Inc. will post 27.52 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 24th. Shareholders of record on Thursday, September 5th were issued a dividend of $3.30 per share. This represents a $13.20 annualized dividend and a yield of 3.18%. The ex-dividend date was Wednesday, September 4th. BlackRock’s dividend payout ratio is 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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