Pinnacle Financial Partners Inc Acquires 53 Shares of BlackRock, Inc. (NYSE:BLK)

Pinnacle Financial Partners Inc grew its position in BlackRock, Inc. (NYSE:BLK) by 0.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,297 shares of the asset manager’s stock after acquiring an additional 53 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in BlackRock were worth $23,070,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Entropy Technologies LP bought a new position in BlackRock in the 1st quarter worth approximately $444,000. Koshinski Asset Management Inc. bought a new stake in shares of BlackRock during the first quarter worth approximately $919,000. Eagle Bay Advisors LLC increased its stake in BlackRock by 15.9% during the 1st quarter. Eagle Bay Advisors LLC now owns 175 shares of the asset manager’s stock worth $146,000 after acquiring an additional 24 shares during the period. D Orazio & Associates Inc. lifted its stake in BlackRock by 12.7% during the first quarter. D Orazio & Associates Inc. now owns 426 shares of the asset manager’s stock worth $355,000 after purchasing an additional 48 shares during the last quarter. Finally, Wealthquest Corp acquired a new stake in BlackRock in the first quarter valued at approximately $201,000. Institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

BLK has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their target price on BlackRock from $864.00 to $914.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Citigroup boosted their target price on shares of BlackRock from $920.00 to $930.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Argus lifted their price objective on BlackRock from $880.00 to $910.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Barclays upped their price target on BlackRock from $1,010.00 to $1,120.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Finally, Keefe, Bruyette & Woods lifted their price objective on BlackRock from $915.00 to $934.00 and gave the stock an “outperform” rating in a report on Tuesday, July 16th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $1,019.62.

BlackRock Stock Performance

Shares of BLK opened at $1,036.09 on Wednesday. The stock has a 50-day simple moving average of $959.13 and a 200-day simple moving average of $865.58. The stock has a market capitalization of $153.48 billion, a PE ratio of 25.57, a PEG ratio of 1.88 and a beta of 1.30. BlackRock, Inc. has a 1 year low of $658.14 and a 1 year high of $1,068.34. The company has a debt-to-equity ratio of 0.37, a quick ratio of 5.06 and a current ratio of 5.06.

BlackRock (NYSE:BLK) last released its quarterly earnings data on Friday, October 11th. The asset manager reported $11.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.42 by $1.04. The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.03 billion. BlackRock had a net margin of 31.37% and a return on equity of 15.52%. BlackRock’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $10.91 earnings per share. On average, analysts predict that BlackRock, Inc. will post 43.16 earnings per share for the current fiscal year.

Insider Activity at BlackRock

In related news, Director Mark Wiedman sold 12,000 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $900.00, for a total value of $10,800,000.00. Following the sale, the director now owns 6,480 shares in the company, valued at $5,832,000. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.90% of the company’s stock.

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.