Beacon Pointe Advisors LLC Makes New Investment in BlackRock, Inc. (NYSE:BLK)

Beacon Pointe Advisors LLC bought a new stake in shares of BlackRock, Inc. (NYSE:BLK - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,738 shares of the asset manager's stock, valued at approximately $2,807,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fidelity D & D Bancorp Inc. increased its stake in shares of BlackRock by 3.7% during the third quarter. Fidelity D & D Bancorp Inc. now owns 277 shares of the asset manager's stock valued at $263,000 after purchasing an additional 10 shares in the last quarter. Princeton Global Asset Management LLC increased its position in BlackRock by 8.7% during the 4th quarter. Princeton Global Asset Management LLC now owns 125 shares of the asset manager's stock valued at $128,000 after buying an additional 10 shares in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA raised its stake in BlackRock by 0.8% during the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,279 shares of the asset manager's stock valued at $1,311,000 after buying an additional 10 shares during the last quarter. Legacy Capital Group California Inc. boosted its holdings in BlackRock by 2.8% in the fourth quarter. Legacy Capital Group California Inc. now owns 368 shares of the asset manager's stock worth $377,000 after acquiring an additional 10 shares in the last quarter. Finally, Marino Stram & Associates LLC grew its stake in shares of BlackRock by 0.3% in the fourth quarter. Marino Stram & Associates LLC now owns 3,410 shares of the asset manager's stock worth $3,496,000 after acquiring an additional 11 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at BlackRock

In other BlackRock news, Director J. Richard Kushel sold 430 shares of the company's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $949.37, for a total value of $408,229.10. Following the completion of the transaction, the director now directly owns 3,720 shares in the company, valued at $3,531,656.40. This represents a 10.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last quarter, insiders have sold 12,430 shares of company stock worth $11,237,249. 1.98% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on BLK shares. UBS Group cut their price objective on shares of BlackRock from $1,045.00 to $1,010.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Bank of America reduced their price target on shares of BlackRock from $1,196.00 to $1,178.00 and set a "buy" rating for the company in a research report on Thursday, April 3rd. Morgan Stanley lowered their price objective on BlackRock from $1,275.00 to $1,124.00 and set an "overweight" rating on the stock in a research report on Monday, April 7th. StockNews.com initiated coverage on BlackRock in a report on Wednesday. They issued a "hold" rating for the company. Finally, Wells Fargo & Company lowered their price target on BlackRock from $1,065.00 to $1,035.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $1,077.08.

BlackRock Stock Performance

Shares of BLK opened at $914.67 on Thursday. BlackRock, Inc. has a 52 week low of $748.78 and a 52 week high of $1,084.22. The company has a quick ratio of 5.23, a current ratio of 5.23 and a debt-to-equity ratio of 0.45. The stock has a market cap of $142.01 billion, a price-to-earnings ratio of 21.78, a PEG ratio of 1.90 and a beta of 1.38. The business has a 50-day simple moving average of $917.98 and a two-hundred day simple moving average of $982.44.

BlackRock (NYSE:BLK - Get Free Report) last released its earnings results on Friday, April 11th. The asset manager reported $11.30 EPS for the quarter, topping analysts' consensus estimates of $10.84 by $0.46. The company had revenue of $5.28 billion for the quarter, compared to analysts' expectations of $5.47 billion. BlackRock had a net margin of 31.21% and a return on equity of 16.32%. The firm's revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the business earned $9.81 EPS. On average, analysts expect that BlackRock, Inc. will post 47.41 EPS for the current year.

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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