BlackRock (NYSE:BLK) Reaches New 52-Week High - Here's Why

Key Points

• BlackRock's stock reached a new 52-week high during trading at $1,131.93 and closed at $1,121.23, with a trading volume of 23,624 shares.
• Analysts have mixed views, with some upgrading their price targets while others have decreased their price objectives, resulting in a consensus rating of "Moderate Buy" with a target price of $1,151.21.
• BlackRock declared a quarterly dividend of $5.21 per share with an annualized yield of 1.9%, and the company's dividend payout ratio stands at 50.39%.

BlackRock (NYSE:BLK - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $1,131.93 and last traded at $1,121.23, with a volume of 23624 shares traded. The stock had previously closed at $1,120.54.

Analyst Upgrades and Downgrades

BLK has been the topic of a number of recent research reports. Citigroup dropped their price objective on shares of BlackRock from $1,200.00 to $1,100.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Argus restated a "buy" rating on shares of BlackRock in a research note on Tuesday, July 8th. Bank of America lifted their price objective on shares of BlackRock from $1,214.00 to $1,224.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Barclays boosted their price target on shares of BlackRock from $990.00 to $1,220.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Finally, JPMorgan Chase & Co. boosted their price target on shares of BlackRock from $1,018.00 to $1,093.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,151.21.

BlackRock Stock Down 0.6%

The company has a market cap of $172.59 billion, a PE ratio of 26.93, a P/E/G ratio of 2.23 and a beta of 1.42. The company has a quick ratio of 4.34, a current ratio of 4.34 and a debt-to-equity ratio of 0.38. The firm's fifty day simple moving average is $1,049.25 and its 200-day simple moving average is $983.96.

BlackRock (NYSE:BLK - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.41 by $1.64. The business had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.40 billion. BlackRock had a net margin of 29.68% and a return on equity of 15.83%. The company's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $10.36 earnings per share. As a group, equities research analysts expect that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be paid a dividend of $5.21 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $20.84 dividend on an annualized basis and a yield of 1.9%. BlackRock's dividend payout ratio (DPR) is currently 50.39%.

Insider Activity at BlackRock

In other BlackRock news, Director Fabrizio Freda sold 4,434 shares of the stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $1,122.81, for a total transaction of $4,978,539.54. Following the transaction, the director owned 3,506 shares of the company's stock, valued at $3,936,571.86. This trade represents a 55.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director J. Richard Kushel sold 17,142 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total transaction of $19,207,611.00. Following the completion of the sale, the director directly owned 61,369 shares of the company's stock, valued at $68,763,964.50. The trade was a 21.83% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,494 shares of company stock worth $74,694,573. Company insiders own 1.98% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Welch Group LLC lifted its position in BlackRock by 1.2% in the 2nd quarter. Welch Group LLC now owns 760 shares of the asset manager's stock valued at $797,000 after purchasing an additional 9 shares during the last quarter. Stanley Laman Group Ltd. lifted its position in BlackRock by 2.7% in the 2nd quarter. Stanley Laman Group Ltd. now owns 340 shares of the asset manager's stock valued at $357,000 after purchasing an additional 9 shares during the last quarter. CNB Bank lifted its position in BlackRock by 9.6% in the 2nd quarter. CNB Bank now owns 103 shares of the asset manager's stock valued at $108,000 after purchasing an additional 9 shares during the last quarter. Magellan Asset Management Ltd lifted its position in BlackRock by 14.3% in the 2nd quarter. Magellan Asset Management Ltd now owns 72 shares of the asset manager's stock valued at $76,000 after purchasing an additional 9 shares during the last quarter. Finally, McLean Asset Management Corp lifted its position in BlackRock by 3.9% in the 2nd quarter. McLean Asset Management Corp now owns 266 shares of the asset manager's stock valued at $285,000 after purchasing an additional 10 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

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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