BlackRock (NYSE:BLK) Reaches New 52-Week High - What's Next?

Key Points

• BlackRock shares reached a new 52-week high of $1,161.50 on Wednesday, with a significant trading volume of 668,995 shares.
• The company reported a quarterly earnings per share of $12.05, exceeding estimates and marking a 12.9% year-over-year revenue increase.
• The board has announced a quarterly dividend of $5.21 per share, translating to an annual yield of 1.8%.

BlackRock (NYSE:BLK - Get Free Report) shares reached a new 52-week high on Wednesday . The company traded as high as $1,161.50 and last traded at $1,160.49, with a volume of 668995 shares. The stock had previously closed at $1,127.93.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Morgan Stanley decreased their price target on shares of BlackRock from $1,247.00 to $1,224.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 16th. Jefferies Financial Group lifted their price target on shares of BlackRock from $959.00 to $1,210.00 in a research note on Thursday, July 10th. Wells Fargo & Company reduced their target price on shares of BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 16th. UBS Group restated a "neutral" rating and issued a $980.00 target price on shares of BlackRock in a research note on Tuesday, July 8th. Finally, Telsey Advisory Group restated an "outperform" rating on shares of BlackRock in a research note on Tuesday, July 8th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, BlackRock presently has an average rating of "Moderate Buy" and a consensus price target of $1,151.21.

BlackRock Trading Up 2.9%

The company's 50-day moving average is $1,061.50 and its 200-day moving average is $987.09. The firm has a market cap of $179.79 billion, a price-to-earnings ratio of 28.06, a P/E/G ratio of 2.27 and a beta of 1.42. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04.

BlackRock (NYSE:BLK - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, topping 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 15.53%. The firm's quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $10.36 EPS. On average, research analysts predict that BlackRock will post 47.41 earnings per share for the current year.

BlackRock Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be issued a dividend of $5.21 per share. This represents a $20.84 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. BlackRock's payout ratio is currently 50.39%.

Insider Transactions at BlackRock

In other BlackRock news, CEO Laurence Fink sold 12,054 shares of the business's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $1,125.43, for a total transaction of $13,565,933.22. Following the completion of the sale, the chief executive officer directly owned 251,697 shares of the company's stock, valued at approximately $283,267,354.71. The trade was a 4.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director J. Richard Kushel sold 17,142 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total value of $19,207,611.00. Following the sale, the director directly owned 61,369 shares of the company's stock, valued at $68,763,964.50. This represents a 21.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,494 shares of company stock valued at $74,694,573. 1.98% of the stock is owned by company insiders.

Institutional Trading of BlackRock

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Securian Asset Management Inc. bought a new stake in BlackRock during the 1st quarter worth about $7,331,000. Prudent Man Advisors LLC bought a new stake in shares of BlackRock in the 1st quarter valued at about $2,018,000. Arizona State Retirement System bought a new stake in shares of BlackRock in the 1st quarter valued at about $40,868,000. Allianz SE increased its stake in shares of BlackRock by 2.6% in the 1st quarter. Allianz SE now owns 11,025 shares of the asset manager's stock valued at $10,435,000 after acquiring an additional 277 shares during the last quarter. Finally, Polar Capital Holdings Plc bought a new stake in shares of BlackRock in the 4th quarter valued at about $15,307,000. 80.69% of the stock is owned by institutional investors.

About BlackRock

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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