BlackRock (NYSE:BLK) Sets New 1-Year High - Here's What Happened

BlackRock (NYSE:BLK - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $1,119.19 and last traded at $1,108.13, with a volume of 991217 shares trading hands. The stock had previously closed at $1,105.38.

Wall Street Analyst Weigh In

Several analysts recently weighed in on BLK shares. Citigroup dropped their target price on shares of BlackRock from $1,200.00 to $1,100.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wells Fargo & Company reduced their target price on shares of BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating for the company in a research note on Wednesday, July 16th. UBS Group reiterated a "neutral" rating and issued a $980.00 price objective on shares of BlackRock in a research report on Tuesday, July 8th. JPMorgan Chase & Co. boosted their price target on BlackRock from $1,018.00 to $1,093.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Finally, Morgan Stanley lowered their price objective 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. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, BlackRock presently has a consensus rating of "Moderate Buy" and an average target price of $1,151.21.

BlackRock Stock Up 0.3%

The stock has a market cap of $171.48 billion, a P/E ratio of 26.76, a PEG ratio of 2.23 and a beta of 1.41. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.34 and a quick ratio of 4.34. The stock's fifty day simple moving average is $1,013.56 and its 200-day simple moving average is $972.65.

BlackRock (NYSE:BLK - Get Free Report) last released 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 company had revenue of $5.42 billion during the quarter, compared to analysts' expectations of $5.40 billion. BlackRock had a return on equity of 15.83% and a net margin of 29.68%. The company's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $10.36 earnings per share. On average, research analysts anticipate that BlackRock will post 47.41 earnings per share for the current year.

BlackRock Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Thursday, June 5th were issued a $5.21 dividend. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $20.84 dividend on an annualized basis and a dividend yield of 1.88%. BlackRock's payout ratio is currently 50.39%.

Insider Transactions at BlackRock

In related news, Director J. Richard Kushel sold 10,000 shares of the stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $912.50, for a total value of $9,125,000.00. Following the completion of the sale, the director directly owned 66,034 shares of the company's stock, valued at approximately $60,256,025. This represents a 13.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.98% of the company's stock.

Hedge Funds Weigh In On BlackRock

Several large investors have recently made changes to their positions in BLK. Fairway Wealth LLC lifted its position in shares of BlackRock by 76.5% in the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock worth $28,000 after acquiring an additional 13 shares during the period. Game Plan Financial Advisors LLC increased its holdings in BlackRock by 100.0% in the 1st quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager's stock valued at $28,000 after buying an additional 15 shares during the period. Garde Capital Inc. raised its stake in shares of BlackRock by 200.0% in the 2nd quarter. Garde Capital Inc. now owns 27 shares of the asset manager's stock valued at $28,000 after buying an additional 18 shares in the last quarter. Investment Management Corp VA ADV acquired a new stake in shares of BlackRock during the 4th quarter valued at about $30,000. Finally, Cheviot Value Management LLC acquired a new position in BlackRock in the first quarter worth about $30,000. Institutional investors and hedge funds own 80.69% of the company's stock.

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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