BlackRock (NYSE:BLK) Shares Gap Down - Here's Why

Shares of BlackRock (NYSE:BLK - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $1,111.46, but opened at $1,070.85. BlackRock shares last traded at $1,050.72, with a volume of 477,159 shares.

Wall Street Analyst Weigh In

BLK has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods decreased their target price on BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating on the stock in a report on Wednesday. Citigroup decreased their price objective on BlackRock from $1,200.00 to $1,100.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Wells Fargo & Company decreased their price objective on BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating on the stock in a report on Wednesday. TD Cowen decreased their price objective on BlackRock from $1,251.00 to $1,032.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and issued a $1,115.00 price objective on shares of BlackRock in a report on Tuesday, July 8th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, BlackRock currently has an average rating of "Moderate Buy" and a consensus target price of $1,151.21.

BlackRock Trading Up 0.8%

The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.34 and a current ratio of 4.34. The company has a market capitalization of $172.60 billion, a price-to-earnings ratio of 26.94, a price-to-earnings-growth ratio of 2.17 and a beta of 1.41. The firm has a fifty day moving average price of $1,009.94 and a 200-day moving average price of $972.77.

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

BlackRock Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Shareholders 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 yield of 1.87%. BlackRock's payout ratio is currently 50.39%.

Insiders Place Their Bets

In other news, Director J. Richard Kushel sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $912.50, for a total transaction of $9,125,000.00. Following the completion of the sale, the director owned 66,034 shares in the company, valued at $60,256,025. The trade was a 13.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.98% of the company's stock.

Institutional Investors Weigh In On BlackRock

Hedge funds and other institutional investors have recently modified their holdings of the company. Garde Capital Inc. boosted its position in BlackRock by 200.0% in the second quarter. Garde Capital Inc. now owns 27 shares of the asset manager's stock worth $28,000 after purchasing an additional 18 shares during the last quarter. Investment Management Corp VA ADV bought a new stake in shares of BlackRock during the 4th quarter valued at $30,000. Fairway Wealth LLC increased its holdings 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 buying an additional 13 shares during the last quarter. Game Plan Financial Advisors LLC increased its position in shares of BlackRock by 100.0% during the 1st quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager's stock valued at $28,000 after purchasing an additional 15 shares during the last quarter. Finally, MorganRosel Wealth Management LLC purchased a new position in shares of BlackRock during the 1st quarter valued at about $31,000. Institutional investors own 80.69% of the company's stock.

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.