Element Capital Management LLC Purchases Shares of 2,817 BlackRock $BLK

Key Points

• Element Capital Management LLC has purchased a new stake in BlackRock, acquiring 2,817 shares valued at approximately $2,666,000 during the first quarter.
• Corporate insiders have sold a total of 66,494 shares worth $74.69 million over the last quarter, indicating a significant decrease in their ownership.
• BlackRock announced a quarterly dividend of $5.21 per share, with an upcoming payment date of September 23rd, representing an annualized yield of 1.8%.

Element Capital Management LLC acquired a new position in shares of BlackRock (NYSE:BLK - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 2,817 shares of the asset manager's stock, valued at approximately $2,666,000.

Other large investors have also modified their holdings of the company. Fairway Wealth LLC increased its position in BlackRock by 76.5% during the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock worth $28,000 after purchasing an additional 13 shares in the last quarter. Investment Management Corp VA ADV acquired a new stake in BlackRock during the 4th quarter worth approximately $30,000. Cheviot Value Management LLC acquired a new stake in BlackRock during the 1st quarter worth approximately $30,000. MorganRosel Wealth Management LLC acquired a new stake in BlackRock during the 1st quarter worth approximately $31,000. Finally, CBIZ Investment Advisory Services LLC acquired a new stake in BlackRock during the 1st quarter worth approximately $34,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other BlackRock news, Director J. Richard Kushel sold 17,142 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $68,763,964.50. This trade represents a 21.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Fabrizio Freda sold 4,434 shares of BlackRock stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $1,122.81, for a total value of $4,978,539.54. Following the sale, the director owned 3,506 shares of the company's stock, valued at approximately $3,936,571.86. This represents a 55.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,494 shares of company stock valued at $74,694,573. 1.98% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wall Street Zen raised shares of BlackRock to a "hold" rating in a research report on Saturday, May 24th. Zacks Research downgraded shares of BlackRock from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 14th. Wells Fargo & Company decreased their price target on shares of BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating for the company in a research report on Wednesday, July 16th. Barclays raised their price target on shares of BlackRock from $990.00 to $1,220.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, UBS Group restated a "neutral" rating and set a $980.00 price objective on shares of BlackRock in a research note on Tuesday, July 8th. Twelve investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $1,151.21.

BlackRock Stock Performance

Shares of BLK traded down $8.3170 during trading hours on Tuesday, reaching $1,127.8030. 485,529 shares of the company's stock traded hands, compared to its average volume of 760,700. The firm has a market capitalization of $174.64 billion, a price-to-earnings ratio of 27.27, a P/E/G ratio of 2.28 and a beta of 1.42. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.04 and a quick ratio of 4.04. BlackRock has a twelve month low of $773.74 and a twelve month high of $1,171.89. The business's fifty day simple moving average is $1,074.33 and its two-hundred day simple moving average is $989.18.

BlackRock (NYSE:BLK - Get Free Report) last released its earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.41 by $1.64. The firm had revenue of $5.42 billion for the quarter, compared to analyst estimates of $5.40 billion. BlackRock had a return on equity of 15.53% and a net margin of 29.68%.BlackRock's revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the company earned $10.36 earnings per share. Analysts predict that BlackRock will post 47.41 earnings per share for the current year.

BlackRock Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Friday, September 5th will be paid a $5.21 dividend. 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 1.8%. BlackRock's dividend payout ratio (DPR) is currently 50.39%.

BlackRock 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.