Apollon Wealth Management LLC Grows Holdings in BlackRock $BLK

Key Points

• Apollon Wealth Management increased its holdings in BlackRock by 7.2% during the second quarter, now owning 17,324 shares valued at approximately $18.18 million.
• BlackRock reported a quarterly earnings of $12.05 EPS, exceeding estimates and showing a revenue increase of 12.9% compared to the same quarter last year.
• The company also declared a quarterly dividend of $5.21 per share, translating to a yield of 1.8% and an annualized dividend of $20.84.

Apollon Wealth Management LLC increased its holdings in BlackRock (NYSE:BLK - Free Report) by 7.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,324 shares of the asset manager's stock after acquiring an additional 1,171 shares during the quarter. Apollon Wealth Management LLC's holdings in BlackRock were worth $18,177,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of BLK. 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 valued at $28,000 after buying an additional 13 shares in the last quarter. Game Plan Financial Advisors LLC grew its stake in shares of BlackRock by 100.0% in the first quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager's stock worth $28,000 after acquiring an additional 15 shares during the last quarter. Garde Capital Inc. increased its holdings in shares of BlackRock by 200.0% during the second quarter. Garde Capital Inc. now owns 27 shares of the asset manager's stock valued at $28,000 after acquiring an additional 18 shares in the last quarter. Cheviot Value Management LLC purchased a new position in shares of BlackRock in the 1st quarter worth about $30,000. Finally, MorganRosel Wealth Management LLC bought a new position in BlackRock in the 1st quarter worth about $31,000. Institutional investors own 80.69% of the company's stock.

BlackRock Stock Performance

BLK stock opened at $1,132.12 on Friday. 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 1 year low of $773.74 and a 1 year high of $1,184.13. The company has a market cap of $175.31 billion, a P/E ratio of 27.37, a price-to-earnings-growth ratio of 2.22 and a beta of 1.45. The stock's fifty day moving average price is $1,134.85 and its 200-day moving average price is $1,034.64.

BlackRock (NYSE:BLK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $12.05 EPS for the quarter, beating analysts' consensus estimates 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 15.53% and a net margin of 29.68%.BlackRock'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 earned $10.36 earnings per share. On average, equities analysts forecast that BlackRock will post 47.41 earnings per share for the current year.

BlackRock Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 5th were given a dividend of $5.21 per share. This represents a $20.84 annualized dividend and a yield of 1.8%. The ex-dividend date was Friday, September 5th. BlackRock's payout ratio is 50.39%.

Insider Buying and Selling 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 value of $4,978,539.54. Following the transaction, the director directly owned 3,506 shares in the company, valued at approximately $3,936,571.86. This trade represents a 55.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director J. Richard Kushel sold 17,142 shares of BlackRock 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 transaction, the director owned 61,369 shares in the company, valued at $68,763,964.50. This represents a 21.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,494 shares of company stock valued at $74,694,573 in the last ninety days. Corporate insiders own 1.98% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Evercore ISI raised their price objective on shares of BlackRock from $1,200.00 to $1,230.00 and gave the company an "outperform" rating in a research note on Thursday. Morgan Stanley increased their price target on shares of BlackRock from $1,224.00 to $1,362.00 and gave the company an "overweight" rating in a report on Monday, October 6th. UBS Group restated a "neutral" rating and issued a $980.00 price objective on shares of BlackRock in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft increased their target price on BlackRock from $1,221.00 to $1,300.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Telsey Advisory Group restated an "outperform" rating on shares of BlackRock in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, BlackRock currently has an average rating of "Moderate Buy" and an average price target of $1,258.56.

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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