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Auto Owners Insurance Co Invests $8.90 Million in BlackRock (NYSE:BLK)

BlackRock logo with Finance background

Auto Owners Insurance Co bought a new position in shares of BlackRock (NYSE:BLK - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,400 shares of the asset manager's stock, valued at approximately $8,897,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Fairway Wealth LLC boosted its stake 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 acquiring an additional 13 shares during the last quarter. Investment Management Corp VA ADV bought a new position in shares of BlackRock in the 4th quarter worth about $30,000. MorganRosel Wealth Management LLC bought a new position in shares of BlackRock in the 1st quarter worth about $31,000. CBIZ Investment Advisory Services LLC bought a new position in shares of BlackRock in the 1st quarter worth about $34,000. Finally, Prudent Man Investment Management Inc. bought a new position in shares of BlackRock in the 4th quarter worth about $43,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

Insider Transactions at BlackRock

In other news, Director J. Richard Kushel sold 10,000 shares of the stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $912.50, for a total value of $9,125,000.00. Following the transaction, the director owned 66,034 shares in the company, valued at $60,256,025. This represents a 13.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.98% of the company's stock.

BlackRock Trading Up 0.8%

BLK opened at $1,101.82 on Wednesday. BlackRock has a twelve month low of $773.74 and a twelve month high of $1,119.19. 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 firm's fifty day moving average is $1,013.56 and its two-hundred day moving average is $972.65. The firm has a market cap of $170.70 billion, a PE ratio of 26.64, a price-to-earnings-growth ratio of 2.21 and a beta of 1.41.

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

BlackRock Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Thursday, June 5th were issued a dividend of $5.21 per share. The ex-dividend date was Thursday, June 5th. This represents a $20.84 dividend on an annualized basis and a yield of 1.89%. BlackRock's dividend payout ratio is currently 50.39%.

Analyst Upgrades and Downgrades

BLK has been the topic of several recent research reports. Wells Fargo & Company cut their price objective on shares of BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 16th. Keefe, Bruyette & Woods lowered their target price on shares of BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 16th. Argus reissued a "buy" rating on shares of BlackRock in a research note on Tuesday, July 8th. JPMorgan Chase & Co. raised their target price on shares of BlackRock from $1,018.00 to $1,093.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Finally, Citigroup lowered their target price on shares of BlackRock from $1,200.00 to $1,100.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, BlackRock presently has a consensus rating of "Moderate Buy" and an average price target of $1,151.21.

View Our Latest Stock Analysis on BlackRock

BlackRock Company Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding BLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BlackRock (NYSE:BLK - Free Report).

Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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