Axxcess Wealth Management LLC Acquires 18,514 Shares of BlackRock $BLK

Key Points

• Axxcess Wealth Management boosted its BlackRock stake by 532.3% in the fourth quarter, buying 18,514 additional shares and bringing its total holdings to 21,992 shares valued at about $23.5 million.
• BlackRock reported strong quarterly results, with EPS of $12.53 beating estimates and revenue of $6.70 billion also topping expectations; revenue rose 27% year over year.
• The company declared a quarterly dividend of $5.73 per share, while analysts maintain a Moderate Buy consensus with a price target of about $1,269.06.

Axxcess Wealth Management LLC raised its holdings in BlackRock (NYSE:BLK - Free Report) by 532.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,992 shares of the asset manager's stock after buying an additional 18,514 shares during the period. Axxcess Wealth Management LLC's holdings in BlackRock were worth $23,542,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Birchbrook Inc. bought a new stake in BlackRock in the fourth quarter valued at approximately $31,000. LFA Lugano Financial Advisors SA bought a new stake in BlackRock in the fourth quarter valued at approximately $32,000. Hopwood Financial Services Inc. raised its stake in BlackRock by 866.7% in the third quarter. Hopwood Financial Services Inc. now owns 29 shares of the asset manager's stock valued at $34,000 after buying an additional 26 shares during the period. Collier Financial bought a new stake in BlackRock in the third quarter valued at approximately $36,000. Finally, Goodman Advisory Group LLC bought a new stake in BlackRock in the third quarter valued at approximately $37,000. Institutional investors own 80.69% of the company's stock.

BlackRock Trading Up 0.9%

Shares of NYSE:BLK opened at $1,073.03 on Friday. The company has a market capitalization of $166.57 billion, a P/E ratio of 26.93, a P/E/G ratio of 1.39 and a beta of 1.44. BlackRock has a 1 year low of $917.39 and a 1 year high of $1,219.94. The company has a debt-to-equity ratio of 0.34, a current ratio of 4.09 and a quick ratio of 4.09. The business's 50 day simple moving average is $1,018.09 and its 200 day simple moving average is $1,054.00.

BlackRock (NYSE:BLK - Get Free Report) last issued its quarterly earnings results on Tuesday, April 14th. The asset manager reported $12.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $12.40 by $0.13. The business had revenue of $6.70 billion for the quarter, compared to the consensus estimate of $6.56 billion. BlackRock had a return on equity of 14.74% and a net margin of 24.40%.The firm's quarterly revenue was up 27.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $9.64 earnings per share. On average, research analysts anticipate that BlackRock will post 52.8 EPS for the current fiscal year.

BlackRock Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 5th will be given a dividend of $5.73 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $22.92 dividend on an annualized basis and a yield of 2.1%. BlackRock's dividend payout ratio is currently 57.53%.

Insider Buying and Selling

In related news, President Robert Kapito sold 8,739 shares of the stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $1,056.60, for a total transaction of $9,233,627.40. Following the sale, the president owned 210,186 shares of the company's stock, valued at $222,082,527.60. This represents a 3.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Laurence Fink sold 33,900 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $1,050.55, for a total value of $35,613,645.00. Following the sale, the chief executive officer directly owned 230,516 shares in the company, valued at $242,168,583.80. This represents a 12.82% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 45,249 shares of company stock worth $47,671,714. 1.92% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

BLK has been the topic of several research reports. Evercore reaffirmed an "outperform" rating and issued a $1,220.00 target price on shares of BlackRock in a research report on Wednesday, April 15th. CICC Research upped their target price on BlackRock from $1,000.00 to $1,250.00 in a research report on Tuesday, February 3rd. Weiss Ratings raised BlackRock from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, May 13th. Keefe, Bruyette & Woods upped their target price on BlackRock from $1,150.00 to $1,240.00 and gave the company an "outperform" rating in a research report on Wednesday, April 15th. Finally, JPMorgan Chase & Co. decreased their target price on BlackRock from $1,269.00 to $1,128.00 and set a "neutral" rating on the stock in a research report on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $1,269.06.

BlackRock Company Profile

BlackRock, Inc is a global investment management firm that provides a broad range of products and services to institutional, intermediary and individual investors. Its core activities include portfolio management across active and index strategies, exchange-traded funds (ETFs) under the iShares brand, fixed income, equity and multi-asset solutions, as well as alternatives such as private equity, real estate and infrastructure. The firm also offers cash management and liquidity solutions and retirement-focused products designed for defined contribution and defined benefit investors.

In addition to traditional investment management, BlackRock is known for its technology and risk management capabilities, most prominently its Aladdin platform, which combines portfolio management, trading and risk analytics and is used both internally and licensed to external clients.

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