Bar Harbor Wealth Management Takes $1.28 Million Position in BlackRock, Inc. (NYSE:BLK)

Bar Harbor Wealth Management bought a new position in shares of BlackRock, Inc. (NYSE:BLK - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,347 shares of the asset manager's stock, valued at approximately $1,275,000.

Several other institutional investors and hedge funds have also recently modified their holdings of BLK. Vanguard Group Inc. increased its holdings in BlackRock by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 13,376,606 shares of the asset manager's stock worth $13,712,493,000 after acquiring an additional 68,405 shares during the period. Capital World Investors grew its stake in BlackRock by 2.3% in the fourth quarter. Capital World Investors now owns 4,097,524 shares of the asset manager's stock worth $4,200,450,000 after purchasing an additional 93,844 shares during the period. GAMMA Investing LLC raised its stake in BlackRock by 104,598.9% during the first quarter. GAMMA Investing LLC now owns 3,500,083 shares of the asset manager's stock valued at $3,312,759,000 after buying an additional 3,496,740 shares during the last quarter. Geode Capital Management LLC raised its holdings in BlackRock by 6.8% in the 4th quarter. Geode Capital Management LLC now owns 3,006,765 shares of the asset manager's stock worth $3,072,787,000 after acquiring an additional 190,188 shares during the last quarter. Finally, FMR LLC lifted its position in BlackRock by 1.1% during the fourth quarter. FMR LLC now owns 2,390,450 shares of the asset manager's stock valued at $2,450,475,000 after purchasing an additional 26,485 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director J. Richard Kushel sold 2,000 shares of the stock in a transaction on Monday, April 21st. The shares were sold at an average price of $852.01, for a total transaction of $1,704,020.00. Following the transaction, the director now directly owns 66,034 shares of the company's stock, valued at $56,261,628.34. This represents a 2.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.98% of the stock is owned by corporate insiders.

BlackRock Stock Performance

BLK traded down $17.01 during trading on Friday, reaching $971.24. 674,277 shares of the company's stock were exchanged, compared to its average volume of 689,208. The business has a 50 day moving average price of $937.84 and a 200 day moving average price of $972.04. The company has a quick ratio of 5.23, a current ratio of 5.23 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $150.47 billion, a P/E ratio of 23.12, a PEG ratio of 1.90 and a beta of 1.41. BlackRock, Inc. has a fifty-two week low of $759.99 and a fifty-two week high of $1,084.22.

BlackRock (NYSE:BLK - Get Free Report) last posted its quarterly earnings results on Friday, April 11th. The asset manager reported $11.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.84 by $0.46. The business had revenue of $5.28 billion for the quarter, compared to analyst estimates of $5.47 billion. BlackRock had a return on equity of 16.32% and a net margin of 31.21%. The firm's revenue was up 11.6% on a year-over-year basis. During the same period last year, the company earned $9.81 EPS. As a group, analysts predict that BlackRock, Inc. will post 47.41 earnings per share for the current fiscal year.

BlackRock Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Thursday, June 5th will be given a dividend of $5.21 per share. The ex-dividend date is Thursday, June 5th. This represents a $20.84 dividend on an annualized basis and a dividend yield of 2.15%. BlackRock's payout ratio is 50.63%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BLK. TD Cowen cut their target price on shares of BlackRock from $1,251.00 to $1,032.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. JPMorgan Chase & Co. decreased their price target on shares of BlackRock from $1,046.00 to $988.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Wells Fargo & Company boosted their price objective on shares of BlackRock from $1,035.00 to $1,105.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. Citigroup cut their price objective on shares of BlackRock from $1,200.00 to $1,100.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, UBS Group reduced their price objective on BlackRock from $1,045.00 to $1,010.00 and set a "neutral" rating for the company in a research note on Friday, April 11th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, BlackRock currently has an average rating of "Moderate Buy" and an average price target of $1,082.46.

About BlackRock

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.