Advisors Capital Management LLC Increases Stake in BlackRock $BLK

Key Points

• Advisors Capital Management LLC increased its holdings in BlackRock shares by 3.1%, bringing its total to 33,101 shares valued at approximately $31.33 million.
• BlackRock announced a quarterly dividend of $5.21 per share, which translates to an annualized yield of 1.9%.
• The company reported a quarterly earnings per share (EPS) of $12.05, surpassing analyst estimates and reflecting a 12.9% revenue increase compared to the previous year.

Advisors Capital Management LLC raised its position in shares of BlackRock (NYSE:BLK - Free Report) by 3.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,101 shares of the asset manager's stock after acquiring an additional 1,007 shares during the period. Advisors Capital Management LLC's holdings in BlackRock were worth $31,330,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Investment Management Corp VA ADV bought a new position in BlackRock during the fourth quarter valued at $30,000. Fairway Wealth LLC boosted its stake in shares of BlackRock by 76.5% during the first quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock valued at $28,000 after purchasing an additional 13 shares during the period. Game Plan Financial Advisors LLC boosted its stake in shares of BlackRock by 100.0% during the first quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager's stock valued at $28,000 after purchasing an additional 15 shares during the period. MorganRosel Wealth Management LLC purchased a new stake in shares of BlackRock during the first quarter valued at $31,000. Finally, Cheviot Value Management LLC purchased a new stake in shares of BlackRock during the first quarter valued at $30,000. Institutional investors own 80.69% of the company's stock.

Insider Activity at BlackRock

In other news, Director Rachel Lord sold 18,036 shares of the company's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $1,125.60, for a total transaction of $20,301,321.60. Following the transaction, the director owned 19,205 shares in the company, valued at $21,617,148. This represents a 48.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director J. Richard Kushel sold 17,142 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were 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 approximately $68,763,964.50. This trade represents a 21.83% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,494 shares of company stock worth $74,694,573. 1.98% of the stock is owned by insiders.

BlackRock Stock Down 0.9%

Shares of BLK stock traded down $9.84 during mid-day trading on Friday, hitting $1,124.34. 544,785 shares of the stock traded hands, compared to its average volume of 436,451. The stock has a market cap of $174.10 billion, a P/E ratio of 27.18, a P/E/G ratio of 2.17 and a beta of 1.45. The stock's fifty day moving average is $1,115.88 and its two-hundred day moving average is $1,007.38. BlackRock has a 52-week low of $773.74 and a 52-week high of $1,171.89. 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 (NYSE:BLK - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $12.05 EPS for the quarter, beating the consensus estimate of $10.41 by $1.64. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. The business had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same period in the prior year, the firm posted $10.36 earnings per share. The company's quarterly revenue was up 12.9% on a year-over-year basis. Equities analysts predict that BlackRock will post 47.41 EPS for the current year.

BlackRock Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be issued a dividend of $5.21 per share. The ex-dividend date is Friday, September 5th. This represents a $20.84 annualized dividend and a dividend yield of 1.9%. BlackRock's dividend payout ratio is 50.39%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of BlackRock to a "hold" rating in a research note on Saturday, May 24th. The Goldman Sachs Group reissued a "buy" rating and set a $1,115.00 target price on shares of BlackRock in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods lowered their target price on shares of BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating for the company in a research note on Wednesday, July 16th. Barclays boosted their target price on shares of BlackRock from $990.00 to $1,220.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Finally, Wells Fargo & Company lowered their target price on shares of BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating for the company in a research note on Wednesday, July 16th. Twelve analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, BlackRock currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,154.07.

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.