MAI Capital Management Acquires 3,632 Shares of BlackRock $BLK

Key Points

• MAI Capital Management increased its holdings in BlackRock by 18.1%, bringing its total shares owned to 23,676, valued at approximately $22.4 million.
• BlackRock reported $12.05 EPS in its latest quarter, exceeding analyst estimates and marking a 12.9% increase in revenue compared to the previous year.
• The company announced a quarterly dividend of $5.21 per share, with a payout ratio of 50.39%, to be paid on September 23rd.

MAI Capital Management boosted its stake in BlackRock (NYSE:BLK - Free Report) by 18.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,676 shares of the asset manager's stock after buying an additional 3,632 shares during the period. MAI Capital Management's holdings in BlackRock were worth $22,409,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BLK. Fairway Wealth LLC boosted its position in shares of 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 purchasing an additional 13 shares in the last quarter. Investment Management Corp VA ADV bought a new position in shares of BlackRock during the 4th quarter valued at about $30,000. Cheviot Value Management LLC bought a new position in shares of BlackRock during the 1st quarter valued at about $30,000. MorganRosel Wealth Management LLC bought a new position in shares of BlackRock during the 1st quarter valued at about $31,000. Finally, CBIZ Investment Advisory Services LLC bought a new position in shares of BlackRock during the 1st quarter valued at about $34,000. Institutional investors own 80.69% of the company's stock.

Wall Street Analyst Weigh In

BLK has been the subject of several research reports. Evercore ISI raised their price objective on shares of BlackRock from $1,170.00 to $1,200.00 and gave the company an "outperform" rating in a research report on Friday. Jefferies Financial Group raised their price objective on shares of BlackRock from $959.00 to $1,210.00 in a research report on Thursday, July 10th. Argus restated a "buy" rating on shares of BlackRock in a research report on Tuesday, July 8th. Wells Fargo & Company reduced their price objective on shares of BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating for the company in a research report on Wednesday, July 16th. Finally, UBS Group reiterated a "neutral" rating and issued a $980.00 target price on shares of BlackRock in a report on Tuesday, July 8th. Twelve research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, BlackRock presently has an average rating of "Moderate Buy" and an average target price of $1,154.07.

BlackRock Stock Down 0.6%

NYSE BLK traded down $6.78 during trading on Friday, reaching $1,096.77. The company's stock had a trading volume of 275,790 shares, compared to its average volume of 737,980. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $169.83 billion, a PE ratio of 26.51, a PEG ratio of 2.10 and a beta of 1.45. The business has a 50-day moving average price of $1,109.96 and a 200-day moving average price of $1,001.26. BlackRock has a 1-year low of $773.74 and a 1-year high of $1,171.89.

BlackRock (NYSE:BLK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $12.05 earnings per share for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $5.40 billion. During the same period in the previous year, the company earned $10.36 earnings per share. BlackRock's revenue for the quarter was up 12.9% on a year-over-year basis. On average, research analysts forecast that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Dividend Announcement

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

Insider Activity

In related news, Director Fabrizio Freda sold 4,434 shares of the company's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $1,122.81, for a total transaction of $4,978,539.54. Following the transaction, the director owned 3,506 shares in the company, valued at $3,936,571.86. This represents a 55.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director J. Richard Kushel sold 17,142 shares of the company's stock in a transaction dated 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 approximately $68,763,964.50. This trade represents a 21.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,494 shares of company stock worth $74,694,573 over the last 90 days. 1.98% of the stock is currently owned by company insiders.

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.