Precedent Wealth Partners LLC Has $1.65 Million Position in BlackRock, Inc. (NYSE:BLK)

Precedent Wealth Partners LLC lifted its position in shares of BlackRock, Inc. (NYSE:BLK - Free Report) by 18.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,740 shares of the asset manager's stock after purchasing an additional 266 shares during the quarter. Precedent Wealth Partners LLC's holdings in BlackRock were worth $1,647,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. IAG Wealth Partners LLC acquired a new position in BlackRock during the fourth quarter worth $26,000. Investment Management Corp VA ADV acquired a new stake in shares of BlackRock during the 4th quarter worth about $30,000. Compass Planning Associates Inc bought a new position in BlackRock during the 4th quarter valued at about $33,000. Synergy Investment Management LLC acquired a new position in BlackRock in the fourth quarter valued at about $40,000. Finally, Curio Wealth LLC bought a new stake in BlackRock during the fourth quarter worth about $41,000. 80.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on BLK shares. Wells Fargo & Company increased their price target on BlackRock from $1,035.00 to $1,105.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. Morgan Stanley decreased their target price on BlackRock from $1,275.00 to $1,124.00 and set an "overweight" rating on the stock in a report on Monday, April 7th. Wall Street Zen upgraded shares of BlackRock to a "hold" rating in a research report on Saturday, May 24th. TD Cowen lowered their price objective on shares of BlackRock from $1,251.00 to $1,032.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Finally, UBS Group dropped their target price on shares of 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 given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $1,082.46.

Insiders Place Their Bets

In related news, Director J. Richard Kushel sold 10,000 shares of the business's stock in a transaction 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 sale, the director now directly owns 66,034 shares of the company's stock, valued at approximately $60,256,025. The trade was a 13.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.98% of the company's stock.

BlackRock Trading Up 1.0%

NYSE BLK traded up $9.54 on Monday, reaching $981.36. The company had a trading volume of 522,357 shares, compared to its average volume of 689,788. BlackRock, Inc. has a 52 week low of $766.05 and a 52 week high of $1,084.22. The stock's 50 day moving average is $937.84 and its 200-day moving average is $971.37. 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 stock has a market cap of $152.04 billion, a price-to-earnings ratio of 23.37, a PEG ratio of 1.90 and a beta of 1.41.

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

BlackRock Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Thursday, June 5th will be paid a $5.21 dividend. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $20.84 dividend on an annualized basis and a yield of 2.12%. BlackRock's payout ratio is 50.63%.

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.