Cerro Pacific Wealth Advisors LLC Invests $2.10 Million in BlackRock, Inc. (NYSE:BLK)

Cerro Pacific Wealth Advisors LLC acquired a new stake in shares of BlackRock, Inc. (NYSE:BLK - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,048 shares of the asset manager's stock, valued at approximately $2,099,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of BLK. Amalgamated Bank raised its stake in BlackRock by 1.7% during the 4th quarter. Amalgamated Bank now owns 28,711 shares of the asset manager's stock worth $29,432,000 after acquiring an additional 489 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of BlackRock by 4.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 12,480 shares of the asset manager's stock valued at $12,793,000 after purchasing an additional 578 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of BlackRock by 6.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 65,396 shares of the asset manager's stock valued at $67,038,000 after buying an additional 4,210 shares in the last quarter. E. Ohman J or Asset Management AB purchased a new stake in shares of BlackRock during the fourth quarter worth about $46,284,000. Finally, Polar Capital Holdings Plc purchased a new position in BlackRock in the 4th quarter worth approximately $15,307,000. 80.69% of the stock is owned by institutional investors.

BlackRock Trading Up 0.5%

Shares of NYSE BLK traded up $4.86 during trading on Tuesday, reaching $982.93. The stock had a trading volume of 495,728 shares, compared to its average volume of 689,086. The company has a debt-to-equity ratio of 0.45, a quick ratio of 5.23 and a current ratio of 5.23. The company has a market cap of $152.28 billion, a P/E ratio of 23.40, a PEG ratio of 1.90 and a beta of 1.41. The business's 50-day moving average price is $922.52 and its 200-day moving average price is $974.09. BlackRock, Inc. has a fifty-two week low of $752.30 and a fifty-two week high of $1,084.22.

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 (EPS) for the quarter, topping analysts' consensus estimates of $10.84 by $0.46. BlackRock had a return on equity of 16.32% and a net margin of 31.21%. The company had revenue of $5.28 billion during the quarter, compared to the consensus estimate of $5.47 billion. During the same period in the previous year, the business earned $9.81 EPS. BlackRock's revenue for the quarter was up 11.6% on a year-over-year basis. On average, equities research analysts predict that BlackRock, Inc. will post 47.41 EPS for the current fiscal year.

BlackRock Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Thursday, June 5th will be paid a $5.21 dividend. This represents a $20.84 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Thursday, June 5th. BlackRock's dividend payout ratio (DPR) is 50.63%.

Analyst Ratings Changes

Several research firms have recently issued reports on BLK. Barclays lifted their price objective on shares of BlackRock from $950.00 to $990.00 and gave the company an "overweight" rating in a research report on Monday, April 14th. Wells Fargo & Company dropped their price objective on shares of BlackRock from $1,065.00 to $1,035.00 and set an "overweight" rating for the company in a report on Monday, April 14th. TD Cowen cut their price target on BlackRock from $1,251.00 to $1,032.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Morgan Stanley decreased their price objective 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. Finally, Citigroup cut their target price 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. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, BlackRock currently has an average rating of "Moderate Buy" and an average target price of $1,077.08.

Insider Buying and Selling

In other news, Director J. Richard Kushel sold 10,000 shares of BlackRock stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $912.50, for a total value of $9,125,000.00. Following the completion of the sale, the director now owns 66,034 shares of the company's stock, valued at $60,256,025. The trade was a 13.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.98% of the company's stock.

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.