Charter Capital Management LLC DE Takes $254,000 Position in BlackRock $BLK

Key Points

• Charter Capital Management LLC invested approximately $254,000 in BlackRock by purchasing 242 shares during the second quarter, marking a significant entry for the institutional investor.
• Several institutional investors, including McLean Asset Management Corp and Trust Co. of Oklahoma, have increased their stakes in BlackRock, with hedge funds and other investors owning 80.69% of the stock.
• BlackRock reported a quarterly earnings per share of $12.05, surpassing expectations, and declared a dividend of $5.21 per share, reflecting a 1.8% yield for investors.

Charter Capital Management LLC DE purchased a new position in shares of BlackRock (NYSE:BLK - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 242 shares of the asset manager's stock, valued at approximately $254,000.

Several other institutional investors have also added to or reduced their stakes in BLK. McLean Asset Management Corp increased its stake in shares of BlackRock by 3.9% in the second quarter. McLean Asset Management Corp now owns 266 shares of the asset manager's stock worth $285,000 after purchasing an additional 10 shares in the last quarter. Trust Co. of Oklahoma boosted its holdings in BlackRock by 0.5% in the 2nd quarter. Trust Co. of Oklahoma now owns 2,023 shares of the asset manager's stock worth $2,123,000 after buying an additional 10 shares during the period. Detalus Advisors LLC grew its stake in BlackRock by 2.8% in the 1st quarter. Detalus Advisors LLC now owns 409 shares of the asset manager's stock valued at $387,000 after buying an additional 11 shares in the last quarter. Blue Bell Private Wealth Management LLC raised its holdings in BlackRock by 20.4% during the 1st quarter. Blue Bell Private Wealth Management LLC now owns 65 shares of the asset manager's stock valued at $62,000 after acquiring an additional 11 shares during the period. Finally, Focus Financial Network Inc. lifted its position in shares of BlackRock by 1.8% during the second quarter. Focus Financial Network Inc. now owns 619 shares of the asset manager's stock worth $650,000 after acquiring an additional 11 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at BlackRock

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Zacks Research cut BlackRock from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 14th. Argus reiterated a "buy" rating on shares of BlackRock in a research report on Tuesday, July 8th. Barclays increased their price target on shares of BlackRock from $990.00 to $1,220.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Morgan Stanley decreased their target price on shares of BlackRock from $1,247.00 to $1,224.00 and set an "overweight" rating on the stock in a report on Wednesday, July 16th. Finally, UBS Group reissued a "neutral" rating and issued a $980.00 price target on shares of BlackRock in a report on Tuesday, July 8th. Twelve investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $1,154.07.

BlackRock Trading Down 0.4%

Shares of BlackRock stock opened at $1,131.86 on Wednesday. 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 has a 1 year low of $773.74 and a 1 year high of $1,171.89. The firm has a market cap of $175.27 billion, a PE ratio of 27.37, a PEG ratio of 2.17 and a beta of 1.45. The company has a 50 day simple moving average of $1,121.97 and a two-hundred day simple moving average of $1,015.69.

BlackRock (NYSE:BLK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $12.05 earnings per share 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 firm had revenue of $5.42 billion for the quarter, compared to analysts' expectations of $5.40 billion. During the same quarter last year, the company posted $10.36 EPS. The business's quarterly revenue was up 12.9% on a year-over-year basis. Analysts expect that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th were issued a $5.21 dividend. This represents a $20.84 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, September 5th. BlackRock's dividend payout ratio is presently 50.39%.

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.

Want to see what other hedge funds are holding BLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BlackRock (NYSE:BLK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.