Concurrent Investment Advisors LLC Boosts Stake in BlackRock $BLK

Key Points

• Concurrent Investment Advisors LLC increased its stake in BlackRock by 7.4%, owning 7,586 shares valued at approximately $7.96 million.
• BlackRock's latest quarterly earnings exceeded analysts' expectations, reporting $12.05 earnings per share against a consensus estimate of $10.41.
• Several analysts have raised their price targets for BlackRock, with Bank of America setting a new target at $1,396.00 and rating it as a "buy."

Concurrent Investment Advisors LLC boosted its stake in BlackRock (NYSE:BLK - Free Report) by 7.4% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,586 shares of the asset manager's stock after buying an additional 523 shares during the quarter. Concurrent Investment Advisors LLC's holdings in BlackRock were worth $7,960,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BLK. Brighton Jones LLC raised its holdings in BlackRock by 23.1% in the 4th quarter. Brighton Jones LLC now owns 1,575 shares of the asset manager's stock valued at $1,615,000 after acquiring an additional 296 shares during the last quarter. Bison Wealth LLC raised its holdings in BlackRock by 1.6% in the 4th quarter. Bison Wealth LLC now owns 1,052 shares of the asset manager's stock valued at $1,078,000 after acquiring an additional 17 shares during the last quarter. GAMMA Investing LLC raised its holdings in BlackRock by 10.6% in the 1st quarter. GAMMA Investing LLC now owns 3,698 shares of the asset manager's stock valued at $3,500,000 after acquiring an additional 355 shares during the last quarter. CVA Family Office LLC raised its holdings in BlackRock by 6.5% in the 1st quarter. CVA Family Office LLC now owns 342 shares of the asset manager's stock valued at $324,000 after acquiring an additional 21 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in BlackRock by 5.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 35,049 shares of the asset manager's stock valued at $33,172,000 after acquiring an additional 1,740 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

BlackRock Stock Down 3.0%

Shares of BlackRock stock opened at $1,132.12 on Monday. The company has a fifty day moving average price of $1,134.85 and a 200 day moving average price of $1,035.56. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 0.39. BlackRock has a twelve month low of $773.74 and a twelve month high of $1,184.13. The stock has a market cap of $175.31 billion, a price-to-earnings ratio of 27.37, a price-to-earnings-growth ratio of 2.15 and a beta of 1.45.

BlackRock (NYSE:BLK - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $5.42 billion during the quarter, compared to analysts' expectations of $5.40 billion. During the same period in the prior year, the company earned $10.36 EPS. The firm's revenue was up 12.9% on a year-over-year basis. Equities research analysts forecast that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 5th were given a dividend of $5.21 per share. This represents a $20.84 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, September 5th. BlackRock's dividend payout ratio is 50.39%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BLK shares. JPMorgan Chase & Co. boosted their price target on BlackRock from $1,093.00 to $1,242.00 and gave the company a "neutral" rating in a report on Thursday, October 2nd. Morgan Stanley boosted their price target on BlackRock from $1,224.00 to $1,362.00 and gave the company an "overweight" rating in a report on Monday, October 6th. Bank of America upped their price objective on BlackRock from $1,224.00 to $1,396.00 and gave the stock a "buy" rating in a report on Thursday, October 2nd. Weiss Ratings restated a "buy (b-)" rating on shares of BlackRock in a report on Wednesday, October 8th. Finally, Telsey Advisory Group restated an "outperform" rating on shares of BlackRock in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $1,258.56.

Insider Buying and Selling at BlackRock

In other BlackRock 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 value of $20,301,321.60. Following the completion of the transaction, the director directly owned 19,205 shares of the company's stock, valued at $21,617,148. This represents a 48.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Fabrizio Freda sold 4,434 shares of the firm's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $1,122.81, for a total value of $4,978,539.54. Following 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 disclosure for this sale can be found here. Insiders sold a total of 66,494 shares of company stock valued at $74,694,573 in the last quarter. Company insiders own 1.98% of the company's stock.

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.

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