Confluence Wealth Services Inc. Makes New Investment in BlackRock (NYSE:BLK)

Confluence Wealth Services Inc. purchased a new stake in shares of BlackRock (NYSE:BLK - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 740 shares of the asset manager's stock, valued at approximately $660,000.

A number of other hedge funds have also modified their holdings of BLK. IAG Wealth Partners LLC acquired a new position in BlackRock during the 4th quarter worth about $26,000. Investment Management Corp VA ADV acquired a new position in shares of BlackRock in the fourth quarter worth about $30,000. Synergy Investment Management LLC bought a new stake in BlackRock in the 4th quarter valued at about $40,000. Curio Wealth LLC acquired a new stake in shares of BlackRock in the 4th quarter worth approximately $41,000. Finally, Cedar Wealth Management LLC acquired a new position in shares of BlackRock in the 4th quarter valued at $43,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on BLK shares. Bank of America lowered their price target on BlackRock from $1,196.00 to $1,178.00 and set a "buy" rating on the stock in a report on Thursday, April 3rd. Argus upped their target price on shares of BlackRock from $1,028.00 to $1,090.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. TD Cowen decreased their price target on shares of BlackRock from $1,251.00 to $1,032.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. The Goldman Sachs Group boosted their price target on BlackRock from $994.00 to $1,115.00 and gave the company a "buy" rating in a research note on Friday. Finally, JPMorgan Chase & Co. lowered their target price on BlackRock from $1,046.00 to $988.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $1,102.08.

Insider Activity at BlackRock

In related news, Director J. Richard Kushel sold 10,000 shares of the business's stock in a transaction dated 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 directly owned 66,034 shares in the company, valued at $60,256,025. The trade was a 13.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.98% of the stock is owned by corporate insiders.

BlackRock Trading Up 0.3%

BLK stock traded up $2.71 during midday trading on Monday, reaching $1,050.53. 528,969 shares of the company traded hands, compared to its average volume of 694,081. The firm has a market capitalization of $162.76 billion, a price-to-earnings ratio of 25.52, a P/E/G ratio of 3.18 and a beta of 1.41. BlackRock has a 52-week low of $773.74 and a 52-week high of $1,084.22. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.34 and a current ratio of 4.34. The business has a 50 day moving average of $962.39 and a 200-day moving average of $968.13.

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, topping the consensus estimate of $10.84 by $0.46. BlackRock had a return on equity of 15.57% and a net margin of 30.09%. The company had revenue of $5.28 billion for the quarter, compared to the consensus estimate of $5.47 billion. During the same period last year, the firm earned $9.81 EPS. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, sell-side analysts expect that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Thursday, June 5th were issued a $5.21 dividend. This represents a $20.84 annualized dividend and a dividend yield of 1.98%. The ex-dividend date was Thursday, June 5th. BlackRock's payout ratio is 50.63%.

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.