Cullen Investment Group LTD. lowered its holdings in shares of BlackRock, Inc. (NYSE:BLK - Free Report) by 16.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,918 shares of the asset manager's stock after selling 762 shares during the period. Cullen Investment Group LTD.'s holdings in BlackRock were worth $3,709,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of BLK. IAG Wealth Partners LLC bought a new stake in BlackRock during the fourth quarter valued at approximately $26,000. Investment Management Corp VA ADV purchased a new stake in BlackRock in the fourth quarter worth $30,000. Collier Financial purchased a new stake in shares of BlackRock in the fourth quarter worth $32,000. Compass Planning Associates Inc purchased a new stake in shares of BlackRock during the fourth quarter valued at $33,000. Finally, Synergy Investment Management LLC purchased a new stake in shares of BlackRock during the fourth quarter valued at $40,000. 80.69% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on BLK. UBS Group decreased their target price on BlackRock from $1,045.00 to $1,010.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Bank of America decreased their price objective on shares of BlackRock from $1,196.00 to $1,178.00 and set a "buy" rating for the company in a research report on Thursday, April 3rd. Wall Street Zen upgraded BlackRock to a "hold" rating in a research report on Saturday, May 24th. Morgan Stanley dropped their price target on BlackRock from $1,275.00 to $1,124.00 and set an "overweight" rating for the company in a research report on Monday, April 7th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of 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 investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, BlackRock currently has an average rating of "Moderate Buy" and a consensus price target of $1,077.08.
Read Our Latest Analysis on BlackRock
BlackRock Price Performance
BlackRock stock traded down $11.62 during trading hours on Monday, hitting $968.27. The stock had a trading volume of 168,964 shares, compared to its average volume of 688,905. The company has a debt-to-equity ratio of 0.45, a current ratio of 5.23 and a quick ratio of 5.23. The stock has a market capitalization of $150.01 billion, a price-to-earnings ratio of 23.07, a PEG ratio of 1.90 and a beta of 1.41. BlackRock, Inc. has a 1-year low of $752.30 and a 1-year high of $1,084.22. The stock's fifty day moving average is $922.34 and its two-hundred day moving average is $974.57.
BlackRock (NYSE:BLK - Get Free Report) last issued its quarterly earnings results on Friday, April 11th. The asset manager reported $11.30 EPS for the quarter, topping analysts' consensus estimates of $10.84 by $0.46. BlackRock had a net margin of 31.21% and a return on equity of 16.32%. The business 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 firm posted $9.81 earnings per share. The company's quarterly revenue was up 11.6% compared to the same quarter last year. As a group, analysts predict that BlackRock, Inc. will post 47.41 earnings per share for the current fiscal year.
BlackRock Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Thursday, June 5th will be issued 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 dividend yield of 2.15%. BlackRock's dividend payout ratio (DPR) is 50.63%.
Insider Transactions at BlackRock
In related news, Director J. Richard Kushel sold 10,000 shares of the firm's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $912.50, for a total transaction of $9,125,000.00. Following the sale, the director now directly owns 66,034 shares in the company, valued at approximately $60,256,025. This trade represents a 13.15% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.98% of the company's stock.
BlackRock Company Profile
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Free Report)
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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