Eagle Global Advisors LLC Purchases 4,437 Shares of BlackRock (NYSE:BLK)

Key Points

• Eagle Global Advisors LLC increased its stake in BlackRock by 36.2%, owning 16,703 shares valued at approximately $15.8 million after acquiring an additional 4,437 shares.
• Two recent reports from analysts, Barclays and The Goldman Sachs Group, set price targets for BlackRock at $1,220.00 and $1,115.00 respectively, reflecting confidence in the company's growth potential.
• BlackRock announced a quarterly dividend of $5.21, with a payout ratio of 50.39% and a yield of 1.9%, indicating a continued commitment to returning value to shareholders.

Eagle Global Advisors LLC grew its stake in BlackRock (NYSE:BLK - Free Report) by 36.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,703 shares of the asset manager's stock after acquiring an additional 4,437 shares during the quarter. Eagle Global Advisors LLC's holdings in BlackRock were worth $15,809,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Investment Management Corp VA ADV bought a new stake in BlackRock in the fourth quarter worth $30,000. Fairway Wealth LLC lifted its holdings in shares of BlackRock by 76.5% during the first quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock valued at $28,000 after purchasing an additional 13 shares in the last quarter. MorganRosel Wealth Management LLC bought a new position in shares of BlackRock during the first quarter valued at $31,000. Cheviot Value Management LLC bought a new position in shares of BlackRock during the first quarter valued at $30,000. Finally, CBIZ Investment Advisory Services LLC bought a new position in shares of BlackRock during the first quarter valued at $34,000. 80.69% of the stock is owned by institutional investors.

BlackRock Stock Performance

BLK traded up $0.17 during midday trading on Wednesday, reaching $1,159.78. The company had a trading volume of 570,757 shares, compared to its average volume of 601,039. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 0.39. The business has a 50-day moving average of $1,064.92 and a two-hundred day moving average of $988.28. The company has a market cap of $179.68 billion, a P/E ratio of 28.04, a P/E/G ratio of 2.33 and a beta of 1.42. BlackRock has a 1 year low of $773.74 and a 1 year high of $1,171.89.

BlackRock (NYSE:BLK - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The asset manager reported $12.05 EPS for the quarter, topping analysts' consensus estimates of $10.41 by $1.64. The business had revenue of $5.42 billion during the quarter, compared to analysts' expectations of $5.40 billion. BlackRock had a return on equity of 15.53% and a net margin of 29.68%. The business's quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $10.36 earnings per share. As a group, equities research analysts predict that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Friday, September 5th will be given a dividend of $5.21 per share. The ex-dividend date is Friday, September 5th. This represents a $20.84 annualized dividend and a dividend yield of 1.8%. BlackRock's dividend payout ratio (DPR) is currently 50.39%.

Insiders Place Their Bets

In related news, Director Fabrizio Freda sold 4,434 shares of the stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $1,122.81, for a total transaction of $4,978,539.54. Following the completion of the sale, the director owned 3,506 shares in the company, valued at approximately $3,936,571.86. This trade represents a 55.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Laurence Fink sold 12,054 shares of the stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $1,125.43, for a total value of $13,565,933.22. Following the sale, the chief executive officer owned 251,697 shares of the company's stock, valued at $283,267,354.71. This represents a 4.57% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,494 shares of company stock worth $74,694,573. Company insiders own 1.98% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Telsey Advisory Group reaffirmed an "outperform" rating on shares of BlackRock in a report on Tuesday, July 8th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $1,115.00 price target on shares of BlackRock in a report on Tuesday, July 8th. Barclays upped their price target on BlackRock from $990.00 to $1,220.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Keefe, Bruyette & Woods lowered their price target on BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating on the stock in a report on Wednesday, July 16th. Finally, Wells Fargo & Company lowered their price target on BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating on the stock in a report on Wednesday, July 16th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $1,151.21.

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.