Elevate Capital Advisors LLC Purchases Shares of 284 BlackRock $BLK

Key Points

• Elevate Capital Advisors LLC acquired 284 shares of BlackRock, valued at approximately $298,000, during the second quarter.
• BlackRock's earnings exceeded expectations with $12.05 earnings per share, significantly above the consensus estimate of $10.41.
• Wall Street analysts have an overall positive outlook with multiple buy ratings and an average price target increase to $1,213.67.

Elevate Capital Advisors LLC purchased a new stake in BlackRock (NYSE:BLK - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 284 shares of the asset manager's stock, valued at approximately $298,000.

Several other institutional investors and hedge funds also recently modified their holdings of BLK. Brighton Jones LLC lifted its holdings in shares of BlackRock by 23.1% in the fourth quarter. Brighton Jones LLC now owns 1,575 shares of the asset manager's stock valued at $1,615,000 after purchasing an additional 296 shares in the last quarter. Bison Wealth LLC lifted its holdings in shares of BlackRock by 1.6% in the fourth quarter. Bison Wealth LLC now owns 1,052 shares of the asset manager's stock valued at $1,078,000 after purchasing an additional 17 shares in the last quarter. RFG Advisory LLC purchased a new stake in shares of BlackRock in the first quarter valued at about $1,120,000. Portside Wealth Group LLC purchased a new stake in shares of BlackRock in the first quarter valued at about $277,000. Finally, Fermata Advisors LLC lifted its holdings in shares of BlackRock by 96.3% in the first quarter. Fermata Advisors LLC now owns 483 shares of the asset manager's stock valued at $458,000 after purchasing an additional 237 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

Insider Activity at BlackRock

In other BlackRock news, 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 of the company's stock, valued at $68,763,964.50. This trade represents a 21.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Fabrizio Freda sold 4,434 shares of the 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 transaction of $4,978,539.54. Following the transaction, the director directly owned 3,506 shares in the company, valued at approximately $3,936,571.86. This represents a 55.84% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,494 shares of company stock worth $74,694,573. Company insiders own 1.98% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on BLK shares. JPMorgan Chase & Co. upped their price objective on shares of BlackRock from $1,093.00 to $1,242.00 and gave the company a "neutral" rating in a research note on Thursday. Telsey Advisory Group reissued an "outperform" rating on shares of BlackRock in a research note on Tuesday, July 8th. Bank of America upped their price objective on shares of BlackRock from $1,224.00 to $1,396.00 and gave the company a "buy" rating in a research note on Thursday. UBS Group reissued a "neutral" rating and set a $980.00 price objective on shares of BlackRock in a research note on Tuesday, July 8th. Finally, The Goldman Sachs Group upped their price objective on shares of BlackRock from $1,163.00 to $1,312.00 and gave the company a "buy" rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, BlackRock currently has an average rating of "Moderate Buy" and a consensus price target of $1,213.67.

BlackRock Stock Performance

NYSE:BLK opened at $1,160.75 on Friday. 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 company has a market cap of $179.74 billion, a P/E ratio of 28.06, a P/E/G ratio of 2.22 and a beta of 1.45. BlackRock has a fifty-two week low of $773.74 and a fifty-two week high of $1,183.50. The firm's 50 day moving average is $1,129.67 and its two-hundred day moving average is $1,027.68.

BlackRock (NYSE:BLK - Get Free Report) last posted 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. The company had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.40 billion. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. BlackRock's revenue was up 12.9% on a year-over-year basis. During the same quarter last year, the firm posted $10.36 earnings per share. Analysts expect that BlackRock will post 47.41 EPS for the current year.

BlackRock Announces Dividend

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

BlackRock 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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