First Financial Bankshares Inc Buys New Holdings in BlackRock $BLK

Key Points

• First Financial Bankshares Inc invested approximately $65.60 million in BlackRock, acquiring 69,314 shares, which now represent around 1.4% of its total portfolio.
• Recent insider trading activity includes J. Richard Kushel selling 17,142 shares, and Fabrizio Freda selling 4,434 shares, indicating notable reductions in their respective ownership stakes.
• BlackRock's latest quarterly earnings report showcased a $12.05 earnings per share, exceeding analysts' expectations, and the company has scheduled a $5.21 quarterly dividend to shareholders on September 23rd.

First Financial Bankshares Inc acquired a new stake in BlackRock (NYSE:BLK - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 69,314 shares of the asset manager's stock, valued at approximately $65,604,000. BlackRock accounts for about 1.4% of First Financial Bankshares Inc's investment portfolio, making the stock its 23rd biggest position.

A number of other hedge funds have also bought and sold shares of the business. Brighton Jones LLC increased 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 buying an additional 296 shares during the period. Schonfeld Strategic Advisors LLC bought a new position in BlackRock in the 4th quarter valued at about $2,563,000. Bison Wealth LLC increased 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 buying an additional 17 shares during the period. Gallagher Fiduciary Advisors LLC bought a new stake in shares of BlackRock during the 4th quarter valued at approximately $210,000. Finally, Ameriprise Financial Inc. grew its holdings in shares of BlackRock by 18.6% during the 4th quarter. Ameriprise Financial Inc. now owns 2,100,163 shares of the asset manager's stock valued at $2,152,907,000 after purchasing an additional 329,244 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

BlackRock Price Performance

Shares of BLK stock traded up $8.73 during trading on Thursday, hitting $1,108.22. The company had a trading volume of 459,526 shares, compared to its average volume of 740,787. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 0.39. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,171.89. The stock has a market capitalization of $171.61 billion, a price-to-earnings ratio of 26.79, a price-to-earnings-growth ratio of 2.16 and a beta of 1.45. The stock's 50-day moving average is $1,108.42 and its two-hundred day moving average is $1,000.33.

BlackRock (NYSE:BLK - Get Free Report) last announced 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 company had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.40 billion. BlackRock had a return on equity of 15.53% and a net margin of 29.68%.The firm'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. As a group, analysts predict that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be given a $5.21 dividend. This represents a $20.84 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 5th. BlackRock's dividend payout ratio is 50.39%.

Insider Buying and Selling

In other news, Director J. Richard Kushel sold 17,142 shares of the firm's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total value of $19,207,611.00. Following the completion of the transaction, the director directly owned 61,369 shares in the company, valued at $68,763,964.50. This trade represents a 21.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Rachel Lord sold 18,036 shares of the firm's stock in a transaction that occurred on 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 sale, the director directly owned 19,205 shares in the company, valued at approximately $21,617,148. The trade was a 48.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,494 shares of company stock worth $74,694,573 in the last three months. 1.98% of the stock is owned by company insiders.

Analyst Ratings Changes

BLK has been the topic of several research reports. Morgan Stanley decreased their price target on shares of BlackRock from $1,247.00 to $1,224.00 and set an "overweight" rating on the stock in a report on Wednesday, July 16th. The Goldman Sachs Group reiterated a "buy" rating and set a $1,115.00 target price on shares of BlackRock in a research report on Tuesday, July 8th. Bank of America lifted their target price on shares of BlackRock from $1,214.00 to $1,224.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. UBS Group reiterated a "neutral" rating and set a $980.00 target price on shares of BlackRock in a research report on Tuesday, July 8th. Finally, Wall Street Zen upgraded shares of BlackRock to a "hold" rating in a research report on Saturday, May 24th. Twelve analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, BlackRock presently has a consensus rating of "Moderate Buy" and an average 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.