Glenview Trust co Makes New $13.10 Million Investment in BlackRock $BLK

Key Points

• Glenview Trust Co. made a new investment in BlackRock, acquiring 13,835 shares valued at approximately $13.10 million.
• BlackRock reported $12.05 EPS for the last quarter, surpassing the consensus estimate by $1.64, and noted revenue growth of 12.9% year-over-year.
• Institutional investors and hedge funds own 80.69% of BlackRock's stock, reflecting strong institutional backing for the asset management firm.

Glenview Trust co bought a new position in shares of BlackRock (NYSE:BLK - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 13,835 shares of the asset manager's stock, valued at approximately $13,095,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BLK. Brighton Jones LLC lifted its position in BlackRock by 23.1% during the 4th quarter. Brighton Jones LLC now owns 1,575 shares of the asset manager's stock worth $1,615,000 after acquiring an additional 296 shares during the last quarter. Bison Wealth LLC lifted its position in BlackRock by 1.6% during the 4th quarter. Bison Wealth LLC now owns 1,052 shares of the asset manager's stock worth $1,078,000 after acquiring an additional 17 shares during the last quarter. Jefferies Financial Group Inc. acquired a new position in shares of BlackRock during the fourth quarter valued at about $216,000. Janus Henderson Group PLC raised its position in shares of BlackRock by 17.2% during the fourth quarter. Janus Henderson Group PLC now owns 27,841 shares of the asset manager's stock valued at $28,561,000 after buying an additional 4,079 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of BlackRock by 1.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,343 shares of the asset manager's stock valued at $14,703,000 after buying an additional 232 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on BLK shares. Bank of America upped their price objective on shares of BlackRock from $1,214.00 to $1,224.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $1,115.00 price objective on shares of BlackRock in a research report on Tuesday, July 8th. Telsey Advisory Group reaffirmed an "outperform" rating on shares of BlackRock in a research report on Tuesday, July 8th. Jefferies Financial Group upped their price objective on shares of BlackRock from $959.00 to $1,210.00 in a research report on Thursday, July 10th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating for the company in a research report on Wednesday, July 16th. Twelve analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $1,154.07.

BlackRock Stock Performance

NYSE:BLK opened at $1,106.62 on Wednesday. BlackRock has a 12-month low of $773.74 and a 12-month high of $1,171.89. 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 firm has a market capitalization of $171.36 billion, a PE ratio of 26.76, a price-to-earnings-growth ratio of 2.11 and a beta of 1.45. The firm has a 50-day moving average price of $1,113.10 and a 200 day moving average price of $1,003.92.

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 (EPS) for the quarter, topping the consensus estimate of $10.41 by $1.64. The firm had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.40 billion. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. The company's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $10.36 earnings per share. Research analysts anticipate that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be issued a dividend of $5.21 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $20.84 annualized dividend and a dividend yield of 1.9%. BlackRock's dividend payout ratio (DPR) is presently 50.39%.

Insider Activity

In other news, Director Fabrizio Freda sold 4,434 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The shares were 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 of the company's stock, 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 filing with the SEC, which is accessible through this link. Also, Director Rachel Lord sold 18,036 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $1,125.60, for a total transaction of $20,301,321.60. Following the sale, the director directly owned 19,205 shares of the company's stock, valued at approximately $21,617,148. The trade was a 48.43% 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. Corporate insiders own 1.98% of the company's stock.

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.

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