Institute for Wealth Management LLC. Makes New Investment in BlackRock (NYSE:BLK)

Institute for Wealth Management LLC. acquired a new position in BlackRock (NYSE:BLK - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 309 shares of the asset manager's stock, valued at approximately $292,000.

Other large investors also recently added to or reduced their stakes in the company. IAG Wealth Partners LLC bought a new stake in shares of BlackRock during the 4th quarter valued at $26,000. Investment Management Corp VA ADV purchased a new position in BlackRock during the fourth quarter valued at $30,000. Compass Planning Associates Inc purchased a new stake in BlackRock in the fourth quarter worth about $33,000. Synergy Investment Management LLC purchased a new stake in BlackRock in the fourth quarter worth about $40,000. Finally, Curio Wealth LLC bought a new position in shares of BlackRock in the fourth quarter worth about $41,000. 80.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BLK has been the subject of several analyst reports. UBS Group reduced their target price on shares of BlackRock from $1,045.00 to $1,010.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Wall Street Zen upgraded shares of BlackRock to a "hold" rating in a research report on Saturday, May 24th. Barclays raised their price objective on shares of BlackRock from $950.00 to $990.00 and gave the company an "overweight" rating in a research report on Monday, April 14th. Bank of America dropped their target price on shares of BlackRock from $1,196.00 to $1,178.00 and set a "buy" rating for the company in a report on Thursday, April 3rd. Finally, JPMorgan Chase & Co. cut their price target on 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 equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, BlackRock has an average rating of "Moderate Buy" and a consensus target price of $1,096.31.

Insider Buying and Selling

In related news, Director J. Richard Kushel sold 10,000 shares of the company's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $912.50, for a total transaction of $9,125,000.00. Following the transaction, the director now directly owns 66,034 shares in the company, valued at approximately $60,256,025. This represents a 13.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.98% of the stock is currently owned by company insiders.

BlackRock Price Performance

NYSE BLK traded up $18.20 during trading on Tuesday, hitting $1,004.50. 698,654 shares of the stock traded hands, compared to its average volume of 691,419. The company has a quick ratio of 4.34, a current ratio of 4.34 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $155.63 billion, a P/E ratio of 24.40, a price-to-earnings-growth ratio of 2.96 and a beta of 1.41. BlackRock has a 12-month low of $773.74 and a 12-month high of $1,084.22. The firm has a 50-day simple moving average of $950.45 and a 200-day simple moving average of $969.00.

BlackRock (NYSE:BLK - Get Free Report) last released its quarterly earnings results on Friday, April 11th. The asset manager reported $11.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.84 by $0.46. BlackRock had a net margin of 30.09% and a return on equity of 15.57%. The company had revenue of $5.28 billion for the quarter, compared to the consensus estimate of $5.47 billion. During the same quarter in the prior year, the firm earned $9.81 earnings per share. BlackRock's revenue was up 11.6% on a year-over-year basis. As a group, analysts predict that BlackRock will post 47.41 EPS for the current year.

BlackRock Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Thursday, June 5th were issued a $5.21 dividend. This represents a $20.84 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Thursday, June 5th. BlackRock's payout ratio is 50.63%.

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.