Institute for Wealth Management LLC. Purchases New Stake in BlackRock (NYSE:BLK)

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

Several other large investors also recently made changes to their positions in BLK. Vanguard Group Inc. increased its holdings in BlackRock by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 13,376,606 shares of the asset manager's stock valued at $13,712,493,000 after purchasing an additional 68,405 shares in the last quarter. Capital World Investors grew its stake in shares of BlackRock by 2.3% in the fourth quarter. Capital World Investors now owns 4,097,524 shares of the asset manager's stock valued at $4,200,450,000 after buying an additional 93,844 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of BlackRock by 104,598.9% during the 1st quarter. GAMMA Investing LLC now owns 3,500,083 shares of the asset manager's stock valued at $3,312,759,000 after buying an additional 3,496,740 shares during the period. Geode Capital Management LLC lifted its position in BlackRock by 6.8% during the 4th quarter. Geode Capital Management LLC now owns 3,006,765 shares of the asset manager's stock worth $3,072,787,000 after acquiring an additional 190,188 shares in the last quarter. Finally, FMR LLC boosted its holdings in BlackRock by 1.1% in the 4th quarter. FMR LLC now owns 2,390,450 shares of the asset manager's stock worth $2,450,475,000 after acquiring an additional 26,485 shares during the period. Institutional investors and hedge funds own 80.69% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BLK shares. Barclays lifted their price objective on shares of BlackRock from $950.00 to $990.00 and gave the company an "overweight" rating in a research note on Monday, April 14th. Wall Street Zen raised shares of BlackRock to a "hold" rating in a report on Saturday, May 24th. Wells Fargo & Company raised their price target on shares of BlackRock from $1,035.00 to $1,105.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. JPMorgan Chase & Co. lowered their target price 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. Finally, Morgan Stanley lowered their target price on BlackRock from $1,275.00 to $1,124.00 and set an "overweight" rating for the company in a research note on Monday, April 7th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $1,096.31.

Insider Activity

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

BlackRock Stock Down 0.5%

NYSE:BLK opened at $974.60 on Friday. The company has a market capitalization of $150.99 billion, a price-to-earnings ratio of 23.68, a price-to-earnings-growth ratio of 2.97 and a beta of 1.41. BlackRock has a one year low of $773.74 and a one year high of $1,084.22. The stock has a 50-day simple moving average of $948.55 and a 200 day simple moving average of $970.38. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.34 and a current ratio of 4.34.

BlackRock (NYSE:BLK - Get Free Report) last issued its earnings results on Friday, April 11th. The asset manager reported $11.30 EPS for the quarter, topping the consensus estimate of $10.84 by $0.46. The company had revenue of $5.28 billion during the quarter, compared to analyst estimates of $5.47 billion. BlackRock had a return on equity of 15.57% and a net margin of 30.09%. The business's revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the firm earned $9.81 EPS. Sell-side 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 Monday, June 23rd. Shareholders of record on Thursday, June 5th will be issued a $5.21 dividend. This represents a $20.84 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend is Thursday, June 5th. BlackRock's dividend payout ratio is presently 50.63%.

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.

Want to see what other hedge funds are holding BLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BlackRock (NYSE:BLK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.