Logan Capital Management Inc. Purchases New Stake in BlackRock $BLK

Key Points

• Logan Capital Management Inc. has acquired a new stake in BlackRock, purchasing 1,721 shares valued at approximately $1,629,000 during the first quarter.
• Analysts have positive outlooks for BlackRock, with price targets increased by firms such as JPMorgan Chase & Co. and Evercore ISI, suggesting a consensus target price of $1,154.07.
• BlackRock recently declared a quarterly dividend of $5.21 per share, resulting in an annualized yield of 1.9% and highlighting a payout ratio of 50.39%.

Logan Capital Management Inc. purchased a new stake in BlackRock (NYSE:BLK - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,721 shares of the asset manager's stock, valued at approximately $1,629,000.

Other institutional investors have also recently modified their holdings of the company. Fairway Wealth LLC boosted its stake in shares of BlackRock by 76.5% in the first quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock valued at $28,000 after buying an additional 13 shares in the last quarter. Investment Management Corp VA ADV purchased a new stake in shares of BlackRock in the fourth quarter valued at approximately $30,000. Cheviot Value Management LLC purchased a new stake in shares of BlackRock in the first quarter valued at approximately $30,000. MorganRosel Wealth Management LLC purchased a new stake in shares of BlackRock in the first quarter valued at approximately $31,000. Finally, CBIZ Investment Advisory Services LLC purchased a new stake in shares of BlackRock in the first quarter valued at approximately $34,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on BlackRock from $1,018.00 to $1,093.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Evercore ISI lifted their price objective on BlackRock from $1,170.00 to $1,200.00 and gave the stock an "outperform" rating in a report on Friday, September 5th. Telsey Advisory Group reaffirmed an "outperform" rating on shares of BlackRock in a report on Tuesday, July 8th. Argus reaffirmed a "buy" rating on shares of BlackRock in a report on Tuesday, July 8th. Finally, UBS Group reaffirmed a "neutral" rating and set a $980.00 price objective on shares of BlackRock in a report on Tuesday, July 8th. Twelve equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $1,154.07.

BlackRock Stock Performance

NYSE BLK opened at $1,106.62 on Wednesday. BlackRock has a fifty-two week low of $773.74 and a fifty-two week high of $1,171.89. The stock has a market cap of $171.36 billion, a price-to-earnings ratio of 26.76, a price-to-earnings-growth ratio of 2.11 and a beta of 1.45. The business has a fifty day moving average of $1,113.10 and a 200-day moving average of $1,003.92. 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 (NYSE:BLK - Get Free Report) last released 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. BlackRock had a return on equity of 15.53% and a net margin of 29.68%.The company had revenue of $5.42 billion during the quarter, compared to analysts' expectations of $5.40 billion. During the same period in the previous year, the firm posted $10.36 earnings per share. The business's revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, analysts predict that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Dividend Announcement

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

Insider Buying and Selling

In other news, Director Rachel Lord sold 18,036 shares of BlackRock stock in a transaction on Friday, July 25th. The stock was 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 owned 19,205 shares of the company's stock, valued at $21,617,148. The trade was a 48.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Fabrizio Freda sold 4,434 shares of BlackRock stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $1,122.81, for a total value of $4,978,539.54. Following the completion of the sale, the director directly owned 3,506 shares of the company's stock, 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 valued at $74,694,573. 1.98% of the stock is owned by insiders.

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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