Malaga Cove Capital LLC Raises Position in BlackRock (NYSE:BLK)

Key Points

• Malaga Cove Capital LLC increased its stake in BlackRock by 35.7%, gaining an additional 328 shares, bringing its total holdings to 1,247 shares valued at $1,180,000.
• BlackRock recently reported quarterly earnings of $12.05 EPS, exceeding the consensus estimate by $1.64, with revenue up 12.9% year-over-year.
• The company declared a quarterly dividend of $5.21, representing an annualized yield of 1.9%, with the ex-dividend date set for September 5th.

Malaga Cove Capital LLC boosted its stake in shares of BlackRock (NYSE:BLK - Free Report) by 35.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,247 shares of the asset manager's stock after buying an additional 328 shares during the period. Malaga Cove Capital LLC's holdings in BlackRock were worth $1,180,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of BLK. Investment Management Corp VA ADV acquired a new position in shares of BlackRock during the fourth quarter worth $30,000. Fairway Wealth LLC increased its position in shares of BlackRock by 76.5% during the first quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock worth $28,000 after purchasing an additional 13 shares in the last quarter. MorganRosel Wealth Management LLC acquired a new position in shares of BlackRock during the first quarter worth $31,000. CBIZ Investment Advisory Services LLC acquired a new position in shares of BlackRock during the first quarter worth $34,000. Finally, N.E.W. Advisory Services LLC acquired a new position in shares of BlackRock during the first quarter worth $37,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

BlackRock Stock Performance

BLK traded down $14.72 during midday trading on Friday, hitting $1,091.29. 672,794 shares of the company were exchanged, compared to its average volume of 679,700. The company's 50 day simple moving average is $1,040.67 and its 200 day simple moving average is $981.35. The firm has a market capitalization of $169.07 billion, a price-to-earnings ratio of 26.39, a price-to-earnings-growth ratio of 2.21 and a beta of 1.42. The company has a current ratio of 4.34, a quick ratio of 4.34 and a debt-to-equity ratio of 0.38. BlackRock has a 1-year low of $773.74 and a 1-year high of $1,130.66.

BlackRock (NYSE:BLK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share for the quarter, topping the consensus estimate of $10.41 by $1.64. BlackRock had a return on equity of 15.83% and a net margin of 29.68%. The company had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.40 billion. During the same period last year, the firm earned $10.36 EPS. The firm's revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, sell-side analysts predict that BlackRock will post 47.41 earnings per share for the current year.

BlackRock Announces Dividend

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

Insider Activity

In other news, Director Fabrizio Freda sold 4,434 shares of the stock in a transaction dated 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 sale, the director directly owned 3,506 shares of the company's stock, valued at $3,936,571.86. This represents a 55.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Rachel Lord sold 18,036 shares of the stock in a transaction dated 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 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. In the last 90 days, insiders sold 66,494 shares of company stock valued at $74,694,573. Insiders own 1.98% of the company's stock.

Wall Street Analyst Weigh In

BLK has been the topic of a number of recent analyst reports. Bank of America upped their price target on BlackRock from $1,214.00 to $1,224.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. JPMorgan Chase & Co. upped their target price on BlackRock from $1,018.00 to $1,093.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Keefe, Bruyette & Woods cut their target price on BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 16th. Wall Street Zen raised BlackRock to a "hold" rating in a research report on Saturday, May 24th. Finally, The Goldman Sachs Group reissued a "buy" rating and issued a $1,115.00 target price on shares of BlackRock in a research report on Tuesday, July 8th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target 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.