Mirae Asset Global Investments Co. Ltd. Purchases 1,529 Shares of BlackRock $BLK

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in BlackRock by 8.6% during the second quarter, acquiring an additional 1,529 shares to bring its total to 19,251 shares, valued at approximately $20.2 million.
• BlackRock reported a 12.9% increase in quarterly revenue compared to the previous year, with earnings per share of $12.05, exceeding analysts' expectations.
• Institutional investors hold 80.69% of BlackRock's stock, indicating significant confidence in the company's performance and future prospects.

Mirae Asset Global Investments Co. Ltd. increased its position in shares of BlackRock (NYSE:BLK - Free Report) by 8.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 19,251 shares of the asset manager's stock after acquiring an additional 1,529 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in BlackRock were worth $20,199,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fairway Wealth LLC increased its holdings in BlackRock by 76.5% during the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock worth $28,000 after acquiring an additional 13 shares during the period. Game Plan Financial Advisors LLC grew its stake in BlackRock by 100.0% in the 1st quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager's stock worth $28,000 after buying an additional 15 shares in the last quarter. Garde Capital Inc. grew its stake in BlackRock by 200.0% in the 2nd quarter. Garde Capital Inc. now owns 27 shares of the asset manager's stock worth $28,000 after buying an additional 18 shares in the last quarter. Cheviot Value Management LLC purchased a new position in BlackRock in the 1st quarter worth approximately $30,000. Finally, MorganRosel Wealth Management LLC purchased a new position in BlackRock in the 1st quarter worth approximately $31,000. Institutional investors own 80.69% of the company's stock.

BlackRock Trading Up 0.0%

Shares of BLK opened at $1,160.75 on Friday. The stock has a market capitalization of $179.74 billion, a P/E ratio of 28.06, a PEG ratio of 2.22 and a beta of 1.45. 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 fifty day simple moving average of $1,129.67 and a two-hundred day simple moving average of $1,027.68. BlackRock has a twelve month low of $773.74 and a twelve month high of $1,183.50.

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, beating the consensus estimate of $10.41 by $1.64. The business had revenue of $5.42 billion during the quarter, compared to analysts' expectations of $5.40 billion. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. The firm's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $10.36 EPS. On average, research analysts anticipate that BlackRock will post 47.41 EPS for the current year.

BlackRock Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th were given a dividend of $5.21 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $20.84 annualized dividend and a yield of 1.8%. BlackRock's dividend payout ratio is presently 50.39%.

Insider Activity

In other BlackRock news, Director Fabrizio Freda sold 4,434 shares of the stock in a transaction 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 $3,936,571.86. This represents a 55.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Laurence Fink sold 12,054 shares of the company's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $1,125.43, for a total transaction of $13,565,933.22. Following the completion of the transaction, the chief executive officer owned 251,697 shares of the company's stock, valued at $283,267,354.71. This trade represents a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,494 shares of company stock worth $74,694,573. 1.98% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on BLK shares. The Goldman Sachs Group boosted their price target on shares of BlackRock from $1,163.00 to $1,312.00 and gave the stock a "buy" rating in a research note on Friday. Weiss Ratings reissued a "buy (b-)" rating on shares of BlackRock in a research note on Saturday, September 27th. Bank of America boosted their price target on shares of BlackRock from $1,224.00 to $1,396.00 and gave the stock a "buy" rating in a research note on Thursday. Keefe, Bruyette & Woods cut their price target on shares of BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating for the company in a research note on Wednesday, July 16th. Finally, Morgan Stanley reduced their target price on shares of BlackRock from $1,247.00 to $1,224.00 and set an "overweight" rating on the stock in a report on Wednesday, July 16th. Fourteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $1,213.67.

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.

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