Naples Global Advisors LLC Has $8.59 Million Stake in BlackRock $BLK

Key Points

• Naples Global Advisors LLC increased its stake in BlackRock by 2.8%, holding 8,184 shares worth approximately $8.59 million as of the end of the second quarter.
• BlackRock's earnings report showed $12.05 earnings per share for the quarter, significantly beating estimates, along with a revenue increase of 12.9% year-over-year.
• The company recently announced a quarterly dividend of $5.21 per share, translating to an annual yield of 1.8% with a payout ratio of 50.39%.

Naples Global Advisors LLC boosted its stake in BlackRock (NYSE:BLK - Free Report) by 2.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,184 shares of the asset manager's stock after buying an additional 222 shares during the quarter. Naples Global Advisors LLC's holdings in BlackRock were worth $8,587,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Pure Financial Advisors LLC acquired a new stake in BlackRock in the 2nd quarter valued at $384,000. Clarity Financial LLC acquired a new stake in BlackRock in the 2nd quarter valued at $8,382,000. Woodward Diversified Capital LLC boosted its stake in BlackRock by 81.2% in the 2nd quarter. Woodward Diversified Capital LLC now owns 1,060 shares of the asset manager's stock valued at $1,112,000 after buying an additional 475 shares in the last quarter. Community Financial Services Group LLC boosted its stake in BlackRock by 0.3% in the 2nd quarter. Community Financial Services Group LLC now owns 5,717 shares of the asset manager's stock valued at $5,999,000 after buying an additional 15 shares in the last quarter. Finally, Marino Stram & Associates LLC boosted its stake in BlackRock by 4.1% in the 2nd quarter. Marino Stram & Associates LLC now owns 3,571 shares of the asset manager's stock valued at $3,747,000 after buying an additional 142 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Analyst Ratings Changes

BLK has been the subject of several research analyst reports. Morgan Stanley cut their price objective on BlackRock from $1,247.00 to $1,224.00 and set an "overweight" rating for the company in a research report on Wednesday, July 16th. UBS Group reiterated a "neutral" rating and issued a $980.00 price objective on shares of BlackRock in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods cut their price objective on BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating for the company in a research report on Wednesday, July 16th. The Goldman Sachs Group reiterated a "buy" rating and issued a $1,115.00 price objective on shares of BlackRock in a research report on Tuesday, July 8th. Finally, Zacks Research downgraded BlackRock from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 14th. Twelve research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $1,171.93.

Insider Buying and Selling

In related news, Director J. Richard Kushel sold 17,142 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total transaction of $19,207,611.00. Following the sale, the director owned 61,369 shares in the company, valued at approximately $68,763,964.50. This represents a 21.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Fabrizio Freda sold 4,434 shares of the company's stock in a transaction that occurred 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 owned 3,506 shares in the company, valued at $3,936,571.86. This represents a 55.84% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,494 shares of company stock worth $74,694,573. Insiders own 1.98% of the company's stock.

BlackRock Trading Down 2.0%

NYSE BLK opened at $1,142.33 on Thursday. BlackRock has a 12 month low of $773.74 and a 12 month high of $1,183.50. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $176.89 billion, a PE ratio of 27.62, a P/E/G ratio of 2.23 and a beta of 1.45. The stock has a 50-day simple moving average of $1,128.09 and a 200 day simple moving average of $1,024.88.

BlackRock (NYSE:BLK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.41 by $1.64. The firm had revenue of $5.42 billion during the quarter, compared to analysts' expectations of $5.40 billion. BlackRock had a return on equity of 15.53% and a net margin of 29.68%.The company's revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the firm earned $10.36 earnings per share. Research analysts forecast that BlackRock will post 47.41 EPS for the current year.

BlackRock Announces Dividend

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

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.

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