NewEdge Advisors LLC Buys 379 Shares of BlackRock $BLK

Key Points

• NewEdge Advisors LLC increased its stake in BlackRock by 0.6% in Q1 2023, owning 68,596 shares worth approximately $64.9 million after acquiring an additional 379 shares.
• BlackRock reported strong financial results, with quarterly earnings of $12.05 per share, exceeding analyst expectations of $10.41, and a revenue of $5.42 billion.
• The company declared a quarterly dividend of $5.21 per share, with an annualized yield of 1.9%, set to be paid on September 23rd to shareholders of record as of September 5th.

NewEdge Advisors LLC lifted its position in BlackRock (NYSE:BLK - Free Report) by 0.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 68,596 shares of the asset manager's stock after purchasing an additional 379 shares during the quarter. NewEdge Advisors LLC's holdings in BlackRock were worth $64,923,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Investment Management Corp VA ADV bought a new position in BlackRock in the fourth quarter valued at $30,000. Fairway Wealth LLC increased its stake in 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 acquiring an additional 13 shares during the last quarter. MorganRosel Wealth Management LLC bought a new position in BlackRock in the first quarter valued at $31,000. Cheviot Value Management LLC bought a new position in BlackRock in the first quarter valued at $30,000. Finally, CBIZ Investment Advisory Services LLC bought a new position in BlackRock in the first quarter valued at $34,000. Institutional investors own 80.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Jefferies Financial Group upped their price target on shares of BlackRock from $959.00 to $1,210.00 in a research report on Thursday, July 10th. Telsey Advisory Group restated an "outperform" rating on shares of BlackRock in a research report on Tuesday, July 8th. Argus restated a "buy" rating on shares of BlackRock in a research report on Tuesday, July 8th. Evercore ISI upped their price target on shares of BlackRock from $1,170.00 to $1,200.00 and gave the company an "outperform" rating in a research report on Friday. Finally, The Goldman Sachs Group restated a "buy" rating and set a $1,115.00 price target on shares of BlackRock in a research 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 MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $1,154.07.

BlackRock Stock Down 0.9%

BLK traded down $9.55 on Friday, hitting $1,099.21. The company had a trading volume of 487,573 shares, compared to its average volume of 449,726. BlackRock has a 52-week low of $773.74 and a 52-week high of $1,171.89. The stock has a fifty day simple moving average of $1,110.95 and a 200-day simple moving average of $1,002.29. The firm has a market capitalization of $170.21 billion, a P/E ratio of 26.58, a P/E/G ratio of 2.10 and a beta of 1.45. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.04 and a quick ratio of 4.04.

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

BlackRock Dividend Announcement

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

Insider Buying and Selling at BlackRock

In related news, Director Rachel Lord sold 18,036 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $1,125.60, for a total transaction 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. This trade represents a 48.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Laurence Fink sold 14,828 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $1,122.28, for a total transaction of $16,641,167.84. Following the sale, the chief executive officer directly owned 263,751 shares of the company's stock, valued at $296,002,472.28. This trade represents a 5.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,494 shares of company stock worth $74,694,573 over the last three months. Company insiders own 1.98% of the company's stock.

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.