OLD National Bancorp IN Grows Position in BlackRock $BLK

Key Points

• OLD National Bancorp IN increased its holdings in BlackRock by 6.4% during Q2, now owning 18,005 shares valued at approximately $18.89 million.
• Several analysts have set optimistic price targets for BlackRock, with a consensus target of $1,213.67 and a rating of "Moderate Buy".
• BlackRock recently declared a quarterly dividend of $5.21, representing a 1.8% yield based on an annualized payout of $20.84.

OLD National Bancorp IN increased its holdings in BlackRock (NYSE:BLK - Free Report) by 6.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,005 shares of the asset manager's stock after acquiring an additional 1,089 shares during the quarter. OLD National Bancorp IN's holdings in BlackRock were worth $18,892,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. MBL Wealth LLC lifted its stake in BlackRock by 8.4% in the second quarter. MBL Wealth LLC now owns 565 shares of the asset manager's stock worth $593,000 after acquiring an additional 44 shares during the period. Realta Investment Advisors purchased a new stake in BlackRock in the second quarter worth about $238,000. Wealthcare Advisory Partners LLC lifted its position in shares of BlackRock by 7.2% during the second quarter. Wealthcare Advisory Partners LLC now owns 763 shares of the asset manager's stock valued at $800,000 after buying an additional 51 shares during the last quarter. Tandem Investment Partners LLC lifted its position in shares of BlackRock by 15.5% during the second quarter. Tandem Investment Partners LLC now owns 717 shares of the asset manager's stock valued at $752,000 after buying an additional 96 shares during the last quarter. Finally, Berger Financial Group Inc lifted its position in shares of BlackRock by 6.2% during the second quarter. Berger Financial Group Inc now owns 343 shares of the asset manager's stock valued at $359,000 after buying an additional 20 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on BLK shares. Evercore ISI increased 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, September 5th. Wells Fargo & Company decreased their price target on shares of BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating for the company in a research report on Wednesday, July 16th. BMO Capital Markets started coverage on shares of BlackRock in a research report on Friday. They set an "outperform" rating and a $1,280.00 price target for the company. Morgan Stanley decreased their price target on shares of 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. Finally, Bank of America upped their price objective on shares of BlackRock from $1,224.00 to $1,396.00 and gave the company a "buy" rating in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, BlackRock currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,213.67.

Insider Buying and Selling at BlackRock

In related news, Director Rachel Lord sold 18,036 shares of the 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 value of $20,301,321.60. Following the transaction, the director owned 19,205 shares in the company, valued at approximately $21,617,148. This represents a 48.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Laurence Fink sold 14,828 shares of the stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $1,122.28, for a total transaction of $16,641,167.84. Following the completion of the transaction, the chief executive officer owned 263,751 shares in the company, valued at approximately $296,002,472.28. This trade represents a 5.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,494 shares of company stock worth $74,694,573 in the last 90 days. Corporate insiders own 1.98% of the company's stock.

BlackRock Price Performance

Shares of NYSE:BLK opened at $1,160.75 on Friday. BlackRock has a twelve month low of $773.74 and a twelve month high of $1,183.50. The company's 50 day moving average is $1,129.67 and its 200 day moving average is $1,028.18. 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 cap of $179.74 billion, a PE ratio of 28.06, a price-to-earnings-growth ratio of 2.22 and a beta of 1.45.

BlackRock (NYSE:BLK - Get Free Report) last issued 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 net margin of 29.68% and a return on equity of 15.53%. The company had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter in the prior year, the company earned $10.36 EPS. BlackRock's quarterly revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts forecast that BlackRock will post 47.41 EPS for the current year.

BlackRock Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 5th were issued a $5.21 dividend. 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 50.39%.

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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