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Optas LLC Invests $306,000 in BlackRock $BLK

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Key Points

  • Optas LLC has invested approximately $306,000 in BlackRock (NYSE:BLK) by acquiring 292 shares in the second quarter, highlighting increasing institutional interest in the asset manager.
  • BlackRock reported a 12.9% year-over-year revenue increase, with quarterly earnings surpassing analyst expectations at $12.05 per share against an estimate of $10.41.
  • Insider transactions saw Director J. Richard Kushel and CEO Laurence Fink sell significant portions of their stock, indicating a 21.83% and 5.32% decrease in their respective ownership, raising potential concerns regarding management confidence in the company's future.
  • Five stocks to consider instead of BlackRock.

Optas LLC bought a new position in shares of BlackRock (NYSE:BLK - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 292 shares of the asset manager's stock, valued at approximately $306,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in BLK. Brighton Jones LLC raised its position in shares of BlackRock by 23.1% during the fourth quarter. Brighton Jones LLC now owns 1,575 shares of the asset manager's stock worth $1,615,000 after acquiring an additional 296 shares during the last quarter. Bison Wealth LLC raised its position in shares of BlackRock by 1.6% during the fourth quarter. Bison Wealth LLC now owns 1,052 shares of the asset manager's stock worth $1,078,000 after acquiring an additional 17 shares during the last quarter. Wealthcare Advisory Partners LLC bought a new stake in shares of BlackRock during the first quarter worth $674,000. GAMMA Investing LLC increased its holdings in BlackRock by 10.6% in the first quarter. GAMMA Investing LLC now owns 3,698 shares of the asset manager's stock valued at $3,500,000 after purchasing an additional 355 shares during the last quarter. Finally, CX Institutional increased its holdings in BlackRock by 6.6% in the first quarter. CX Institutional now owns 471 shares of the asset manager's stock valued at $446,000 after purchasing an additional 29 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

Insider Transactions at BlackRock

In other 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 completion of the transaction, the director directly owned 61,369 shares of the company's stock, valued at $68,763,964.50. This represents a 21.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Laurence Fink sold 14,828 shares of the company's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $1,122.28, for a total value of $16,641,167.84. Following the transaction, the chief executive officer directly owned 263,751 shares of the company's stock, valued at $296,002,472.28. This represents a 5.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,494 shares of company stock valued at $74,694,573 over the last three months. 1.98% of the stock is currently owned by corporate insiders.

BlackRock Stock Up 0.1%

Shares of BlackRock stock opened at $1,165.64 on Friday. BlackRock has a 1 year low of $773.74 and a 1 year high of $1,184.13. The business has a 50-day moving average of $1,134.03 and a two-hundred day moving average of $1,033.55. The company has a market capitalization of $180.50 billion, a P/E ratio of 28.18, a price-to-earnings-growth ratio of 2.21 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 posted its quarterly earnings data 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. The company 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%.BlackRock's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $10.36 earnings per share. As a group, equities analysts predict that BlackRock will post 47.41 EPS for the current year.

BlackRock Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on BLK shares. Deutsche Bank Aktiengesellschaft upped their price objective on BlackRock from $1,221.00 to $1,300.00 and gave the company a "buy" rating in a report on Thursday. Keefe, Bruyette & Woods dropped their price objective on BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating for the company in a report on Wednesday, July 16th. Citigroup upped their price objective on BlackRock from $1,200.00 to $1,350.00 and gave the company a "buy" rating in a report on Monday, September 29th. UBS Group reiterated a "neutral" rating and issued a $980.00 price objective on shares of BlackRock in a report on Tuesday, July 8th. Finally, Barclays increased their price target on BlackRock from $1,210.00 to $1,310.00 and gave the stock an "overweight" rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $1,258.13.

View Our Latest Analysis on BLK

About BlackRock

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding BLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BlackRock (NYSE:BLK - Free Report).

Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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