Pasadena Private Wealth LLC Makes New $240,000 Investment in BlackRock (NYSE:BLK)

Key Points

• Pasadena Private Wealth LLC purchased a new stake in BlackRock worth approximately $240,000 by acquiring 254 shares during the first quarter.
• The recent quarterly earnings report showed BlackRock beating analysts' expectations with an EPS of $12.05 and a revenue of $5.42 billion, reflecting a 12.9% increase year-over-year.
• BlackRock has announced a quarterly dividend of $5.21 per share, which will be paid on September 23rd, yielding approximately 1.9% annually.

Pasadena Private Wealth LLC acquired a new position in shares of BlackRock (NYSE:BLK - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 254 shares of the asset manager's stock, valued at approximately $240,000.

Other large investors have also recently added to or reduced their stakes in the company. Harbour Investments Inc. grew its stake in shares of BlackRock by 11.8% in the 1st quarter. Harbour Investments Inc. now owns 693 shares of the asset manager's stock valued at $656,000 after purchasing an additional 73 shares during the period. Brentview Investment Management LLC boosted its holdings in shares of BlackRock by 6.9% in the 1st quarter. Brentview Investment Management LLC now owns 3,772 shares of the asset manager's stock worth $3,571,000 after acquiring an additional 243 shares in the last quarter. Lyell Wealth Management LP boosted its holdings in shares of BlackRock by 30.6% in the 1st quarter. Lyell Wealth Management LP now owns 7,271 shares of the asset manager's stock worth $6,882,000 after acquiring an additional 1,702 shares in the last quarter. Hoxton Planning & Management LLC acquired a new position in shares of BlackRock in the 1st quarter worth approximately $830,000. Finally, Natixis Advisors LLC boosted its holdings in shares of BlackRock by 6.8% in the 1st quarter. Natixis Advisors LLC now owns 108,093 shares of the asset manager's stock worth $102,308,000 after acquiring an additional 6,867 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Insider Transactions at BlackRock

In other BlackRock news, Director J. Richard Kushel sold 17,142 shares of the 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 owned 61,369 shares in the company, valued at approximately $68,763,964.50. This represents a 21.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Laurence Fink sold 14,828 shares of the firm's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $1,122.28, for a total value of $16,641,167.84. Following the completion of the transaction, the chief executive officer owned 263,751 shares of the company's stock, valued at $296,002,472.28. The trade was 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. Company insiders own 1.98% of the company's stock.

BlackRock Trading Down 1.3%

Shares of BLK traded down $14.72 during trading hours on Friday, reaching $1,091.29. The stock had a trading volume of 672,794 shares, compared to its average volume of 646,030. The company has a quick ratio of 4.34, a current ratio of 4.34 and a debt-to-equity ratio of 0.38. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,130.66. The firm has a 50-day moving average of $1,040.67 and a 200 day moving average of $981.44. The company has a market cap of $169.07 billion, a P/E ratio of 26.39, a P/E/G ratio of 2.21 and a beta of 1.42.

BlackRock (NYSE:BLK - Get Free Report) last released its earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, topping 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 15.83% and a net margin of 29.68%. The company's revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $10.36 EPS. On average, sell-side analysts expect that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms have issued reports on BLK. JPMorgan Chase & Co. upped their price objective on BlackRock from $1,018.00 to $1,093.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Bank of America upped their price objective on BlackRock from $1,214.00 to $1,224.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Jefferies Financial Group upped their price objective on BlackRock from $959.00 to $1,210.00 in a report on Thursday, July 10th. Argus reaffirmed a "buy" rating on shares of BlackRock in a report on Tuesday, July 8th. Finally, UBS Group reaffirmed a "neutral" rating and set a $980.00 price objective on shares of BlackRock in a report on Tuesday, July 8th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,151.21.

About BlackRock

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.