Pin Oak Investment Advisors Inc. Purchases Shares of 315 BlackRock (NYSE:BLK)

Key Points

• Pin Oak Investment Advisors Inc. has acquired 315 shares of BlackRock (NYSE:BLK), valued at approximately $298,000 during the first quarter of the year.
• CEO Laurence Fink recently sold 12,054 shares of BlackRock for over $13.5 million, representing a 4.57% decrease in his ownership in the company.
• The firm announced a quarterly dividend of $5.21 per share, which will be paid on September 23rd, reflecting a 1.85% annual yield.

Pin Oak Investment Advisors Inc. purchased a new position in shares of BlackRock (NYSE:BLK - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 315 shares of the asset manager's stock, valued at approximately $298,000.

A number of other institutional investors have also recently bought and sold shares of BLK. Securian Asset Management Inc. acquired a new stake in shares of BlackRock during the first quarter worth approximately $7,331,000. Prudent Man Advisors LLC bought a new position in shares of BlackRock in the first quarter valued at approximately $2,018,000. Arizona State Retirement System bought a new position in shares of BlackRock in the first quarter valued at approximately $40,868,000. Polar Capital Holdings Plc bought a new position in shares of BlackRock in the fourth quarter valued at approximately $15,307,000. Finally, Community Financial Services Group LLC raised its stake in shares of BlackRock by 17.2% in the first quarter. Community Financial Services Group LLC now owns 5,702 shares of the asset manager's stock valued at $5,397,000 after acquiring an additional 836 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on BLK shares. JPMorgan Chase & Co. lifted their price target on BlackRock from $1,018.00 to $1,093.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Argus reaffirmed a "buy" rating on shares of BlackRock in a report on Tuesday, July 8th. Bank of America lifted their price target on BlackRock from $1,214.00 to $1,224.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Wall Street Zen raised BlackRock to a "hold" rating in a report on Saturday, May 24th. Finally, Wells Fargo & Company dropped their price objective on BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating for the company in a report on Wednesday, July 16th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $1,151.21.

BlackRock Stock Down 0.3%

BLK traded down $3.83 during trading hours on Thursday, hitting $1,110.82. 195,395 shares of the company's stock were exchanged, compared to its average volume of 783,045. BlackRock has a 1-year low of $773.74 and a 1-year high of $1,130.66. The stock's 50-day moving average is $1,035.42 and its two-hundred day moving average is $979.73. The stock has a market cap of $172.10 billion, a price-to-earnings ratio of 26.84, a PEG ratio of 2.27 and a beta of 1.41. 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 (NYSE:BLK - Get Free Report) last announced its earnings results on Tuesday, July 15th. The asset manager reported $12.05 EPS 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 15.83%. The business had revenue of $5.42 billion during the quarter, compared to analysts' expectations of $5.40 billion. During the same quarter in the prior year, the company posted $10.36 earnings per share. The firm's revenue was up 12.9% on a year-over-year basis. Sell-side analysts predict that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be issued a $5.21 dividend. This represents a $20.84 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Friday, September 5th. BlackRock's payout ratio is presently 50.39%.

Insider Activity

In other news, Director Rachel Lord sold 18,036 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $1,125.60, for a total value of $20,301,321.60. Following the completion of the sale, the director owned 19,205 shares of the company's stock, valued at approximately $21,617,148. This represents a 48.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Laurence Fink sold 12,054 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $1,125.43, for a total value of $13,565,933.22. Following the completion of the sale, the chief executive officer directly owned 251,697 shares of the company's stock, valued at approximately $283,267,354.71. The trade was a 4.57% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,352 shares of company stock valued at $55,486,962. 1.98% of the stock is owned by insiders.

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.