Pines Wealth Management LLC Takes Position in BlackRock $BLK

Key Points

• Pines Wealth Management LLC purchased 233 shares of BlackRock worth approximately $252,000 in the second quarter, marking a new position in the asset manager's stock.
• BlackRock reported earnings of $12.05 EPS for the last quarter, surpassing analysts' expectations of $10.41, with a revenue increase of 12.9% year-over-year.
• The company announced a quarterly dividend of $5.21 per share, reflecting an annualized dividend of $20.84 and a dividend yield of 1.8%.

Pines Wealth Management LLC acquired a new stake in shares of BlackRock (NYSE:BLK - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 233 shares of the asset manager's stock, valued at approximately $252,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BLK. Securian Asset Management Inc. bought a new position in BlackRock in the 1st quarter worth $7,331,000. Prudent Man Advisors LLC bought a new position in shares of BlackRock in the first quarter worth about $2,018,000. Allianz SE grew its position in shares of BlackRock by 2.6% during the first quarter. Allianz SE now owns 11,025 shares of the asset manager's stock worth $10,435,000 after purchasing an additional 277 shares in the last quarter. Arizona State Retirement System bought a new stake in BlackRock during the 1st quarter valued at approximately $40,868,000. Finally, Community Financial Services Group LLC lifted its holdings in BlackRock by 17.2% in the 1st quarter. Community Financial Services Group LLC now owns 5,702 shares of the asset manager's stock worth $5,397,000 after purchasing an additional 836 shares in the last quarter. Institutional investors own 80.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BLK. Morgan Stanley dropped their price target on BlackRock from $1,247.00 to $1,224.00 and set an "overweight" rating for the company in a research note on Wednesday, July 16th. The Goldman Sachs Group restated a "buy" rating and set a $1,115.00 target price on shares of BlackRock in a research report on Tuesday, July 8th. Zacks Research cut shares of BlackRock from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 14th. Telsey Advisory Group restated an "outperform" rating on shares of BlackRock in a research report on Tuesday, July 8th. Finally, Jefferies Financial Group lifted their target price on BlackRock from $959.00 to $1,210.00 in a report on Thursday, July 10th. Twelve analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $1,154.07.

Insider Buying and Selling

In related news, Director J. Richard Kushel sold 17,142 shares of the firm'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 sale, the director owned 61,369 shares of the company's stock, valued at $68,763,964.50. This trade represents a 21.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Rachel Lord sold 18,036 shares of BlackRock stock in a transaction dated 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 sale, the director directly owned 19,205 shares of the company's stock, valued at $21,617,148. This trade represents a 48.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,494 shares of company stock worth $74,694,573 in the last three months. 1.98% of the stock is owned by company insiders.

BlackRock Stock Up 0.5%

Shares of BlackRock stock traded up $5.63 during trading on Friday, hitting $1,142.76. 1,504,904 shares of the stock traded hands, compared to its average volume of 445,605. The firm has a market cap of $176.96 billion, a P/E ratio of 27.63, a price-to-earnings-growth ratio of 2.18 and a beta of 1.45. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 0.39. BlackRock has a 52-week low of $773.74 and a 52-week high of $1,171.89. The stock's fifty day simple moving average is $1,119.82 and its 200 day simple moving average is $1,012.87.

BlackRock (NYSE:BLK - Get Free Report) last issued its quarterly earnings data 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 return on equity of 15.53% and a net margin of 29.68%.The company had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter last year, the company earned $10.36 earnings per share. The firm's revenue for the quarter was up 12.9% compared to the same quarter last year. On average, equities analysts predict that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Friday, September 5th will be given 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 yield of 1.8%. BlackRock's dividend payout ratio (DPR) is presently 50.39%.

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.