Pinnacle Financial Partners Inc Invests $20.10 Million in BlackRock (NYSE:BLK)

Pinnacle Financial Partners Inc bought a new stake in shares of BlackRock (NYSE:BLK - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 21,239 shares of the asset manager's stock, valued at approximately $20,102,000.

Several other large investors have also recently bought and sold shares of BLK. IAG Wealth Partners LLC acquired a new position in shares of BlackRock in the fourth quarter valued at $26,000. Investment Management Corp VA ADV acquired a new stake in BlackRock during the fourth quarter worth $30,000. MorganRosel Wealth Management LLC bought a new stake in BlackRock in the 1st quarter valued at $31,000. Synergy Investment Management LLC acquired a new position in shares of BlackRock in the 4th quarter valued at $40,000. Finally, Curio Wealth LLC bought a new position in shares of BlackRock during the 4th quarter worth about $41,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

BlackRock Trading Up 1.5%

BLK stock traded up $16.26 during trading on Wednesday, hitting $1,070.53. The company had a trading volume of 494,995 shares, compared to its average volume of 693,007. The stock has a market cap of $165.86 billion, a price-to-earnings ratio of 26.01, a PEG ratio of 3.18 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. The firm has a 50-day moving average price of $969.60 and a 200-day moving average price of $968.68. BlackRock has a 12 month low of $773.74 and a 12 month high of $1,084.22.

BlackRock (NYSE:BLK - Get Free Report) last posted its quarterly earnings results on Friday, April 11th. The asset manager reported $11.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.84 by $0.46. The business had revenue of $5.28 billion for the quarter, compared to analysts' expectations of $5.47 billion. BlackRock had a return on equity of 15.57% and a net margin of 30.09%. The firm's quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the business earned $9.81 earnings per share. As a group, analysts predict that BlackRock will post 47.41 earnings per share for the current year.

BlackRock Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Thursday, June 5th were given a dividend of $5.21 per share. This represents a $20.84 annualized dividend and a dividend yield of 1.95%. The ex-dividend date was Thursday, June 5th. BlackRock's dividend payout ratio is 50.63%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on BLK shares. Barclays upped their target price on shares of BlackRock from $950.00 to $990.00 and gave the company an "overweight" rating in a research note on Monday, April 14th. The Goldman Sachs Group upped their price objective on BlackRock from $994.00 to $1,115.00 and gave the company a "buy" rating in a research note on Friday, June 27th. Morgan Stanley raised their target price on BlackRock from $1,111.00 to $1,164.00 and gave the stock an "overweight" rating in a research report on Wednesday. JPMorgan Chase & Co. lowered their price target on BlackRock from $1,046.00 to $988.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Finally, Wall Street Zen raised BlackRock to a "hold" rating in a report on Saturday, May 24th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $1,105.15.

Insider Buying and Selling at BlackRock

In other BlackRock news, Director J. Richard Kushel sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $912.50, for a total value of $9,125,000.00. Following the transaction, the director directly owned 66,034 shares of the company's stock, valued at approximately $60,256,025. This trade represents a 13.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.98% of the stock is currently owned by company 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.