Pinnacle Wealth Management Advisory Group LLC Has $6.24 Million Stock Position in BlackRock (NYSE:BLK)

Key Points

• Pinnacle Wealth Management Advisory Group LLC increased its stake in BlackRock by 4.4% during the first quarter, owning 6,593 shares valued at approximately $6.24 million.
• BlackRock reported earnings of $12.05 EPS for the latest quarter, surpassing expectations and reflecting a revenue increase of 12.9% year-over-year.
• The company has announced a $5.21 quarterly dividend for shareholders, with an ex-dividend date set for September 5th, leading to an annualized yield of 1.85%.

Pinnacle Wealth Management Advisory Group LLC raised its holdings in BlackRock (NYSE:BLK - Free Report) by 4.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,593 shares of the asset manager's stock after buying an additional 277 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC's holdings in BlackRock were worth $6,240,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Investment Management Corp VA ADV bought a new stake in shares of BlackRock in the 4th quarter worth approximately $30,000. Fairway Wealth LLC boosted its stake in BlackRock by 76.5% in the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock valued at $28,000 after buying an additional 13 shares in the last quarter. MorganRosel Wealth Management LLC bought a new stake in BlackRock in the first quarter valued at $31,000. CBIZ Investment Advisory Services LLC acquired a new position in BlackRock during the first quarter worth $34,000. Finally, Prudent Man Investment Management Inc. acquired a new position in BlackRock during the fourth quarter worth $43,000. Institutional investors and hedge funds own 80.69% of the company's stock.

Insider Transactions at BlackRock

In related news, Director Fabrizio Freda sold 4,434 shares of the company's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $1,122.81, for a total value of $4,978,539.54. Following the completion of the sale, the director owned 3,506 shares in the company, valued at $3,936,571.86. This represents a 55.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 transaction, the director owned 19,205 shares in the company, valued at approximately $21,617,148. This represents a 48.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,352 shares of company stock valued at $55,486,962 over the last three months. 1.98% of the stock is currently owned by corporate insiders.

BlackRock Stock Up 0.5%

NYSE BLK opened at $1,123.48 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.34 and a current ratio of 4.34. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,130.66. The stock has a fifty day moving average of $1,027.64 and a 200-day moving average of $976.67. The stock has a market capitalization of $174.06 billion, a P/E ratio of 27.16, a price-to-earnings-growth ratio of 2.27 and a beta of 1.41.

BlackRock (NYSE:BLK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) 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 analyst estimates of $5.40 billion. BlackRock had a return on equity of 15.83% and a net margin of 29.68%. The company's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the previous year, the company earned $10.36 EPS. On average, equities research analysts forecast that BlackRock will post 47.41 EPS for the current 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 $5.21 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $20.84 annualized dividend and a yield of 1.85%. BlackRock's dividend payout ratio (DPR) is presently 50.39%.

Wall Street Analysts Forecast Growth

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

BlackRock Company 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.

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