Sagespring Wealth Partners LLC Boosts Stake in BlackRock $BLK

Key Points

• Sagespring Wealth Partners LLC has increased its stake in BlackRock by 26.5%, owning a total of 2,196 shares valued at approximately $2.3 million at the end of the last quarter.
• BlackRock's stock has risen 3.3%, with a current share price of $1,193.23, while the company reported earnings of $11.55 EPS for the recent quarter, missing estimates.
• In recent weeks, several analysts have upgraded BlackRock's price targets, with Goldman Sachs raising theirs from $1,163 to $1,312, reflecting a consensus rating of "Moderate Buy."

Sagespring Wealth Partners LLC increased its position in BlackRock (NYSE:BLK - Free Report) by 26.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,196 shares of the asset manager's stock after buying an additional 460 shares during the period. Sagespring Wealth Partners LLC's holdings in BlackRock were worth $2,305,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Boston Trust Walden Corp lifted its position in shares of BlackRock by 29.3% in the second quarter. Boston Trust Walden Corp now owns 38,632 shares of the asset manager's stock worth $40,535,000 after buying an additional 8,744 shares in the last quarter. Frazier Financial Advisors LLC lifted its position in shares of BlackRock by 430.0% in the second quarter. Frazier Financial Advisors LLC now owns 53 shares of the asset manager's stock worth $56,000 after buying an additional 43 shares in the last quarter. Wilmington Savings Fund Society FSB raised its position in BlackRock by 1.3% during the second quarter. Wilmington Savings Fund Society FSB now owns 7,937 shares of the asset manager's stock valued at $8,328,000 after purchasing an additional 99 shares during the period. Morningstar Investment Management LLC purchased a new stake in BlackRock during the second quarter valued at approximately $1,749,000. Finally, RFG Advisory LLC raised its position in BlackRock by 5.5% during the second quarter. RFG Advisory LLC now owns 1,248 shares of the asset manager's stock valued at $1,310,000 after purchasing an additional 65 shares during the period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

BlackRock Stock Up 3.3%

Shares of NYSE:BLK opened at $1,193.23 on Wednesday. BlackRock has a 52-week low of $773.74 and a 52-week high of $1,209.82. The stock has a market cap of $184.77 billion, a P/E ratio of 28.85, a price-to-earnings-growth ratio of 2.10 and a beta of 1.45. The business's 50 day moving average is $1,137.33 and its 200 day moving average is $1,038.10. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 0.39.

BlackRock (NYSE:BLK - Get Free Report) last announced its quarterly earnings data on Tuesday, October 14th. The asset manager reported $11.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $11.78 by ($0.23). BlackRock had a return on equity of 15.53% and a net margin of 29.68%.The firm had revenue of $6.51 billion during the quarter, compared to the consensus estimate of $6.22 billion. During the same period last year, the company earned $11.46 EPS. The firm's revenue for the quarter was up 25.2% compared to the same quarter last year. Sell-side analysts predict that BlackRock will post 47.41 EPS for the current year.

BlackRock Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 5th were paid a $5.21 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $20.84 annualized dividend and a yield of 1.7%. BlackRock's dividend payout ratio is 50.39%.

Analyst Ratings Changes

BLK has been the topic of a number of recent research reports. Wells Fargo & Company decreased their price objective on BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 16th. The Goldman Sachs Group upped their price objective on BlackRock from $1,163.00 to $1,312.00 and gave the company a "buy" rating in a research report on Friday, October 3rd. Jefferies Financial Group upped their price objective on BlackRock from $1,196.00 to $1,325.00 and gave the company a "buy" rating in a research report on Tuesday, October 7th. Evercore ISI upped their price objective on BlackRock from $1,200.00 to $1,230.00 and gave the company an "outperform" rating in a research report on Thursday, October 9th. Finally, Keefe, Bruyette & Woods upped their price objective on BlackRock from $1,215.00 to $1,300.00 and gave the company an "outperform" rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $1,263.31.

Insider Transactions at BlackRock

In other BlackRock news, Director Fabrizio Freda sold 4,434 shares of the stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $1,122.81, for a total transaction of $4,978,539.54. Following the sale, the director owned 3,506 shares of the company's stock, valued at approximately $3,936,571.86. This trade represents a 55.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rachel Lord sold 18,036 shares of the stock in a transaction on Friday, July 25th. The shares were 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 in the company, 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 ninety days. 1.98% of the stock is owned by company insiders.

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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