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Sax Wealth Advisors LLC Invests $416,000 in BlackRock $BLK

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Key Points

  • Sax Wealth Advisors LLC invests $416,000 in BlackRock, acquiring 397 shares during the second quarter.
  • BlackRock recently reported a quarterly earnings of $12.05 per share, exceeding estimates, with revenue of $5.42 billion for the quarter, a 12.9% year-over-year increase.
  • Bank of America and Citigroup both raised their price targets for BlackRock, with Citigroup increasing it to $1,350 and Bank of America to $1,396, reflecting a positive outlook on the stock.
  • Five stocks to consider instead of BlackRock.

Sax Wealth Advisors LLC bought a new position in shares of BlackRock (NYSE:BLK - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 397 shares of the asset manager's stock, valued at approximately $416,000.

Several other institutional investors and hedge funds have also bought and sold shares of BLK. Brighton Jones LLC raised its holdings in BlackRock by 23.1% during the fourth quarter. Brighton Jones LLC now owns 1,575 shares of the asset manager's stock worth $1,615,000 after acquiring an additional 296 shares in the last quarter. Bison Wealth LLC raised its holdings in BlackRock by 1.6% during the fourth quarter. Bison Wealth LLC now owns 1,052 shares of the asset manager's stock worth $1,078,000 after acquiring an additional 17 shares in the last quarter. Wealthcare Advisory Partners LLC bought a new stake in BlackRock during the first quarter worth about $674,000. GAMMA Investing LLC raised its holdings in BlackRock by 10.6% during the first quarter. GAMMA Investing LLC now owns 3,698 shares of the asset manager's stock worth $3,500,000 after acquiring an additional 355 shares in the last quarter. Finally, CX Institutional raised its holdings in BlackRock by 6.6% during the first quarter. CX Institutional now owns 471 shares of the asset manager's stock worth $446,000 after acquiring an additional 29 shares in the last quarter. Institutional investors own 80.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BLK shares. Zacks Research lowered BlackRock from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 14th. 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 note on Thursday. Citigroup upped their price objective on BlackRock from $1,200.00 to $1,350.00 and gave the company a "buy" rating in a research note on Monday, September 29th. Wells Fargo & Company dropped their price objective on BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 16th. Finally, Bank of America upped their price objective on BlackRock from $1,224.00 to $1,396.00 and gave the company a "buy" rating in a research note on Thursday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, BlackRock has a consensus rating of "Moderate Buy" and a consensus price target of $1,258.13.

View Our Latest Analysis on BLK

Insider Transactions at BlackRock

In other news, Director Fabrizio Freda sold 4,434 shares of the company's stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $1,122.81, for a total value of $4,978,539.54. Following the completion of the transaction, the director directly owned 3,506 shares of the company's stock, valued at $3,936,571.86. This represents a 55.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director J. Richard Kushel sold 17,142 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $1,120.50, for a total value of $19,207,611.00. Following the completion of the transaction, the director directly owned 61,369 shares of the company's stock, valued at approximately $68,763,964.50. This represents a 21.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,494 shares of company stock valued at $74,694,573. 1.98% of the stock is currently owned by corporate insiders.

BlackRock Trading Up 0.1%

Shares of BLK stock opened at $1,165.64 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04. BlackRock has a fifty-two week low of $773.74 and a fifty-two week high of $1,184.13. The company has a market cap of $180.50 billion, a PE ratio of 28.18, a P/E/G ratio of 2.21 and a beta of 1.45. The stock's fifty day moving average price is $1,134.03 and its two-hundred day moving average price is $1,033.55.

BlackRock (NYSE:BLK - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The asset manager reported $12.05 earnings per share for the quarter, beating the consensus estimate of $10.41 by $1.64. The company had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.40 billion. BlackRock had a return on equity of 15.53% and a net margin of 29.68%.BlackRock's revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the business posted $10.36 EPS. Equities analysts predict that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 5th were given a $5.21 dividend. This represents a $20.84 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, September 5th. BlackRock's payout ratio is presently 50.39%.

BlackRock Profile

(Free Report)

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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Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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