Sitrin Capital Management LLC Acquires 560 Shares of BlackRock $BLK

Key Points

• Sitrin Capital Management LLC increased its stake in BlackRock by 10.3% during Q2, acquiring 560 additional shares, bringing its total to 5,987 shares valued at approximately $6.28 million.
• Several institutional investors, including Brighton Jones LLC and Pallas Capital Advisors LLC, have also boosted their holdings in BlackRock recently, indicating strong institutional interest in the company.
• BlackRock's stock has received several upward price target revisions from analysts, with Barclays and Goldman Sachs increasing their targets significantly to $1,310 and $1,312 respectively, reflecting a consensus rating of "Moderate Buy."

Sitrin Capital Management LLC grew its holdings in BlackRock (NYSE:BLK - Free Report) by 10.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 5,987 shares of the asset manager's stock after purchasing an additional 560 shares during the period. BlackRock makes up about 3.2% of Sitrin Capital Management LLC's portfolio, making the stock its 15th biggest position. Sitrin Capital Management LLC's holdings in BlackRock were worth $6,282,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC grew its position in BlackRock by 23.1% during the 4th 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 during the last quarter. Bison Wealth LLC grew its position in BlackRock by 1.6% during the 4th 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 during the last quarter. Farther Finance Advisors LLC grew its position in BlackRock by 11.7% during the 1st quarter. Farther Finance Advisors LLC now owns 2,561 shares of the asset manager's stock worth $2,418,000 after acquiring an additional 269 shares during the last quarter. Pallas Capital Advisors LLC grew its position in BlackRock by 112.9% during the 1st quarter. Pallas Capital Advisors LLC now owns 1,135 shares of the asset manager's stock worth $1,073,000 after acquiring an additional 602 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC bought a new stake in BlackRock during the 1st quarter worth $674,000. Institutional investors own 80.69% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on BLK shares. Barclays boosted their price objective on BlackRock from $1,210.00 to $1,310.00 and gave the stock an "overweight" rating in a research report on Wednesday. The Goldman Sachs Group boosted their price objective on BlackRock from $1,163.00 to $1,312.00 and gave the stock a "buy" rating in a research report on Friday, October 3rd. Evercore ISI boosted their price objective on BlackRock from $1,170.00 to $1,200.00 and gave the stock an "outperform" rating in a research report on Friday, September 5th. Keefe, Bruyette & Woods cut their target price on BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating on the stock in a report on Wednesday, July 16th. Finally, Bank of America upped their price target on BlackRock from $1,224.00 to $1,396.00 and gave the company a "buy" rating in a research report on Thursday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $1,254.47.

BlackRock Stock Performance

Shares of BLK opened at $1,163.72 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04. The stock has a 50 day moving average price of $1,132.82 and a two-hundred day moving average price of $1,032.16. The firm has a market capitalization of $180.21 billion, a P/E ratio of 28.14, a P/E/G ratio of 2.20 and a beta of 1.45. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,184.13.

BlackRock (NYSE:BLK - Get Free Report) last released its earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, beating 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 15.53% and a net margin of 29.68%.BlackRock's quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the company posted $10.36 earnings per share. Equities analysts forecast that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Announces Dividend

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

Insiders Place Their Bets

In other news, CEO Laurence Fink sold 14,828 shares of the company's stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $1,122.28, for a total value of $16,641,167.84. Following the completion of the transaction, the chief executive officer directly owned 263,751 shares of the company's stock, valued at $296,002,472.28. This represents a 5.32% 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. In the last three months, insiders sold 66,494 shares of company stock valued at $74,694,573. Insiders own 1.98% of the company's stock.

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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