SouthState Corp Has $2.01 Million Position in BlackRock (NYSE:BLK)

Key Points

• SouthState Corp increased its position in BlackRock by 54.2% to own 2,124 shares valued at approximately $2.01 million.
• BlackRock has received a series of target price adjustments from analysts, with Jefferies Financial Group raising their target from $959 to $1,210.
• The company announced a quarterly dividend of $5.21 per share, with an annualized yield of 1.9%, to be paid on September 23rd.

SouthState Corp increased its position in BlackRock (NYSE:BLK - Free Report) by 54.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,124 shares of the asset manager's stock after buying an additional 747 shares during the quarter. SouthState Corp's holdings in BlackRock were worth $2,010,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cooper Financial Group bought a new stake in BlackRock in the first quarter valued at approximately $349,000. Invesco Ltd. boosted its holdings in BlackRock by 13.2% in the first quarter. Invesco Ltd. now owns 932,899 shares of the asset manager's stock valued at $882,970,000 after acquiring an additional 108,473 shares during the last quarter. Berger Financial Group Inc boosted its holdings in BlackRock by 36.9% in the first quarter. Berger Financial Group Inc now owns 323 shares of the asset manager's stock valued at $306,000 after acquiring an additional 87 shares during the last quarter. Fiduciary Family Office LLC bought a new stake in BlackRock in the first quarter valued at approximately $558,000. Finally, True North Advisors LLC bought a new stake in BlackRock in the first quarter valued at approximately $401,000. Institutional investors and hedge funds own 80.69% of the company's stock.

Wall Street Analyst Weigh In

BLK has been the topic of several analyst reports. Jefferies Financial Group upped their target price on BlackRock from $959.00 to $1,210.00 in a report on Thursday, July 10th. Citigroup reduced their price objective on shares of BlackRock from $1,200.00 to $1,100.00 and set a "buy" rating for the company in a research report on Monday, April 14th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $1,115.00 price objective on shares of BlackRock in a research report on Tuesday, July 8th. Morgan Stanley reduced their price objective on shares of BlackRock from $1,247.00 to $1,224.00 and set an "overweight" rating for the company in a research report on Wednesday, July 16th. Finally, Bank of America raised their price objective on shares of BlackRock from $1,214.00 to $1,224.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, BlackRock presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,151.21.

Insider Transactions at BlackRock

In related news, Director Fabrizio Freda sold 4,434 shares of the business'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 sale, the director owned 3,506 shares in the company, valued at $3,936,571.86. The trade was a 55.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Rachel Lord sold 18,036 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the director owned 19,205 shares of the company's stock, valued at $21,617,148. The trade was a 48.43% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,494 shares of company stock worth $74,694,573. 1.98% of the stock is owned by corporate insiders.

BlackRock Trading Up 1.0%

Shares of BlackRock stock opened at $1,124.20 on Monday. BlackRock has a 12-month low of $773.74 and a 12-month high of $1,131.93. The company has a market cap of $174.17 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 2.26 and a beta of 1.42. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 0.39. The company's 50-day moving average price is $1,054.94 and its 200-day moving average price is $985.12.

BlackRock (NYSE:BLK - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.41 by $1.64. The firm had revenue of $5.42 billion during 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%. The company's revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the company posted $10.36 EPS. On average, equities analysts expect that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Friday, September 5th will be given a $5.21 dividend. The ex-dividend date is Friday, September 5th. This represents a $20.84 dividend on an annualized basis and a yield of 1.9%. BlackRock's payout ratio is presently 50.39%.

About BlackRock

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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