Spartan Planning & Wealth Management Takes Position in BlackRock $BLK

Key Points

• Spartan Planning & Wealth Management has acquired 273 shares of BlackRock valued at approximately $286,000 during the second quarter, highlighting increased institutional investment in the company.
• BlackRock's stock has seen a 1.5% increase recently, with a market cap of $181.79 billion and a current share price around $1,173.98.
• The firm reported impressive Q2 earnings with $12.05 EPS, surpassing estimates, alongside a quarterly dividend of $5.21, representing a yield of 1.8%.

Spartan Planning & Wealth Management purchased a new stake in shares of BlackRock (NYSE:BLK - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 273 shares of the asset manager's stock, valued at approximately $286,000.

Other hedge funds have also recently made changes to their positions in the company. Garde Capital Inc. boosted its stake in shares of BlackRock by 200.0% during the second quarter. Garde Capital Inc. now owns 27 shares of the asset manager's stock valued at $28,000 after purchasing an additional 18 shares in the last quarter. Fairway Wealth LLC raised its position in shares of BlackRock by 76.5% during the first quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock worth $28,000 after acquiring an additional 13 shares during the last quarter. Game Plan Financial Advisors LLC raised its position in shares of BlackRock by 100.0% during the first quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager's stock worth $28,000 after acquiring an additional 15 shares during the last quarter. MorganRosel Wealth Management LLC bought a new position in shares of BlackRock during the first quarter worth about $31,000. Finally, Cheviot Value Management LLC bought a new position in shares of BlackRock during the first quarter worth about $30,000. 80.69% of the stock is owned by institutional investors and hedge funds.

BlackRock Stock Up 1.5%

Shares of NYSE:BLK opened at $1,173.98 on Tuesday. The stock has a market cap of $181.79 billion, a price-to-earnings ratio of 28.38, a PEG ratio of 2.21 and a beta of 1.45. 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 has a 12-month low of $773.74 and a 12-month high of $1,182.14. The business's 50 day moving average is $1,126.36 and its 200 day moving average is $1,023.07.

BlackRock (NYSE:BLK - Get Free Report) last announced 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 for the quarter, compared to analysts' expectations 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 quarter in the previous year, the firm earned $10.36 earnings per share. On average, sell-side analysts forecast that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th were given 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 1.8%. BlackRock's payout ratio is currently 50.39%.

Insiders Place Their Bets

In other BlackRock news, Director Fabrizio Freda sold 4,434 shares of the business's stock in a transaction 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 transaction, the director owned 3,506 shares of the company's stock, valued at approximately $3,936,571.86. The trade was a 55.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Laurence Fink sold 14,828 shares of the business's stock in a transaction 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 in the company, valued at approximately $296,002,472.28. This represents a 5.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,494 shares of company stock worth $74,694,573 in the last ninety days. Company insiders own 1.98% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BLK. Evercore ISI raised 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. Argus restated a "buy" rating on shares of BlackRock in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods lowered their price objective on BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating for the company in a research report on Wednesday, July 16th. Barclays raised their price objective on BlackRock from $990.00 to $1,220.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, Zacks Research downgraded BlackRock from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 14th. Twelve equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $1,171.93.

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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