Empire Life Investments Inc. boosted its holdings in shares of BlackRock, Inc. (NYSE:BLK) by 1.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,798 shares of the asset manager’s stock after buying an additional 142 shares during the quarter. Empire Life Investments Inc.’s holdings in BlackRock were worth $5,420,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in BLK. Private Ocean LLC raised its holdings in shares of BlackRock by 620.0% in the 4th quarter. Private Ocean LLC now owns 72 shares of the asset manager’s stock valued at $28,000 after purchasing an additional 62 shares in the last quarter. Evolution Wealth Advisors LLC acquired a new stake in shares of BlackRock in the 4th quarter valued at $33,000. Legacy Financial Advisors Inc. raised its holdings in shares of BlackRock by 125.6% in the 4th quarter. Legacy Financial Advisors Inc. now owns 88 shares of the asset manager’s stock valued at $35,000 after purchasing an additional 49 shares in the last quarter. Highwater Wealth Management LLC acquired a new stake in shares of BlackRock in the 4th quarter valued at $41,000. Finally, Clean Yield Group acquired a new stake in shares of BlackRock in the 4th quarter valued at $59,000. Institutional investors own 86.05% of the company’s stock.
In other BlackRock news, CEO Laurence Fink sold 25,102 shares of the firm’s stock in a transaction on Friday, January 18th. The shares were sold at an average price of $418.89, for a total transaction of $10,514,976.78. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director J. Richard Kushel sold 2,100 shares of the firm’s stock in a transaction on Monday, November 26th. The stock was sold at an average price of $419.11, for a total transaction of $880,131.00. The disclosure for this sale can be found here. Insiders have sold a total of 86,929 shares of company stock worth $36,214,650 over the last three months. 1.75% of the stock is currently owned by insiders.
BlackRock (NYSE:BLK) last announced its quarterly earnings results on Wednesday, January 16th. The asset manager reported $6.08 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $6.35 by ($0.27). BlackRock had a return on equity of 13.53% and a net margin of 30.32%. The company had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same quarter in the prior year, the business earned $6.24 earnings per share. BlackRock’s revenue was down 8.8% compared to the same quarter last year. Equities analysts expect that BlackRock, Inc. will post 25.88 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 21st. Investors of record on Wednesday, March 6th will be paid a dividend of $3.30 per share. This is a positive change from BlackRock’s previous quarterly dividend of $3.13. This represents a $13.20 annualized dividend and a yield of 3.10%. The ex-dividend date is Tuesday, March 5th. BlackRock’s dividend payout ratio (DPR) is currently 46.49%.
A number of brokerages have recently weighed in on BLK. ValuEngine upgraded shares of BlackRock from a “sell” rating to a “hold” rating in a report on Wednesday, October 31st. Jefferies Financial Group upgraded shares of BlackRock from a “hold” rating to a “buy” rating and set a $405.36 price objective on the stock in a report on Tuesday, January 29th. Credit Suisse Group reduced their price objective on shares of BlackRock from $573.00 to $529.00 and set an “outperform” rating on the stock in a report on Monday, January 14th. Morgan Stanley set a $515.00 price objective on shares of BlackRock and gave the company a “buy” rating in a report on Friday, February 8th. Finally, Bank of America reiterated a “buy” rating and set a $478.00 price target (down from $525.00) on shares of BlackRock in a research note on Thursday, December 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $503.03.
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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