Palumbo Wealth Management LLC Buys 76 Shares of BlackRock (NYSE:BLK)

Palumbo Wealth Management LLC boosted its stake in BlackRock (NYSE:BLK) by 20.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 451 shares of the asset manager’s stock after purchasing an additional 76 shares during the period. Palumbo Wealth Management LLC’s holdings in BlackRock were worth $427,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in BlackRock by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 13,376,606 shares of the asset manager’s stock worth $13,712,493,000 after purchasing an additional 68,405 shares during the period. Capital World Investors grew its position in BlackRock by 2.3% in the 4th quarter. Capital World Investors now owns 4,097,524 shares of the asset manager’s stock worth $4,200,450,000 after purchasing an additional 93,844 shares during the period. GAMMA Investing LLC grew its position in BlackRock by 104,598.9% in the 1st quarter. GAMMA Investing LLC now owns 3,500,083 shares of the asset manager’s stock worth $3,312,759,000 after purchasing an additional 3,496,740 shares during the period. Geode Capital Management LLC boosted its stake in shares of BlackRock by 6.8% during the 4th quarter. Geode Capital Management LLC now owns 3,006,765 shares of the asset manager’s stock worth $3,072,787,000 after acquiring an additional 190,188 shares during the last quarter. Finally, FMR LLC boosted its stake in shares of BlackRock by 1.1% during the 4th quarter. FMR LLC now owns 2,390,450 shares of the asset manager’s stock worth $2,450,475,000 after acquiring an additional 26,485 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Insiders Place Their Bets

In other BlackRock news, Director J. Richard Kushel sold 10,000 shares of the business’s stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $912.50, for a total value of $9,125,000.00. Following the sale, the director now owns 66,034 shares in the company, valued at $60,256,025. The trade was a 13.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.98% of the company’s stock.

BlackRock Stock Down 0.5%

BLK opened at $974.60 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.34 and a current ratio of 4.34. BlackRock has a fifty-two week low of $773.74 and a fifty-two week high of $1,084.22. The firm’s fifty day moving average is $948.55 and its 200 day moving average is $969.40. The stock has a market cap of $150.99 billion, a price-to-earnings ratio of 23.68, a price-to-earnings-growth ratio of 2.96 and a beta of 1.41.

BlackRock (NYSE:BLK) last announced its quarterly earnings results on Friday, April 11th. The asset manager reported $11.30 EPS for the quarter, topping the consensus estimate of $10.84 by $0.46. The business had revenue of $5.28 billion for the quarter, compared to analysts’ expectations of $5.47 billion. BlackRock had a net margin of 30.09% and a return on equity of 15.57%. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $9.81 EPS. On average, sell-side analysts forecast that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Thursday, June 5th will be paid a $5.21 dividend. This represents a $20.84 annualized dividend and a yield of 2.14%. The ex-dividend date is Thursday, June 5th. BlackRock’s payout ratio is currently 50.63%.

Wall Street Analyst Weigh In

BLK has been the topic of several analyst reports. Wells Fargo & Company lifted their price target on shares of BlackRock from $1,035.00 to $1,105.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 4th. TD Cowen dropped their price target on shares of BlackRock from $1,251.00 to $1,032.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. Bank of America dropped their price target on shares of BlackRock from $1,196.00 to $1,178.00 and set a “buy” rating on the stock in a research note on Thursday, April 3rd. Argus lifted their price target on shares of BlackRock from $1,028.00 to $1,090.00 and gave the stock a “buy” rating in a research note on Tuesday, June 17th. Finally, JPMorgan Chase & Co. dropped their price target on shares of BlackRock from $1,046.00 to $988.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, BlackRock presently has an average rating of “Moderate Buy” and a consensus price target of $1,096.31.

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.