Cinctive Capital Management LP Takes Position in BlackRock $BLK

Cinctive Capital Management LP purchased a new stake in shares of BlackRock (NYSE:BLK) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 9,309 shares of the asset manager’s stock, valued at approximately $8,811,000.

A number of other large investors have also recently modified their holdings of the business. Concentric Capital Strategies LP bought a new stake in shares of BlackRock during the 1st quarter valued at about $922,000. Curi RMB Capital LLC boosted its position in shares of BlackRock by 36.9% during the 1st quarter. Curi RMB Capital LLC now owns 22,097 shares of the asset manager’s stock valued at $20,915,000 after acquiring an additional 5,961 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of BlackRock by 58.8% during the 1st quarter. Alliancebernstein L.P. now owns 381,447 shares of the asset manager’s stock valued at $361,032,000 after acquiring an additional 141,258 shares during the last quarter. Banque Transatlantique SA lifted its position in BlackRock by 27,792.4% in the 1st quarter. Banque Transatlantique SA now owns 18,409 shares of the asset manager’s stock worth $16,102,000 after buying an additional 18,343 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in BlackRock by 21.4% in the 1st quarter. AQR Capital Management LLC now owns 87,657 shares of the asset manager’s stock worth $81,083,000 after buying an additional 15,444 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

BlackRock Stock Performance

Shares of BLK stock opened at $1,098.69 on Thursday. The stock has a fifty day moving average of $1,108.42 and a 200 day moving average of $1,000.33. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,171.89. The firm has a market capitalization of $170.13 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 2.16 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 (NYSE:BLK) last announced its quarterly earnings results on Tuesday, July 15th. The asset manager reported $12.05 EPS for the quarter, topping analysts’ consensus estimates of $10.41 by $1.64. BlackRock had a return on equity of 15.53% and a net margin of 29.68%.The company had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same quarter last year, the firm posted $10.36 earnings per share. The firm’s revenue was up 12.9% on a year-over-year basis. As a group, research analysts expect that BlackRock will post 47.41 earnings per share for the current year.

BlackRock Announces Dividend

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on BLK shares. Telsey Advisory Group restated an “outperform” rating on shares of BlackRock in a research report on Tuesday, July 8th. JPMorgan Chase & Co. boosted their target price on BlackRock from $1,018.00 to $1,093.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 16th. Bank of America boosted their target price on BlackRock from $1,214.00 to $1,224.00 and gave the stock a “buy” rating in a research report on Wednesday, July 16th. Wall Street Zen upgraded BlackRock to a “hold” rating in a research report on Saturday, May 24th. Finally, Wells Fargo & Company dropped their target price on BlackRock from $1,180.00 to $1,170.00 and set an “overweight” rating for the company in a research report on Wednesday, July 16th. Twelve analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, BlackRock currently has an average rating of “Moderate Buy” and an average target price of $1,151.21.

Insiders Place Their Bets

In other BlackRock news, Director J. Richard Kushel sold 17,142 shares of the firm’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total transaction of $19,207,611.00. Following the completion of the transaction, the director owned 61,369 shares of the company’s stock, valued at approximately $68,763,964.50. This trade represents a 21.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Rachel Lord sold 18,036 shares of the firm’s stock in a transaction on Friday, July 25th. The shares were sold at an average price of $1,125.60, for a total value of $20,301,321.60. Following the transaction, the director directly owned 19,205 shares of the company’s stock, valued at $21,617,148. This represents a 48.43% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,494 shares of company stock worth $74,694,573. Insiders own 1.98% of the company’s stock.

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.