Pines Wealth Management LLC Invests $252,000 in BlackRock $BLK

Pines Wealth Management LLC bought a new position in shares of BlackRock (NYSE:BLK) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 233 shares of the asset manager’s stock, valued at approximately $252,000.

Other institutional investors have also recently made changes to their positions in the company. Securian Asset Management Inc. purchased a new position in shares of BlackRock during the first quarter valued at $7,331,000. Prudent Man Advisors LLC purchased a new position in shares of BlackRock during the first quarter valued at $2,018,000. Allianz SE increased its stake in shares of BlackRock by 2.6% during the first quarter. Allianz SE now owns 11,025 shares of the asset manager’s stock valued at $10,435,000 after buying an additional 277 shares during the period. Arizona State Retirement System purchased a new position in shares of BlackRock during the first quarter valued at $40,868,000. Finally, Community Financial Services Group LLC increased its stake in shares of BlackRock by 17.2% during the first quarter. Community Financial Services Group LLC now owns 5,702 shares of the asset manager’s stock valued at $5,397,000 after buying an additional 836 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

BlackRock Trading Up 1.1%

BlackRock stock opened at $1,131.20 on Thursday. 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 52 week low of $773.74 and a 52 week high of $1,171.89. The company has a market capitalization of $175.17 billion, a price-to-earnings ratio of 27.35, a price-to-earnings-growth ratio of 2.14 and a beta of 1.45. The stock has a 50-day moving average price of $1,118.35 and a 200 day moving average price of $1,010.36.

BlackRock (NYSE:BLK) last released its 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 firm had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter in the previous year, the company posted $10.36 earnings per share. The company’s revenue was up 12.9% compared to the same quarter last year. Sell-side analysts anticipate that BlackRock will post 47.41 EPS for the current year.

BlackRock Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be given a $5.21 dividend. This represents a $20.84 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, September 5th. BlackRock’s dividend payout ratio is currently 50.39%.

Wall Street Analysts Forecast Growth

BLK has been the topic of several research reports. Argus restated a “buy” rating on shares of BlackRock in a research note on Tuesday, July 8th. Wells Fargo & Company cut their price target on BlackRock from $1,180.00 to $1,170.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 16th. Zacks Research lowered BlackRock from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 14th. The Goldman Sachs Group reiterated a “buy” rating and issued a $1,115.00 target price on shares of BlackRock in a research note on Tuesday, July 8th. Finally, Jefferies Financial Group lifted their target price on BlackRock from $959.00 to $1,210.00 in a research note on Thursday, July 10th. Twelve equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,154.07.

Insider Buying and Selling

In other BlackRock news, CEO Laurence Fink sold 12,054 shares of the company’s stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $1,125.43, for a total value of $13,565,933.22. Following the sale, the chief executive officer owned 251,697 shares in the company, valued at approximately $283,267,354.71. This represents a 4.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director J. Richard Kushel sold 17,142 shares of the company’s stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total value of $19,207,611.00. Following the completion of the sale, the director owned 61,369 shares in the company, valued at approximately $68,763,964.50. This represents a 21.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,494 shares of company stock worth $74,694,573. 1.98% of the stock is currently owned by company insiders.

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.