Klingman & Associates LLC Boosts Stock Position in BlackRock $BLK

Klingman & Associates LLC raised its holdings in BlackRock (NYSE:BLK) by 57.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,075 shares of the asset manager’s stock after buying an additional 391 shares during the period. Klingman & Associates LLC’s holdings in BlackRock were worth $1,128,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in BLK. Welch Group LLC raised its position in shares of BlackRock by 1.2% during the 2nd quarter. Welch Group LLC now owns 760 shares of the asset manager’s stock worth $797,000 after acquiring an additional 9 shares in the last quarter. Stanley Laman Group Ltd. increased its stake in BlackRock by 2.7% in the second quarter. Stanley Laman Group Ltd. now owns 340 shares of the asset manager’s stock valued at $357,000 after purchasing an additional 9 shares during the last quarter. McLean Asset Management Corp raised its holdings in BlackRock by 3.9% during the second quarter. McLean Asset Management Corp now owns 266 shares of the asset manager’s stock worth $285,000 after purchasing an additional 10 shares in the last quarter. Trust Co. of Oklahoma raised its holdings in BlackRock by 0.5% during the second quarter. Trust Co. of Oklahoma now owns 2,023 shares of the asset manager’s stock worth $2,123,000 after purchasing an additional 10 shares in the last quarter. Finally, TOWER TRUST & INVESTMENT Co lifted its position in shares of BlackRock by 1.3% during the 2nd quarter. TOWER TRUST & INVESTMENT Co now owns 799 shares of the asset manager’s stock worth $838,000 after buying an additional 10 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Rachel Lord sold 18,036 shares of BlackRock stock in a transaction dated 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 sale, the director owned 19,205 shares of the company’s stock, valued at $21,617,148. The trade was a 48.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Laurence Fink sold 14,828 shares of the business’s stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $1,122.28, for a total transaction of $16,641,167.84. Following the transaction, the chief executive officer owned 263,751 shares in the company, valued at approximately $296,002,472.28. This trade represents a 5.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,494 shares of company stock valued at $74,694,573. Corporate insiders own 1.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. The Goldman Sachs Group increased their target price on shares of BlackRock from $1,163.00 to $1,312.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Deutsche Bank Aktiengesellschaft set a $1,320.00 price objective on shares of BlackRock and gave the company a “buy” rating in a research note on Wednesday, October 15th. Keefe, Bruyette & Woods lifted their target price on BlackRock from $1,215.00 to $1,300.00 and gave the stock an “outperform” rating in a research report on Monday, October 13th. TD Cowen boosted their target price on BlackRock from $1,301.00 to $1,407.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Finally, BNP Paribas Exane raised their price target on BlackRock from $1,160.00 to $1,265.00 and gave the stock an “outperform” rating in a research note on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,300.81.

BlackRock Stock Performance

NYSE BLK opened at $1,160.01 on Tuesday. The firm has a market cap of $179.63 billion, a P/E ratio of 29.83, a P/E/G ratio of 2.01 and a beta of 1.45. BlackRock has a 52-week low of $773.74 and a 52-week high of $1,219.94. The business’s 50-day moving average price is $1,141.48 and its 200 day moving average price is $1,046.27. 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 posted its quarterly earnings data on Tuesday, October 14th. The asset manager reported $11.55 EPS for the quarter, missing the consensus estimate of $11.78 by ($0.23). BlackRock had a net margin of 26.64% and a return on equity of 15.36%. The company had revenue of $6.51 billion for the quarter, compared to analysts’ expectations of $6.22 billion. During the same period in the prior year, the company earned $11.46 earnings per share. The firm’s revenue was up 25.2% on a year-over-year basis. On average, equities research analysts expect that BlackRock will post 47.41 earnings per share for the current year.

BlackRock Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 5th were issued a dividend of $5.21 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $20.84 annualized dividend and a dividend yield of 1.8%. BlackRock’s dividend payout ratio (DPR) is currently 53.59%.

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.