Fred Alger Management LLC Has $11.39 Million Stock Position in BlackRock $BLK

Fred Alger Management LLC boosted its holdings in shares of BlackRock (NYSE:BLK) by 5.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,038 shares of the asset manager’s stock after buying an additional 616 shares during the period. Fred Alger Management LLC’s holdings in BlackRock were worth $11,394,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of BLK. Fairway Wealth LLC raised its position in BlackRock by 76.5% during the first quarter. Fairway Wealth LLC now owns 30 shares of the asset manager’s stock valued at $28,000 after buying an additional 13 shares during the period. Investment Management Corp VA ADV acquired a new position in BlackRock during the fourth quarter valued at $30,000. Cheviot Value Management LLC acquired a new position in BlackRock during the first quarter valued at $30,000. MorganRosel Wealth Management LLC acquired a new position in BlackRock during the first quarter valued at $31,000. Finally, CBIZ Investment Advisory Services LLC acquired a new position in BlackRock during the first quarter valued at $34,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. UBS Group reaffirmed a “neutral” rating and issued a $980.00 target price on shares of BlackRock in a research report on Tuesday, July 8th. Barclays upped their target price on BlackRock from $990.00 to $1,220.00 and gave the stock an “overweight” rating in a research report on Thursday, July 10th. Zacks Research lowered BlackRock from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 14th. Jefferies Financial Group upped their target price on BlackRock from $959.00 to $1,210.00 in a research report on Thursday, July 10th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $1,115.00 price objective on shares of BlackRock in a report on Tuesday, July 8th. Twelve equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,154.07.

Insiders Place Their Bets

In related 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 sale, the director directly owned 61,369 shares of the company’s stock, valued at $68,763,964.50. This trade represents a 21.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Rachel Lord sold 18,036 shares of BlackRock 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 completion of the sale, the director directly owned 19,205 shares of the company’s stock, valued at $21,617,148. This trade represents a 48.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,494 shares of company stock valued at $74,694,573. Company insiders own 1.98% of the company’s stock.

BlackRock Trading Up 0.5%

BLK stock opened at $1,104.21 on Tuesday. The business has a fifty day moving average price of $1,112.03 and a 200 day moving average price of $1,003.20. BlackRock has a fifty-two week low of $773.74 and a fifty-two week high of $1,171.89. The stock has a market capitalization of $170.99 billion, a price-to-earnings ratio of 26.70, a P/E/G ratio of 2.10 and a beta of 1.45. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.04 and a quick ratio of 4.04.

BlackRock (NYSE:BLK) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share for the quarter, beating 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 analysts’ expectations of $5.40 billion. During the same period last year, the firm posted $10.36 EPS. The business’s revenue was up 12.9% on a year-over-year basis. Analysts expect that BlackRock will post 47.41 EPS for the current fiscal 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 issued a dividend of $5.21 per share. This represents a $20.84 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 5th. BlackRock’s dividend payout ratio (DPR) is currently 50.39%.

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.