Rockland Trust Co. Makes New $25.56 Million Investment in BlackRock, Inc. (NYSE:BLK)

Rockland Trust Co. bought a new position in BlackRock, Inc. (NYSE:BLK) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 27,008 shares of the asset manager’s stock, valued at approximately $25,563,000. BlackRock comprises about 1.3% of Rockland Trust Co.’s investment portfolio, making the stock its 25th largest position.

Several other institutional investors and hedge funds have also bought and sold shares of the company. IAG Wealth Partners LLC purchased a new stake in BlackRock during the fourth quarter valued at approximately $26,000. Investment Management Corp VA ADV purchased a new position in BlackRock during the fourth quarter valued at $30,000. Compass Planning Associates Inc purchased a new position in BlackRock during the fourth quarter valued at $33,000. Synergy Investment Management LLC purchased a new position in BlackRock during the fourth quarter valued at $40,000. Finally, Curio Wealth LLC purchased a new position in BlackRock during the fourth quarter valued at $41,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BLK. Wells Fargo & Company increased their target price on shares of BlackRock from $1,035.00 to $1,105.00 and gave the stock an “overweight” rating in a report on Wednesday, June 4th. Bank of America lowered their target price 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. Citigroup lowered their target price on shares of BlackRock from $1,200.00 to $1,100.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Morgan Stanley lowered their target price on shares of BlackRock from $1,275.00 to $1,124.00 and set an “overweight” rating on the stock in a research note on Monday, April 7th. Finally, TD Cowen lowered their target price 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. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,082.46.

Insider Transactions at BlackRock

In other news, Director J. Richard Kushel sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $912.50, for a total value of $9,125,000.00. Following the completion of the sale, the director now directly owns 66,034 shares of the company’s stock, valued at $60,256,025. This trade represents a 13.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.98% of the company’s stock.

BlackRock Stock Down 0.6%

NYSE BLK opened at $987.79 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 5.23 and a current ratio of 5.23. The company has a market capitalization of $153.03 billion, a P/E ratio of 23.52, a P/E/G ratio of 1.90 and a beta of 1.41. BlackRock, Inc. has a one year low of $758.20 and a one year high of $1,084.22. The stock has a 50 day moving average price of $934.71 and a 200-day moving average price of $972.41.

BlackRock (NYSE:BLK) last posted its earnings results on Friday, April 11th. The asset manager reported $11.30 EPS for the quarter, beating analysts’ consensus estimates of $10.84 by $0.46. BlackRock had a return on equity of 16.32% and a net margin of 31.21%. The firm had revenue of $5.28 billion during the quarter, compared to the consensus estimate of $5.47 billion. During the same period in the prior year, the company earned $9.81 EPS. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, equities analysts predict that BlackRock, Inc. will post 47.41 EPS for the current fiscal year.

BlackRock Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Thursday, June 5th will be issued a $5.21 dividend. The ex-dividend date of this dividend is Thursday, June 5th. This represents a $20.84 dividend on an annualized basis and a dividend yield of 2.11%. BlackRock’s dividend payout ratio (DPR) is presently 50.63%.

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.