Xcel Wealth Management LLC Boosts Position in BlackRock $BLK

Xcel Wealth Management LLC raised its stake in BlackRock (NYSE:BLK) by 2.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,507 shares of the asset manager’s stock after buying an additional 30 shares during the period. Xcel Wealth Management LLC’s holdings in BlackRock were worth $1,581,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in BLK. Vanguard Group Inc. boosted its holdings in shares of BlackRock by 2.9% in the first quarter. Vanguard Group Inc. now owns 13,764,072 shares of the asset manager’s stock valued at $13,027,419,000 after purchasing an additional 387,466 shares during the period. GAMMA Investing LLC lifted its holdings in shares of BlackRock by 104,598.9% in the 1st quarter. GAMMA Investing LLC now owns 3,500,083 shares of the asset manager’s stock worth $3,312,759,000 after buying an additional 3,496,740 shares during the period. Royal Bank of Canada grew its position in shares of BlackRock by 73.2% during the 1st quarter. Royal Bank of Canada now owns 1,313,350 shares of the asset manager’s stock worth $1,243,059,000 after buying an additional 555,098 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of BlackRock by 10.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,206,935 shares of the asset manager’s stock valued at $1,142,340,000 after buying an additional 111,694 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of BlackRock by 32.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,131,919 shares of the asset manager’s stock valued at $1,071,339,000 after acquiring an additional 279,336 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Insider Activity at BlackRock

In other BlackRock news, Director J. Richard Kushel sold 17,142 shares of the business’s stock in a transaction dated 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 sale, the director owned 61,369 shares in the company, valued at approximately $68,763,964.50. The trade was a 21.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Laurence Fink sold 12,054 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 251,697 shares of the company’s stock, valued at approximately $283,267,354.71. The trade was a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,494 shares of company stock valued at $74,694,573 over the last three months. 1.98% of the stock is owned by corporate insiders.

BlackRock Stock Down 0.2%

Shares of BLK stock opened at $1,129.10 on Thursday. The stock’s fifty day moving average price is $1,122.91 and its 200 day moving average price is $1,016.47. BlackRock has a 1-year low of $773.74 and a 1-year high of $1,171.89. The company has a market cap of $174.84 billion, a price-to-earnings ratio of 27.30, a price-to-earnings-growth ratio of 2.17 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 issued its quarterly earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share for the quarter, topping the consensus estimate of $10.41 by $1.64. BlackRock had a return on equity of 15.53% and a net margin of 29.68%.The business had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter last year, the company earned $10.36 earnings per share. The company’s quarterly revenue was up 12.9% on a year-over-year basis. On average, research analysts expect that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th were paid a dividend of $5.21 per share. This represents a $20.84 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, September 5th. BlackRock’s payout ratio is presently 50.39%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Wells Fargo & Company cut their target price on shares of BlackRock from $1,180.00 to $1,170.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 16th. Jefferies Financial Group increased their price objective on shares of BlackRock from $959.00 to $1,210.00 in a research note on Thursday, July 10th. Evercore ISI boosted their price objective on shares of BlackRock from $1,170.00 to $1,200.00 and gave the stock an “outperform” rating in a research note on Friday, September 5th. UBS Group reaffirmed a “neutral” rating and set a $980.00 target price on shares of BlackRock in a research report on Tuesday, July 8th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $1,115.00 price target on shares of BlackRock in a research report on Tuesday, July 8th. Twelve equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, BlackRock has a consensus rating of “Moderate Buy” and an average target price of $1,154.07.

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.