Investors Buy Shares of BlackRock, Inc. (BLK) on Weakness

Traders purchased shares of BlackRock, Inc. (NYSE:BLK) on weakness during trading on Friday. $72.75 million flowed into the stock on the tick-up and $41.59 million flowed out of the stock on the tick-down, for a money net flow of $31.16 million into the stock. Of all companies tracked, BlackRock had the 30th highest net in-flow for the day. BlackRock traded down ($1.21) for the day and closed at $463.22

BLK has been the topic of a number of research analyst reports. BidaskClub raised BlackRock from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 1st. Morgan Stanley reaffirmed an “overweight” rating and set a $460.00 price target (up from $422.00) on shares of BlackRock in a report on Monday, July 10th. Credit Suisse Group AG reaffirmed an “outperform” rating on shares of BlackRock in a report on Tuesday, August 29th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $440.00 price target on shares of BlackRock in a report on Friday, July 14th. Finally, Zacks Investment Research downgraded BlackRock from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $460.08.

The company has a market cap of $75.14 billion, a PE ratio of 22.23 and a beta of 1.72. The company has a 50-day moving average of $428.27 and a 200-day moving average of $411.59.

BlackRock (NYSE:BLK) last posted its quarterly earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $5.39 by ($0.15). The firm had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $3.01 billion. BlackRock had a net margin of 29.92% and a return on equity of 11.74%. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.78 EPS. On average, analysts expect that BlackRock, Inc. will post $21.95 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 22nd. Shareholders of record on Tuesday, September 5th were paid a dividend of $2.50 per share. The ex-dividend date of this dividend was Thursday, August 31st. This represents a $10.00 annualized dividend and a yield of 2.16%. BlackRock’s payout ratio is presently 47.98%.

In other news, insider Jeff A. Smith sold 250 shares of the business’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $434.87, for a total value of $108,717.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert W. Fairbairn sold 3,675 shares of the business’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $415.31, for a total value of $1,526,264.25. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,447 shares of company stock worth $1,855,015. Company insiders own 1.86% of the company’s stock.

Several hedge funds have recently modified their holdings of BLK. BlackRock Inc. lifted its holdings in shares of BlackRock by 2,775.4% in the 1st quarter. BlackRock Inc. now owns 6,541,505 shares of the asset manager’s stock valued at $2,508,733,000 after buying an additional 6,314,004 shares during the period. Third Point LLC acquired a new position in shares of BlackRock in the 2nd quarter valued at about $654,736,000. Harbour Capital Advisors LLC lifted its holdings in shares of BlackRock by 38,807.6% in the 2nd quarter. Harbour Capital Advisors LLC now owns 1,203,024 shares of the asset manager’s stock valued at $2,848,000 after buying an additional 1,199,932 shares during the period. Capital World Investors lifted its holdings in shares of BlackRock by 12.9% in the 2nd quarter. Capital World Investors now owns 7,105,319 shares of the asset manager’s stock valued at $3,001,358,000 after buying an additional 810,667 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of BlackRock by 8.4% in the 2nd quarter. Vanguard Group Inc. now owns 8,450,778 shares of the asset manager’s stock valued at $3,569,693,000 after buying an additional 656,569 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

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BlackRock Company Profile

BlackRock, Inc (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients.

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