Palouse Capital Management Inc. Trims Stake in BlackRock, Inc. (NYSE:BLK)

Palouse Capital Management Inc. reduced its position in BlackRock, Inc. (NYSE:BLK) by 1.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,565 shares of the asset manager’s stock after selling 227 shares during the quarter. BlackRock accounts for approximately 2.3% of Palouse Capital Management Inc.’s holdings, making the stock its 13th biggest holding. Palouse Capital Management Inc.’s holdings in BlackRock were worth $6,366,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Advisory Alpha LLC acquired a new stake in BlackRock in the first quarter valued at approximately $26,000. Valley National Advisers Inc. lifted its stake in shares of BlackRock by 81.8% during the first quarter. Valley National Advisers Inc. now owns 60 shares of the asset manager’s stock worth $26,000 after buying an additional 27 shares during the period. Massey Quick Simon & CO. LLC acquired a new position in BlackRock during the second quarter valued at $31,000. MRA Associates USA LLC acquired a new position in BlackRock during the second quarter valued at $33,000. Finally, SevenBridge Financial Group LLC acquired a new position in BlackRock during the second quarter valued at $38,000. 82.24% of the stock is currently owned by institutional investors.

BLK has been the subject of a number of research reports. UBS Group boosted their target price on shares of BlackRock from $515.00 to $525.00 and gave the company a “buy” rating in a research report on Monday, July 8th. Barclays boosted their target price on shares of BlackRock from $515.00 to $540.00 and gave the company an “overweight” rating in a research report on Tuesday, July 16th. JPMorgan Chase & Co. decreased their target price on shares of BlackRock from $527.00 to $525.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Finally, Morgan Stanley boosted their target price on shares of BlackRock from $550.00 to $553.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $499.03.

Shares of BLK stock traded down $8.07 on Friday, reaching $410.93. 460,935 shares of the company were exchanged, compared to its average volume of 555,196. The company has a market cap of $64.66 billion, a price-to-earnings ratio of 15.26, a P/E/G ratio of 1.55 and a beta of 1.51. The business has a 50-day moving average price of $455.29 and a 200 day moving average price of $446.58. The company has a debt-to-equity ratio of 0.77, a quick ratio of 2.92 and a current ratio of 2.92. BlackRock, Inc. has a 1 year low of $360.79 and a 1 year high of $492.00.

BlackRock (NYSE:BLK) last released its earnings results on Friday, July 19th. The asset manager reported $6.41 EPS for the quarter, missing analysts’ consensus estimates of $6.52 by ($0.11). The company had revenue of $3.52 billion for the quarter, compared to analysts’ expectations of $3.57 billion. BlackRock had a return on equity of 13.24% and a net margin of 30.25%. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $6.66 EPS. As a group, equities analysts anticipate that BlackRock, Inc. will post 27.53 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 24th. Investors of record on Thursday, September 5th will be given a $3.30 dividend. This represents a $13.20 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date is Wednesday, September 4th. BlackRock’s dividend payout ratio (DPR) is 49.02%.

BlackRock 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.

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Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

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