Riverpark Capital Management LLC cut its stake in shares of BlackRock, Inc. (NYSE:BLK) by 13.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,859 shares of the asset manager’s stock after selling 3,027 shares during the quarter. Riverpark Capital Management LLC’s holdings in BlackRock were worth $10,201,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Avestar Capital LLC bought a new position in BlackRock during the fourth quarter worth $332,000. HPM Partners LLC boosted its stake in BlackRock by 12.8% during the fourth quarter. HPM Partners LLC now owns 1,101 shares of the asset manager’s stock worth $566,000 after acquiring an additional 125 shares in the last quarter. Cornercap Investment Counsel Inc. bought a new position in BlackRock during the fourth quarter worth $201,000. Deutsche Bank AG boosted its stake in BlackRock by 12.0% during the fourth quarter. Deutsche Bank AG now owns 358,927 shares of the asset manager’s stock worth $184,377,000 after acquiring an additional 38,563 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its stake in BlackRock by 2.6% during the fourth quarter. Clearbridge Investments LLC now owns 1,855,275 shares of the asset manager’s stock worth $953,073,000 after acquiring an additional 47,692 shares in the last quarter. 84.65% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Deryck C. Maughan bought 3,861 shares of the stock in a transaction dated Wednesday, January 17th. The stock was bought at an average price of $573.44 per share, for a total transaction of $2,214,051.84. Following the completion of the acquisition, the director now directly owns 12,265 shares in the company, valued at approximately $7,033,241.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeff A. Smith sold 425 shares of the stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $565.96, for a total transaction of $240,533.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,961 shares of company stock valued at $11,375,444. 1.86% of the stock is currently owned by corporate insiders.
BlackRock (NYSE:BLK) last announced its earnings results on Friday, January 12th. The asset manager reported $6.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $5.94 by $0.30. The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. BlackRock had a net margin of 39.79% and a return on equity of 12.31%. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $5.14 earnings per share. sell-side analysts expect that BlackRock, Inc. will post 28.49 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 22nd. Stockholders of record on Wednesday, March 7th will be issued a $2.88 dividend. The ex-dividend date of this dividend is Tuesday, March 6th. This represents a $11.52 annualized dividend and a dividend yield of 2.00%. This is an increase from BlackRock’s previous quarterly dividend of $2.50. BlackRock’s dividend payout ratio is currently 38.02%.
BLK has been the topic of several research analyst reports. ValuEngine lowered shares of BlackRock from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Citigroup lowered shares of BlackRock from a “buy” rating to a “neutral” rating and set a $625.00 price objective on the stock. in a research note on Thursday, January 25th. Argus reaffirmed a “buy” rating and issued a $620.00 price objective (up from $520.00) on shares of BlackRock in a research note on Tuesday, January 16th. Credit Suisse Group reaffirmed a “buy” rating and issued a $680.00 price objective on shares of BlackRock in a research note on Friday, January 12th. Finally, Zacks Investment Research lowered shares of BlackRock from a “buy” rating to a “hold” rating in a research note on Tuesday, December 5th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $560.85.
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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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