BlackRock $BLK Shares Bought by Cresset Asset Management LLC

Cresset Asset Management LLC increased its position in BlackRock (NYSE:BLK) by 7.8% during the second quarter, Holdings Channel reports. The fund owned 8,509 shares of the asset manager’s stock after purchasing an additional 616 shares during the quarter. Cresset Asset Management LLC’s holdings in BlackRock were worth $8,929,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BLK. Welch Group LLC increased its stake in shares of BlackRock by 1.2% in the second quarter. Welch Group LLC now owns 760 shares of the asset manager’s stock valued at $797,000 after purchasing an additional 9 shares during the period. Stanley Laman Group Ltd. grew its holdings in BlackRock by 2.7% in the 2nd quarter. Stanley Laman Group Ltd. now owns 340 shares of the asset manager’s stock worth $357,000 after buying an additional 9 shares in the last quarter. CNB Bank increased its position in BlackRock by 9.6% in the 2nd quarter. CNB Bank now owns 103 shares of the asset manager’s stock valued at $108,000 after acquiring an additional 9 shares during the period. Magellan Asset Management Ltd raised its stake in BlackRock by 14.3% during the 2nd quarter. Magellan Asset Management Ltd now owns 72 shares of the asset manager’s stock valued at $76,000 after acquiring an additional 9 shares in the last quarter. Finally, McLean Asset Management Corp boosted its position in BlackRock by 3.9% during the 2nd quarter. McLean Asset Management Corp now owns 266 shares of the asset manager’s stock worth $285,000 after acquiring an additional 10 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently commented on BLK shares. Barclays raised their price target on BlackRock from $1,310.00 to $1,360.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Evercore ISI raised their target price on shares of BlackRock from $1,200.00 to $1,300.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of BlackRock in a research note on Monday, December 1st. JPMorgan Chase & Co. raised their price objective on shares of BlackRock from $1,093.00 to $1,242.00 and gave the company a “neutral” rating in a research note on Thursday, October 2nd. Finally, Loop Capital set a $1,255.00 target price on BlackRock in a report on Tuesday, October 21st. Seventeen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, BlackRock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,302.59.

BlackRock Stock Performance

Shares of BLK opened at $1,071.87 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.33 and a quick ratio of 3.33. The firm’s 50 day moving average is $1,100.03 and its 200-day moving average is $1,084.42. BlackRock has a 12-month low of $773.74 and a 12-month high of $1,219.94. The stock has a market capitalization of $166.30 billion, a P/E ratio of 27.56, a P/E/G ratio of 1.61 and a beta of 1.47.

BlackRock (NYSE:BLK) last issued its earnings results on Tuesday, October 14th. The asset manager reported $11.55 earnings per share for the quarter, missing analysts’ consensus estimates of $11.78 by ($0.23). The business had revenue of $6.51 billion for the quarter, compared to the consensus estimate of $6.22 billion. BlackRock had a return on equity of 14.80% and a net margin of 26.64%.The company’s quarterly revenue was up 25.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $11.46 earnings per share. Equities research analysts anticipate that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 23rd. Investors of record on Friday, December 5th will be issued a $5.21 dividend. This represents a $20.84 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, December 5th. BlackRock’s payout ratio is presently 53.59%.

Insiders Place Their Bets

In related news, CFO Martin Small sold 1,258 shares of BlackRock stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $1,043.38, for a total value of $1,312,572.04. Following the transaction, the chief financial officer owned 6,209 shares of the company’s stock, valued at approximately $6,478,346.42. This trade represents a 16.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Rachel Lord sold 12,000 shares of the company’s stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $1,165.04, for a total transaction of $13,980,480.00. Following the sale, the director directly owned 7,205 shares of the company’s stock, valued at $8,394,113.20. This represents a 62.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.98% of the stock is owned by insiders.

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.