BlackRock (NYSE:BLK) Reaches New 52-Week High at $905.84

BlackRock, Inc. (NYSE:BLK)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $905.84 and last traded at $905.84, with a volume of 110329 shares traded. The stock had previously closed at $895.18.

Analyst Ratings Changes

Several research analysts recently issued reports on BLK shares. Keefe, Bruyette & Woods increased their price target on shares of BlackRock from $915.00 to $934.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 16th. Morgan Stanley dropped their price target on BlackRock from $1,025.00 to $1,013.00 and set an “overweight” rating on the stock in a research report on Thursday, July 11th. Wells Fargo & Company began coverage on BlackRock in a research note on Thursday, September 12th. They set an “overweight” rating and a $1,000.00 price objective for the company. Barclays increased their target price on BlackRock from $985.00 to $990.00 and gave the stock an “overweight” rating in a research note on Monday, September 9th. Finally, UBS Group lowered their price target on BlackRock from $842.00 to $837.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $902.13.

BlackRock Stock Performance

The firm has a market cap of $134.41 billion, a P/E ratio of 23.02, a P/E/G ratio of 1.92 and a beta of 1.30. The company has a debt-to-equity ratio of 0.37, a quick ratio of 5.06 and a current ratio of 5.06. The business’s 50-day simple moving average is $860.07 and its 200 day simple moving average is $815.10.

BlackRock (NYSE:BLK) last announced its earnings results on Monday, July 15th. The asset manager reported $10.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.96 by $0.40. BlackRock had a return on equity of 15.44% and a net margin of 32.36%. The business had revenue of $4.81 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same period last year, the firm posted $9.28 earnings per share. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. As a group, equities analysts predict that BlackRock, Inc. will post 41.34 earnings per share for the current year.

BlackRock Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Monday, September 9th will be paid a dividend of $5.10 per share. This represents a $20.40 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Monday, September 9th. BlackRock’s dividend payout ratio is presently 51.84%.

Insider Transactions at BlackRock

In related news, CEO Laurence Fink sold 29,450 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $843.25, for a total value of $24,833,712.50. Following the completion of the sale, the chief executive officer now directly owns 353,718 shares of the company’s stock, valued at approximately $298,272,703.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Mark Wiedman sold 27,000 shares of BlackRock stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $834.42, for a total transaction of $22,529,340.00. Following the sale, the director now owns 6,480 shares in the company, valued at $5,407,041.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Laurence Fink sold 29,450 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $843.25, for a total transaction of $24,833,712.50. Following the transaction, the chief executive officer now owns 353,718 shares of the company’s stock, valued at approximately $298,272,703.50. The disclosure for this sale can be found here. Insiders sold 93,042 shares of company stock worth $79,387,117 in the last three months. Corporate insiders own 0.90% of the company’s stock.

Institutional Trading of BlackRock

Several hedge funds have recently bought and sold shares of the stock. Redmont Wealth Advisors LLC bought a new stake in BlackRock in the first quarter worth $27,000. Pineridge Advisors LLC bought a new stake in shares of BlackRock in the 4th quarter worth about $28,000. Fairscale Capital LLC purchased a new stake in shares of BlackRock during the 2nd quarter valued at about $31,000. Lam Group Inc. purchased a new position in BlackRock in the first quarter worth about $33,000. Finally, Fairman Group LLC bought a new stake in BlackRock during the fourth quarter worth approximately $35,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

About BlackRock

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.