IBM Retirement Fund Has $727,000 Position in BlackRock, Inc. (BLK)
IBM Retirement Fund reduced its stake in BlackRock, Inc. (NYSE:BLK) by 8.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,850 shares of the asset manager’s stock after selling 167 shares during the quarter. IBM Retirement Fund’s holdings in BlackRock were worth $727,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Rehmann Capital Advisory Group increased its position in BlackRock by 51,763.3% in the 3rd quarter. Rehmann Capital Advisory Group now owns 1,084,461 shares of the asset manager’s stock worth $2,300,000 after buying an additional 1,082,370 shares during the period. Capital International Investors bought a new position in BlackRock in the 3rd quarter worth approximately $477,939,000. Flossbach Von Storch AG increased its position in BlackRock by 114.1% in the 4th quarter. Flossbach Von Storch AG now owns 582,743 shares of the asset manager’s stock worth $228,913,000 after buying an additional 310,623 shares during the period. Beutel Goodman & Co Ltd. bought a new position in BlackRock in the 4th quarter worth approximately $6,039,000. Finally, Capital World Investors increased its position in BlackRock by 1.8% in the 3rd quarter. Capital World Investors now owns 8,353,670 shares of the asset manager’s stock worth $3,937,335,000 after buying an additional 148,805 shares during the period. Hedge funds and other institutional investors own 82.09% of the company’s stock.
Several research analysts have commented on the company. Bank of America reaffirmed a “buy” rating and issued a $478.00 price target (down from $525.00) on shares of BlackRock in a research report on Thursday, December 6th. Morgan Stanley set a $515.00 price target on BlackRock and gave the stock a “buy” rating in a research report on Friday, February 8th. Barclays lifted their price target on BlackRock from $455.00 to $472.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 19th. Argus reaffirmed a “buy” rating on shares of BlackRock in a research report on Thursday, January 17th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $472.00 price target on shares of BlackRock in a research report on Wednesday, January 9th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $498.49.
BlackRock (NYSE:BLK) last released its quarterly earnings data on Wednesday, January 16th. The asset manager reported $6.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.35 by ($0.27). The firm had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.47 billion. BlackRock had a net margin of 30.32% and a return on equity of 13.51%. The business’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.24 earnings per share. As a group, research analysts predict that BlackRock, Inc. will post 26.23 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 21st. Stockholders of record on Wednesday, March 6th will be given a dividend of $3.30 per share. The ex-dividend date is Tuesday, March 5th. This is a boost from BlackRock’s previous quarterly dividend of $3.13. This represents a $13.20 dividend on an annualized basis and a dividend yield of 3.04%. BlackRock’s payout ratio is currently 49.02%.
In other news, Chairman Laurence Fink sold 44,000 shares of the business’s stock in a transaction that occurred on Monday, February 11th. The stock was sold at an average price of $412.75, for a total transaction of $18,161,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Robert L. Goldstein sold 5,133 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $443.00, for a total value of $2,273,919.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 138,650 shares of company stock worth $57,774,089. 1.75% of the stock is currently owned by company insiders.
BlackRock Company 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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