BlackRock, Inc. (NYSE:BLK) Position Boosted by State of Michigan Retirement System
State of Michigan Retirement System increased its holdings in BlackRock, Inc. (NYSE:BLK) by 46.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,398 shares of the asset manager’s stock after buying an additional 12,418 shares during the quarter. State of Michigan Retirement System’s holdings in BlackRock were worth $21,436,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the stock. Lindbrook Capital LLC grew its holdings in BlackRock by 3.2% in the 2nd quarter. Lindbrook Capital LLC now owns 585 shares of the asset manager’s stock worth $318,000 after buying an additional 18 shares in the last quarter. Tarbox Family Office Inc. boosted its stake in BlackRock by 2.6% during the 1st quarter. Tarbox Family Office Inc. now owns 793 shares of the asset manager’s stock valued at $349,000 after purchasing an additional 20 shares in the last quarter. Smithbridge Asset Management Inc. DE boosted its stake in BlackRock by 2.4% during the 2nd quarter. Smithbridge Asset Management Inc. DE now owns 870 shares of the asset manager’s stock valued at $473,000 after purchasing an additional 20 shares in the last quarter. Wealthcare Advisory Partners LLC boosted its stake in BlackRock by 13.5% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 176 shares of the asset manager’s stock valued at $78,000 after purchasing an additional 21 shares in the last quarter. Finally, Savant Capital LLC boosted its stake in BlackRock by 1.7% during the 1st quarter. Savant Capital LLC now owns 1,329 shares of the asset manager’s stock valued at $585,000 after purchasing an additional 22 shares in the last quarter. 82.79% of the stock is owned by institutional investors and hedge funds.
In other BlackRock news, Director Rachel Lord sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $499.31, for a total value of $1,497,930.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, General Counsel Christopher J. Meade sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $526.04, for a total transaction of $1,052,080.00. The disclosure for this sale can be found here. Insiders sold 53,388 shares of company stock worth $30,536,679 in the last 90 days. Company insiders own 1.42% of the company’s stock.
BlackRock (NYSE:BLK) last posted its quarterly earnings results on Friday, July 17th. The asset manager reported $7.85 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $6.90 by $0.95. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. BlackRock had a net margin of 29.55% and a return on equity of 14.14%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the business posted $6.41 EPS. As a group, sell-side analysts expect that BlackRock, Inc. will post 29.24 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Friday, September 4th will be given a $3.63 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $14.52 dividend on an annualized basis and a yield of 2.53%. BlackRock’s dividend payout ratio is currently 50.98%.
BLK has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their price target on BlackRock from $526.00 to $524.00 and set an “overweight” rating for the company in a research note on Thursday, May 14th. Wells Fargo & Co upped their target price on shares of BlackRock from $605.00 to $615.00 and gave the stock an “overweight” rating in a research note on Monday, July 13th. Citigroup increased their price objective on shares of BlackRock from $630.00 to $685.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Credit Suisse Group reaffirmed a “buy” rating and issued a $552.00 target price on shares of BlackRock in a report on Thursday, May 28th. Finally, UBS Group dropped their target price on shares of BlackRock from $587.00 to $487.00 and set a “buy” rating on the stock in a report on Tuesday, April 7th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $600.17.
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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