Toronto Dominion Bank Increases Holdings in BlackRock, Inc. (NYSE:BLK)
Toronto Dominion Bank increased its position in BlackRock, Inc. (NYSE:BLK) by 26.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 91,270 shares of the asset manager’s stock after acquiring an additional 19,266 shares during the period. Toronto Dominion Bank owned about 0.06% of BlackRock worth $49,670,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of BLK. Lindbrook Capital LLC increased its position in shares of BlackRock by 3.2% during the 2nd quarter. Lindbrook Capital LLC now owns 585 shares of the asset manager’s stock valued at $318,000 after purchasing an additional 18 shares during the last quarter. Lyell Wealth Management LP grew its position in shares of BlackRock by 2.7% during the 2nd quarter. Lyell Wealth Management LP now owns 683 shares of the asset manager’s stock valued at $372,000 after acquiring an additional 18 shares during the period. Sigma Planning Corp increased its stake in shares of BlackRock by 1.0% in the 2nd quarter. Sigma Planning Corp now owns 1,971 shares of the asset manager’s stock worth $1,073,000 after purchasing an additional 19 shares in the last quarter. Smithbridge Asset Management Inc. DE increased its stake in shares of BlackRock by 2.4% in the 2nd quarter. Smithbridge Asset Management Inc. DE now owns 870 shares of the asset manager’s stock worth $473,000 after purchasing an additional 20 shares in the last quarter. Finally, Wilbanks Smith & Thomas Asset Management LLC raised its holdings in BlackRock by 3.6% in the 2nd quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 571 shares of the asset manager’s stock worth $311,000 after purchasing an additional 20 shares during the period. Institutional investors own 79.21% of the company’s stock.
BLK has been the topic of several recent research reports. Barclays raised their price objective on BlackRock from $515.00 to $580.00 and gave the stock an “overweight” rating in a research note on Monday, June 15th. Wells Fargo & Company increased their price target on BlackRock from $605.00 to $615.00 and gave the stock an “overweight” rating in a research note on Monday, July 13th. Credit Suisse Group reiterated a “buy” rating and set a $552.00 target price on shares of BlackRock in a research report on Thursday, May 28th. Citigroup raised their price target on BlackRock from $630.00 to $685.00 and gave the company a “buy” rating in a report on Monday, July 20th. Finally, Deutsche Bank reduced their price target on shares of BlackRock from $565.00 to $563.00 and set a “hold” rating on the stock in a research report on Thursday, July 9th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $600.17.
BlackRock (NYSE:BLK) last released its earnings results on Friday, July 17th. The asset manager reported $7.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.90 by $0.95. BlackRock had a return on equity of 14.17% and a net margin of 29.55%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the prior year, the firm earned $6.41 EPS. The firm’s revenue was up 2.3% on a year-over-year basis. Analysts predict that BlackRock, Inc. will post 29.45 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Friday, September 4th will be paid a $3.63 dividend. This represents a $14.52 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend is Thursday, September 3rd. BlackRock’s payout ratio is 50.98%.
In related news, Director J. Richard Kushel sold 2,182 shares of the business’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $574.39, for a total transaction of $1,253,318.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Laurence Fink sold 41,706 shares of the company’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $580.29, for a total transaction of $24,201,574.74. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,248 shares of company stock valued at $27,405,326. Company insiders own 1.42% of the company’s stock.
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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