Destination Wealth Management Has $1.28 Million Position in BlackRock, Inc. (NYSE:BLK)

Destination Wealth Management grew its holdings in BlackRock, Inc. (NYSE:BLK) by 9.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,245 shares of the asset manager’s stock after purchasing an additional 105 shares during the quarter. Destination Wealth Management’s holdings in BlackRock were worth $1,276,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of BlackRock during the fourth quarter valued at $1,432,000. Barden Capital Management Inc. acquired a new position in shares of BlackRock during the fourth quarter valued at $1,051,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of BlackRock during the fourth quarter valued at $8,241,000. Callan Family Office LLC lifted its stake in shares of BlackRock by 440.7% during the fourth quarter. Callan Family Office LLC now owns 5,623 shares of the asset manager’s stock valued at $5,764,000 after acquiring an additional 4,583 shares during the period. Finally, Welch & Forbes LLC lifted its stake in shares of BlackRock by 0.8% during the fourth quarter. Welch & Forbes LLC now owns 1,835 shares of the asset manager’s stock valued at $1,881,000 after acquiring an additional 14 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Transactions at BlackRock

In related news, Director J. Richard Kushel sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $1,072.64, for a total transaction of $10,726,400.00. Following the completion of the transaction, the director now directly owns 68,433 shares of the company’s stock, valued at approximately $73,403,973.12. This represents a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 20,430 shares of company stock valued at $21,234,629 over the last three months. Company insiders own 0.90% of the company’s stock.

BlackRock Stock Down 0.9 %

BLK stock opened at $959.02 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 5.23 and a quick ratio of 5.23. The stock has a market capitalization of $148.53 billion, a P/E ratio of 22.83, a P/E/G ratio of 1.90 and a beta of 1.28. The business has a 50-day moving average of $996.52 and a 200-day moving average of $983.60. BlackRock, Inc. has a fifty-two week low of $745.55 and a fifty-two week high of $1,084.22.

BlackRock (NYSE:BLK) last posted its quarterly earnings data on Wednesday, January 15th. The asset manager reported $11.93 earnings per share for the quarter, topping the consensus estimate of $11.52 by $0.41. The company had revenue of $5.68 billion during the quarter, compared to analysts’ expectations of $5.57 billion. BlackRock had a return on equity of 16.32% and a net margin of 31.21%. BlackRock’s revenue for the quarter was up 22.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $9.66 earnings per share. On average, sell-side analysts anticipate that BlackRock, Inc. will post 47.41 earnings per share for the current fiscal year.

BlackRock Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be given a dividend of $5.21 per share. This is a boost from BlackRock’s previous quarterly dividend of $5.10. This represents a $20.84 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Friday, March 7th. BlackRock’s dividend payout ratio is currently 49.62%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BLK shares. Citigroup upped their price target on BlackRock from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Monday, December 23rd. StockNews.com initiated coverage on BlackRock in a report on Wednesday. They issued a “hold” rating for the company. Evercore ISI upped their price objective on BlackRock from $1,040.00 to $1,160.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Wells Fargo & Company increased their price target on BlackRock from $1,155.00 to $1,175.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on BlackRock from $1,215.00 to $1,275.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $1,120.67.

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.