BlackRock, Inc. (NYSE:BLK) Position Boosted by Fred Alger Management LLC

Fred Alger Management LLC boosted its holdings in shares of BlackRock, Inc. (NYSE:BLK) by 8.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,983 shares of the asset manager’s stock after purchasing an additional 830 shares during the period. Fred Alger Management LLC’s holdings in BlackRock were worth $8,647,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in BLK. Redmont Wealth Advisors LLC acquired a new stake in shares of BlackRock during the 1st quarter valued at $27,000. Pineridge Advisors LLC purchased a new stake in shares of BlackRock during the fourth quarter valued at $28,000. Fairscale Capital LLC acquired a new position in shares of BlackRock in the 2nd quarter valued at $31,000. Lam Group Inc. purchased a new position in BlackRock in the 1st quarter worth about $33,000. Finally, Fairman Group LLC acquired a new stake in BlackRock during the 4th quarter worth about $35,000. 80.69% of the stock is currently owned by institutional investors.

Insider Activity

In other BlackRock news, CEO Laurence Fink sold 29,450 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 353,718 shares of the company’s stock, valued at $298,272,703.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other BlackRock news, Director Mark Wiedman sold 12,000 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $900.00, for a total transaction of $10,800,000.00. Following the completion of the transaction, the director now owns 6,480 shares of the company’s stock, valued at approximately $5,832,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Laurence Fink sold 29,450 shares of the firm’s stock in a transaction dated 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 in the company, valued at $298,272,703.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 93,042 shares of company stock valued at $79,387,117. Insiders own 0.90% of the company’s stock.

Wall Street Analysts Forecast Growth

BLK has been the topic of several analyst reports. Evercore ISI lifted their target price on shares of BlackRock from $920.00 to $945.00 and gave the stock an “outperform” rating in a research report on Thursday, September 5th. Citigroup lifted their price objective on shares of BlackRock from $920.00 to $930.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Wells Fargo & Company started coverage on BlackRock in a research report on Thursday, September 12th. They issued an “overweight” rating and a $1,000.00 target price for the company. Deutsche Bank Aktiengesellschaft upped their price target on BlackRock from $912.00 to $937.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Finally, StockNews.com started coverage on BlackRock in a research report on Thursday. They set a “hold” rating for the company. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, BlackRock has a consensus rating of “Moderate Buy” and an average target price of $902.13.

BlackRock Trading Down 0.5 %

NYSE:BLK opened at $936.90 on Thursday. The company has a market capitalization of $139.22 billion, a P/E ratio of 23.81, a P/E/G ratio of 2.05 and a beta of 1.30. The stock’s 50 day moving average price is $872.80 and its 200 day moving average price is $819.29. The company has a debt-to-equity ratio of 0.37, a quick ratio of 5.06 and a current ratio of 5.06. BlackRock, Inc. has a 52 week low of $596.18 and a 52 week high of $942.84.

BlackRock (NYSE:BLK) last released its quarterly earnings results on Monday, July 15th. The asset manager reported $10.36 earnings per share for the quarter, beating analysts’ consensus estimates of $9.96 by $0.40. The business had revenue of $4.81 billion for the quarter, compared to the consensus estimate of $4.85 billion. BlackRock had a net margin of 32.36% and a return on equity of 15.44%. BlackRock’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter last year, the firm earned $9.28 EPS. On average, research analysts forecast that BlackRock, Inc. will post 41.37 EPS for the current fiscal year.

BlackRock Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Monday, September 9th were paid a dividend of $5.10 per share. The ex-dividend date was Monday, September 9th. This represents a $20.40 annualized dividend and a dividend yield of 2.18%. BlackRock’s dividend payout ratio (DPR) is presently 51.84%.

BlackRock 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.