Patten Group Inc. Has $309,000 Holdings in BlackRock, Inc. (NYSE:BLK)

Patten Group Inc. lessened its stake in BlackRock, Inc. (NYSE:BLK) by 4.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 301 shares of the asset manager’s stock after selling 13 shares during the quarter. Patten Group Inc.’s holdings in BlackRock were worth $309,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in BLK. Chicago Partners Investment Group LLC lifted its holdings in BlackRock by 39.0% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 709 shares of the asset manager’s stock valued at $701,000 after purchasing an additional 199 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in BlackRock by 0.4% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 2,979 shares of the asset manager’s stock valued at $2,829,000 after purchasing an additional 11 shares during the last quarter. Van ECK Associates Corp lifted its holdings in BlackRock by 9.1% during the 3rd quarter. Van ECK Associates Corp now owns 34,015 shares of the asset manager’s stock valued at $33,612,000 after purchasing an additional 2,836 shares during the last quarter. BSW Wealth Partners acquired a new stake in BlackRock during the 3rd quarter valued at $207,000. Finally, Catalyst Capital Advisors LLC acquired a new stake in BlackRock during the 3rd quarter valued at $96,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Activity at BlackRock

In related news, COO Robert L. Goldstein sold 54,000 shares of the firm’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $1,046.03, for a total value of $56,485,620.00. Following the sale, the chief operating officer now directly owns 41,916 shares of the company’s stock, valued at $43,845,393.48. This trade represents a 56.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director J. Richard Kushel sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $1,010.00, for a total value of $10,100,000.00. Following the completion of the sale, the director now directly owns 68,433 shares in the company, valued at $69,117,330. This trade represents a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 110,620 shares of company stock valued at $115,571,370 over the last ninety days. 0.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BLK. Barclays cut their price target on BlackRock from $1,220.00 to $1,160.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Evercore ISI increased their price objective on BlackRock from $1,040.00 to $1,160.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. UBS Group increased their price objective on BlackRock from $1,017.00 to $1,045.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 21st. Wells Fargo & Company increased their price objective on BlackRock from $1,155.00 to $1,175.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Finally, JPMorgan Chase & Co. increased their price objective on BlackRock from $914.00 to $971.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $1,120.67.

BlackRock Stock Down 1.6 %

Shares of NYSE BLK opened at $951.24 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 5.23 and a current ratio of 5.23. BlackRock, Inc. has a 52 week low of $745.55 and a 52 week high of $1,084.22. The stock has a market capitalization of $147.33 billion, a P/E ratio of 22.65, a PEG ratio of 1.90 and a beta of 1.28. The stock’s fifty day moving average is $1,000.17 and its 200 day moving average is $983.89.

BlackRock (NYSE:BLK) last issued its quarterly earnings results on Wednesday, January 15th. The asset manager reported $11.93 EPS for the quarter, topping analysts’ consensus estimates of $11.52 by $0.41. The company had revenue of $5.68 billion for 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 was up 22.6% on a year-over-year basis. During the same quarter last year, the business earned $9.66 earnings per share. Sell-side analysts forecast that BlackRock, Inc. will post 47.41 earnings per share for the current fiscal year.

BlackRock Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be paid a $5.21 dividend. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from BlackRock’s previous quarterly dividend of $5.10. This represents a $20.84 annualized dividend and a yield of 2.19%. BlackRock’s dividend payout ratio (DPR) is 49.62%.

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.