Canandaigua National Bank & Trust Co. cut its position in shares of BlackRock, Inc. (NYSE:BLK) by 3.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,254 shares of the asset manager’s stock after selling 101 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in BlackRock were worth $1,375,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in BlackRock by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 7,794,209 shares of the asset manager’s stock valued at $2,989,157,000 after buying an additional 250,431 shares in the last quarter. BlackRock Inc. lifted its holdings in BlackRock by 2,775.4% during the 1st quarter. BlackRock Inc. now owns 6,541,505 shares of the asset manager’s stock valued at $2,508,733,000 after buying an additional 6,314,004 shares in the last quarter. State Street Corp lifted its holdings in BlackRock by 2.1% during the 1st quarter. State Street Corp now owns 5,445,766 shares of the asset manager’s stock valued at $2,088,501,000 after buying an additional 112,993 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in BlackRock by 4.1% during the 1st quarter. Wells Fargo & Company MN now owns 2,041,394 shares of the asset manager’s stock valued at $782,896,000 after buying an additional 80,433 shares in the last quarter. Finally, UBS Group AG lifted its holdings in BlackRock by 40.2% during the 1st quarter. UBS Group AG now owns 1,696,340 shares of the asset manager’s stock valued at $650,563,000 after buying an additional 486,502 shares in the last quarter. 82.77% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts recently weighed in on BLK shares. Deutsche Bank AG reiterated a “buy” rating and set a $455.00 price objective (down previously from $465.00) on shares of BlackRock in a report on Tuesday, July 18th. Zacks Investment Research upgraded shares of BlackRock from a “hold” rating to a “buy” rating and set a $480.00 price objective for the company in a report on Tuesday, June 20th. Bank of America Corporation reiterated a “buy” rating and set a $450.00 price objective on shares of BlackRock in a report on Monday, June 19th. BidaskClub lowered shares of BlackRock from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $387.00 price objective on shares of BlackRock in a report on Wednesday, May 17th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $449.08.
In other news, insider Robert W. Fairbairn sold 3,675 shares of the stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $415.31, for a total transaction of $1,526,264.25. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jeff A. Smith sold 250 shares of the stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $434.87, for a total transaction of $108,717.50. The disclosure for this sale can be found here. Insiders have sold 4,447 shares of company stock worth $1,855,015 in the last three months. Corporate insiders own 1.86% of the company’s stock.
Shares of BlackRock, Inc. (BLK) opened at 428.57 on Wednesday. The company has a market cap of $69.52 billion, a price-to-earnings ratio of 20.57 and a beta of 1.71. The stock has a 50 day moving average of $422.40 and a 200 day moving average of $405.26. BlackRock, Inc. has a 12-month low of $336.84 and a 12-month high of $442.84.
BlackRock (NYSE:BLK) last issued its quarterly earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $5.39 by ($0.15). The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $3.01 billion. BlackRock had a return on equity of 11.74% and a net margin of 29.92%. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the prior year, the company posted $4.78 EPS. Analysts forecast that BlackRock, Inc. will post $21.82 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Tuesday, September 5th will be given a dividend of $2.50 per share. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $10.00 annualized dividend and a dividend yield of 2.33%. BlackRock’s dividend payout ratio is presently 47.98%.
BlackRock Company Profile
BlackRock, Inc (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients.
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