Jacobi Capital Management LLC Raises Stake in BlackRock, Inc. (NYSE:BLK)

Jacobi Capital Management LLC lifted its position in shares of BlackRock, Inc. (NYSE:BLKGet Rating) by 12.9% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 664 shares of the asset manager’s stock after buying an additional 76 shares during the quarter. Jacobi Capital Management LLC’s holdings in BlackRock were worth $507,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Parallel Advisors LLC lifted its holdings in BlackRock by 18.2% in the 1st quarter. Parallel Advisors LLC now owns 2,026 shares of the asset manager’s stock valued at $1,575,000 after acquiring an additional 312 shares during the last quarter. Arkadios Wealth Advisors raised its position in shares of BlackRock by 24.9% in the first quarter. Arkadios Wealth Advisors now owns 1,767 shares of the asset manager’s stock valued at $1,350,000 after purchasing an additional 352 shares during the period. Koshinski Asset Management Inc. increased its position in BlackRock by 5.7% during the first quarter. Koshinski Asset Management Inc. now owns 2,001 shares of the asset manager’s stock worth $1,529,000 after acquiring an additional 108 shares during the period. Pacer Advisors Inc. increased its position in BlackRock by 19.0% during the first quarter. Pacer Advisors Inc. now owns 12,876 shares of the asset manager’s stock worth $9,839,000 after acquiring an additional 2,056 shares during the period. Finally, Mechanics Bank Trust Department boosted its stake in BlackRock by 25.6% during the first quarter. Mechanics Bank Trust Department now owns 3,266 shares of the asset manager’s stock worth $2,496,000 after buying an additional 666 shares in the last quarter. 93.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Laurence Fink sold 44,500 shares of BlackRock stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $684.61, for a total transaction of $30,465,145.00. Following the sale, the chief executive officer now directly owns 563,771 shares of the company’s stock, valued at $385,963,264.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, President Robert Kapito sold 37,588 shares of the firm’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $632.88, for a total transaction of $23,788,693.44. Following the completion of the transaction, the president now directly owns 226,680 shares in the company, valued at $143,461,238.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Laurence Fink sold 44,500 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $684.61, for a total value of $30,465,145.00. Following the transaction, the chief executive officer now owns 563,771 shares of the company’s stock, valued at $385,963,264.31. The disclosure for this sale can be found here. Insiders own 1.06% of the company’s stock.

BlackRock Stock Performance

NYSE:BLK opened at $695.93 on Friday. The stock’s 50-day simple moving average is $633.39 and its 200 day simple moving average is $687.70. The firm has a market capitalization of $105.43 billion, a PE ratio of 18.35, a price-to-earnings-growth ratio of 3.65 and a beta of 1.25. The company has a quick ratio of 4.33, a current ratio of 4.33 and a debt-to-equity ratio of 0.39. BlackRock, Inc. has a twelve month low of $575.60 and a twelve month high of $973.16.

BlackRock (NYSE:BLKGet Rating) last released its quarterly earnings data on Friday, July 15th. The asset manager reported $7.36 earnings per share for the quarter, missing the consensus estimate of $7.94 by ($0.58). BlackRock had a net margin of 30.12% and a return on equity of 15.72%. The business had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.53 billion. During the same period last year, the business earned $10.03 earnings per share. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. On average, analysts anticipate that BlackRock, Inc. will post 33.91 EPS for the current fiscal year.

BlackRock Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Wednesday, September 7th will be paid a dividend of $4.88 per share. This represents a $19.52 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date is Tuesday, September 6th. BlackRock’s payout ratio is 51.46%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BLK. Deutsche Bank Aktiengesellschaft dropped their price objective on BlackRock from $747.00 to $725.00 in a report on Wednesday, July 13th. Keefe, Bruyette & Woods dropped their price target on BlackRock from $719.00 to $675.00 and set a “market perform” rating on the stock in a research note on Tuesday, June 28th. Citigroup dropped their price target on BlackRock from $1,035.00 to $900.00 and set a “buy” rating on the stock in a research note on Tuesday, April 12th. JPMorgan Chase & Co. lowered their price objective on BlackRock from $902.00 to $729.00 and set an “overweight” rating on the stock in a research report on Friday, July 8th. Finally, Morgan Stanley lowered their price objective on BlackRock from $801.00 to $773.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 27th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, BlackRock has a consensus rating of “Moderate Buy” and a consensus target price of $794.08.

BlackRock Company Profile

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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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Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

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