Envestnet Asset Management Inc. Increases Stock Position in BlackRock, Inc. (NYSE:BLK)

Envestnet Asset Management Inc. raised its position in BlackRock, Inc. (NYSE:BLK) by 2.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 685,456 shares of the asset manager’s stock after buying an additional 17,087 shares during the period. Envestnet Asset Management Inc. owned about 0.46% of BlackRock worth $539,673,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Redmont Wealth Advisors LLC acquired a new position in BlackRock in the 1st quarter worth about $27,000. Private Wealth Management Group LLC purchased a new stake in shares of BlackRock in the fourth quarter valued at approximately $28,000. Pineridge Advisors LLC acquired a new position in shares of BlackRock during the 4th quarter worth approximately $28,000. Lam Group Inc. purchased a new position in shares of BlackRock during the 1st quarter valued at approximately $33,000. Finally, Fairman Group LLC acquired a new stake in BlackRock in the 4th quarter valued at $35,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Buying and Selling

In other BlackRock news, CEO Laurence Fink sold 29,450 shares of BlackRock stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $843.25, for a total value of $24,833,712.50. Following the sale, the chief executive officer now owns 353,718 shares in the company, valued at $298,272,703.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other BlackRock news, Director Pamela Daley sold 1,531 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $842.08, for a total value of $1,289,224.48. Following the sale, the director now owns 5,732 shares of the company’s stock, valued at $4,826,802.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Laurence Fink sold 29,450 shares of BlackRock stock in a transaction on 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 of the company’s stock, valued at $298,272,703.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 93,042 shares of company stock worth $79,387,117. Company insiders own 0.90% of the company’s stock.

Wall Street Analyst Weigh In

BLK has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods upped their price objective on shares of BlackRock from $915.00 to $934.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 16th. UBS Group decreased their price target on shares of BlackRock from $842.00 to $837.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Evercore ISI lifted their price objective on BlackRock from $920.00 to $945.00 and gave the stock an “outperform” rating in a report on Thursday, September 5th. Argus increased their target price on BlackRock from $880.00 to $910.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Finally, Wells Fargo & Company initiated coverage on BlackRock in a research note on Thursday. They issued an “overweight” rating and a $1,000.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $902.13.

BlackRock Stock Up 0.1 %

NYSE BLK opened at $885.73 on Friday. The business’s fifty day simple moving average is $857.98 and its 200-day simple moving average is $814.37. The company has a quick ratio of 5.06, a current ratio of 5.06 and a debt-to-equity ratio of 0.37. The firm has a market cap of $131.20 billion, a PE ratio of 22.51, a P/E/G ratio of 1.92 and a beta of 1.30. BlackRock, Inc. has a 52 week low of $596.18 and a 52 week high of $903.46.

BlackRock (NYSE:BLK) last issued its earnings results on Monday, July 15th. The asset manager reported $10.36 EPS for the quarter, topping analysts’ consensus estimates of $9.96 by $0.40. BlackRock had a net margin of 32.36% and a return on equity of 15.44%. The company had revenue of $4.81 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the firm earned $9.28 earnings per share. BlackRock’s quarterly revenue was up 7.7% compared to the same quarter last year. As a group, equities analysts anticipate that BlackRock, Inc. will post 41.34 earnings per share for the current year.

BlackRock Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Monday, September 9th will be issued a $5.10 dividend. This represents a $20.40 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Monday, September 9th. BlackRock’s dividend payout ratio is presently 51.84%.

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.