Convergence Financial LLC Has $802,000 Stock Holdings in BlackRock, Inc. (NYSE:BLK)

Convergence Financial LLC boosted its position in BlackRock, Inc. (NYSE:BLK) by 1.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 783 shares of the asset manager’s stock after buying an additional 12 shares during the period. Convergence Financial LLC’s holdings in BlackRock were worth $802,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. FSA Wealth Management LLC acquired a new position in shares of BlackRock during the third quarter worth approximately $26,000. Collier Financial bought a new stake in BlackRock during the 4th quarter valued at $32,000. Compass Planning Associates Inc acquired a new position in BlackRock during the fourth quarter worth $33,000. Atwood & Palmer Inc. bought a new position in shares of BlackRock in the fourth quarter valued at $36,000. Finally, Reston Wealth Management LLC acquired a new position in shares of BlackRock during the third quarter valued at about $37,000. Institutional investors own 80.69% of the company’s stock.

Insider Buying and Selling at BlackRock

In other BlackRock news, Director J. Richard Kushel sold 10,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $1,010.00, for a total transaction of $10,100,000.00. Following the sale, the director now owns 68,433 shares in the company, valued at $69,117,330. This represents a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Robert L. Goldstein sold 54,000 shares of BlackRock stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $1,046.03, for a total value of $56,485,620.00. Following the completion of the transaction, the chief operating officer now owns 41,916 shares of the company’s stock, valued at approximately $43,845,393.48. This trade represents a 56.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 110,190 shares of company stock valued at $115,163,141 over the last three months. 0.90% of the stock is currently owned by insiders.

BlackRock Stock Down 0.5 %

BlackRock stock opened at $953.38 on Thursday. The firm has a 50 day moving average price of $1,006.16 and a 200-day moving average price of $980.19. The company has a quick ratio of 5.23, a current ratio of 5.23 and a debt-to-equity ratio of 0.45. BlackRock, Inc. has a twelve month low of $745.55 and a twelve month high of $1,084.22. The company has a market capitalization of $147.66 billion, a P/E ratio of 22.70, a P/E/G ratio of 1.90 and a beta of 1.28.

BlackRock (NYSE:BLK) last released its earnings results on Wednesday, January 15th. The asset manager reported $11.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $11.52 by $0.41. BlackRock had a return on equity of 16.32% and a net margin of 31.21%. The business had revenue of $5.68 billion during the quarter, compared to the consensus estimate of $5.57 billion. During the same period last year, the business posted $9.66 earnings per share. The business’s revenue for the quarter was up 22.6% on a year-over-year basis. As a group, equities analysts predict that BlackRock, Inc. will post 47.41 EPS for the current year.

BlackRock Increases Dividend

The company 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. This is a boost from BlackRock’s previous quarterly dividend of $5.10. This represents a $20.84 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Friday, March 7th. BlackRock’s payout ratio is currently 49.62%.

Wall Street Analysts Forecast Growth

BLK has been the topic of several recent research reports. Citigroup raised their price target on shares of BlackRock from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Monday, December 23rd. Barclays cut their target price on BlackRock from $1,220.00 to $1,160.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. UBS Group increased their price target on BlackRock from $1,017.00 to $1,045.00 and gave the company a “neutral” rating in a research report on Tuesday, January 21st. Wells Fargo & Company raised their price objective on BlackRock from $1,155.00 to $1,175.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Finally, Morgan Stanley upped their target price on shares of BlackRock from $1,261.00 to $1,275.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,120.67.

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.