BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its holdings in BlackRock, Inc. (NYSE:BLK) by 26.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,589 shares of the asset manager’s stock after selling 11,552 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in BlackRock were worth $13,928,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also bought and sold shares of the company. Raymond James & Associates raised its stake in shares of BlackRock by 7.6% in the fourth quarter. Raymond James & Associates now owns 166,642 shares of the asset manager’s stock valued at $65,467,000 after purchasing an additional 11,811 shares in the last quarter. Smith Moore & CO. raised its stake in shares of BlackRock by 14.6% in the fourth quarter. Smith Moore & CO. now owns 590 shares of the asset manager’s stock valued at $232,000 after purchasing an additional 75 shares in the last quarter. Morningstar Investment Services LLC raised its stake in shares of BlackRock by 108.6% in the fourth quarter. Morningstar Investment Services LLC now owns 83,769 shares of the asset manager’s stock valued at $32,906,000 after purchasing an additional 43,614 shares in the last quarter. Rockland Trust Co. raised its stake in shares of BlackRock by 3.5% in the first quarter. Rockland Trust Co. now owns 15,712 shares of the asset manager’s stock valued at $6,715,000 after purchasing an additional 531 shares in the last quarter. Finally, Cordatus Wealth Management LLC acquired a new position in shares of BlackRock in the fourth quarter valued at $364,000. 81.36% of the stock is owned by institutional investors.
Shares of BLK stock traded down $1.31 during trading hours on Friday, hitting $446.97. 332,632 shares of the company’s stock were exchanged, compared to its average volume of 575,436. The company has a debt-to-equity ratio of 0.83, a quick ratio of 3.49 and a current ratio of 3.49. The stock has a market capitalization of $69.27 billion, a PE ratio of 16.60, a PEG ratio of 1.61 and a beta of 1.50. BlackRock, Inc. has a 52 week low of $360.79 and a 52 week high of $530.58.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Thursday, June 6th will be issued a $3.30 dividend. This represents a $13.20 annualized dividend and a yield of 2.95%. The ex-dividend date of this dividend is Wednesday, June 5th. BlackRock’s dividend payout ratio is 49.02%.
In related news, CFO Gary Shedlin sold 2,750 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $467.99, for a total value of $1,286,972.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Laurence Fink sold 31,250 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $481.79, for a total value of $15,055,937.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,525 shares of company stock worth $16,591,075. 1.42% of the stock is owned by company insiders.
A number of research analysts recently commented on the company. Zacks Investment Research upgraded BlackRock from a “sell” rating to a “hold” rating in a research note on Wednesday, March 6th. Wells Fargo & Co upped their target price on BlackRock from $460.00 to $480.00 and gave the company an “average” rating in a research note on Wednesday, April 17th. Citigroup increased their price objective on BlackRock from $450.00 to $500.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Morgan Stanley increased their price objective on BlackRock from $536.00 to $545.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Finally, Bank of America reiterated a “buy” rating and set a $498.00 price objective (up from $490.00) on shares of BlackRock in a research note on Friday, March 8th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $509.38.
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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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