Canopy Partners LLC Purchases 63 Shares of BlackRock, Inc. (NYSE:BLK)

Canopy Partners LLC grew its position in BlackRock, Inc. (NYSE:BLK) by 6.2% during the third quarter, HoldingsChannel.com reports. The fund owned 1,082 shares of the asset manager’s stock after acquiring an additional 63 shares during the quarter. Canopy Partners LLC’s holdings in BlackRock were worth $1,027,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Natixis bought a new position in shares of BlackRock in the 1st quarter valued at about $390,000. Epoch Investment Partners Inc. increased its stake in BlackRock by 2.4% in the 1st quarter. Epoch Investment Partners Inc. now owns 53,978 shares of the asset manager’s stock worth $45,001,000 after buying an additional 1,253 shares during the period. Lazard Asset Management LLC lifted its holdings in BlackRock by 9.5% during the 1st quarter. Lazard Asset Management LLC now owns 938 shares of the asset manager’s stock valued at $781,000 after buying an additional 81 shares in the last quarter. Steel Grove Capital Advisors LLC purchased a new stake in BlackRock in the 1st quarter valued at about $304,000. Finally, Kestra Advisory Services LLC grew its stake in BlackRock by 3.3% in the 1st quarter. Kestra Advisory Services LLC now owns 15,038 shares of the asset manager’s stock worth $12,537,000 after acquiring an additional 480 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BLK. StockNews.com began coverage on BlackRock in a report on Thursday. They issued a “hold” rating for the company. Wells Fargo & Company upped their price objective on shares of BlackRock from $1,000.00 to $1,070.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group lifted their price objective on shares of BlackRock from $960.00 to $1,040.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. Barclays increased their price target on shares of BlackRock from $1,010.00 to $1,120.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Finally, Evercore ISI upped their price target on BlackRock from $1,040.00 to $1,160.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, BlackRock has a consensus rating of “Moderate Buy” and a consensus price target of $1,019.62.

Insider Transactions at BlackRock

In other BlackRock news, Director Mark Wiedman sold 12,000 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $900.00, for a total value of $10,800,000.00. Following the completion of the transaction, the director now owns 6,480 shares in the company, valued at approximately $5,832,000. This represents a 64.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.90% of the company’s stock.

BlackRock Stock Performance

Shares of NYSE BLK opened at $1,036.46 on Friday. The stock has a market cap of $160.53 billion, a price-to-earnings ratio of 25.58, a PEG ratio of 1.83 and a beta of 1.30. BlackRock, Inc. has a 12 month low of $724.54 and a 12 month high of $1,068.34. The company has a 50 day simple moving average of $984.28 and a two-hundred day simple moving average of $879.49. The company has a current ratio of 5.06, a quick ratio of 5.06 and a debt-to-equity ratio of 0.37.

BlackRock (NYSE:BLK) last announced its quarterly earnings results on Friday, October 11th. The asset manager reported $11.46 earnings per share for the quarter, topping the consensus estimate of $10.42 by $1.04. The company had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.03 billion. BlackRock had a return on equity of 15.52% and a net margin of 31.37%. The firm’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same period last year, the firm earned $10.91 EPS. As a group, analysts predict that BlackRock, Inc. will post 43.17 earnings per share for the current year.

BlackRock Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Thursday, December 5th will be given a $5.10 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $20.40 annualized dividend and a yield of 1.97%. BlackRock’s dividend payout ratio is presently 50.35%.

BlackRock Company Profile

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.