BlackRock (NYSE:BLK) Trading Down 0.8% – Here’s Why

BlackRock, Inc. (NYSE:BLK) shares were down 0.8% on Tuesday . The stock traded as low as $975.69 and last traded at $978.07. Approximately 262,830 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 791,662 shares. The stock had previously closed at $985.55.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BLK. Barclays cut their price objective on shares of BlackRock from $1,220.00 to $1,160.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Deutsche Bank Aktiengesellschaft raised their price objective on BlackRock from $1,215.00 to $1,275.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. StockNews.com initiated coverage on shares of BlackRock in a report on Sunday. They issued a “hold” rating for the company. JPMorgan Chase & Co. upped their price target on shares of BlackRock from $914.00 to $971.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Finally, Citigroup lifted their target price on shares of BlackRock from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Monday, December 23rd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,120.67.

BlackRock Stock Up 0.2 %

The company has a market capitalization of $152.97 billion, a PE ratio of 23.48, a P/E/G ratio of 1.93 and a beta of 1.28. The business has a 50-day moving average of $1,024.23 and a 200 day moving average of $971.03. The company has a debt-to-equity ratio of 0.45, a current ratio of 5.23 and a quick ratio of 5.23.

BlackRock (NYSE:BLK) last posted its earnings results on Wednesday, January 15th. The asset manager reported $11.93 EPS for the quarter, beating 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 firm had revenue of $5.68 billion during the quarter, compared to the consensus estimate of $5.57 billion. During the same period in the prior year, the company earned $9.66 EPS. The company’s quarterly revenue was up 22.6% compared to the same quarter last year. Equities research analysts predict that BlackRock, Inc. will post 47.44 earnings per share for the current year.

BlackRock Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, March 7th will be issued a $5.21 dividend. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from BlackRock’s previous quarterly dividend of $5.10. This represents a $20.84 dividend on an annualized basis and a dividend yield of 2.11%. BlackRock’s payout ratio is 48.57%.

Insider Activity at BlackRock

In other BlackRock news, 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 transaction of $56,485,620.00. Following the completion of the transaction, the chief operating officer now directly owns 41,916 shares of the company’s stock, valued at $43,845,393.48. The trade was a 56.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director J. Richard Kushel sold 10,000 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $1,072.64, for a total value of $10,726,400.00. Following the transaction, the director now owns 68,433 shares of the company’s stock, valued at approximately $73,403,973.12. The trade was a 12.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,190 shares of company stock valued at $115,163,141. Insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On BlackRock

Several large investors have recently added to or reduced their stakes in the stock. FSA Wealth Management LLC bought a new stake in shares of BlackRock during the third quarter valued at approximately $26,000. IAG Wealth Partners LLC purchased a new position in BlackRock during the 4th quarter worth $26,000. Collier Financial bought a new stake in BlackRock during the 4th quarter valued at $32,000. Compass Planning Associates Inc purchased a new stake in shares of BlackRock in the 4th quarter worth $33,000. Finally, Atwood & Palmer Inc. bought a new position in shares of BlackRock during the 4th quarter worth $36,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

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.