Chemung Canal Trust Co. Acquires 28 Shares of BlackRock, Inc. (NYSE:BLK)

Chemung Canal Trust Co. raised its holdings in shares of BlackRock, Inc. (NYSE:BLK) by 4.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 607 shares of the asset manager’s stock after purchasing an additional 28 shares during the period. Chemung Canal Trust Co.’s holdings in BlackRock were worth $506,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Emerald Advisors LLC grew its holdings in shares of BlackRock by 2.5% during the 4th quarter. Emerald Advisors LLC now owns 1,048 shares of the asset manager’s stock worth $851,000 after acquiring an additional 26 shares during the period. Carolinas Wealth Consulting LLC grew its holdings in shares of BlackRock by 25.0% during the 4th quarter. Carolinas Wealth Consulting LLC now owns 200 shares of the asset manager’s stock worth $163,000 after acquiring an additional 40 shares during the period. McGlone Suttner Wealth Management Inc. grew its holdings in shares of BlackRock by 8.5% during the 4th quarter. McGlone Suttner Wealth Management Inc. now owns 764 shares of the asset manager’s stock worth $620,000 after acquiring an additional 60 shares during the period. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of BlackRock during the 4th quarter worth approximately $439,000. Finally, Patten & Patten Inc. TN purchased a new position in shares of BlackRock during the 4th quarter worth approximately $205,000. Institutional investors own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Morgan Stanley upped their target price on BlackRock from $1,013.00 to $1,025.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. UBS Group upped their price target on BlackRock from $818.00 to $850.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. JPMorgan Chase & Co. raised their price objective on BlackRock from $742.00 to $767.00 and gave the company a “neutral” rating in a research report on Tuesday, April 2nd. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $930.00 price objective (up previously from $918.00) on shares of BlackRock in a research report on Friday, April 5th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $845.42.

Insiders Place Their Bets

In other BlackRock news, CEO Laurence Fink sold 30,978 shares of BlackRock stock in a transaction on Monday, May 20th. The stock was sold at an average price of $807.29, for a total value of $25,008,229.62. Following the completion of the sale, the chief executive officer now owns 383,168 shares of the company’s stock, valued at approximately $309,327,694.72. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Laurence Fink sold 30,978 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $807.29, for a total value of $25,008,229.62. Following the transaction, the chief executive officer now directly owns 383,168 shares in the company, valued at approximately $309,327,694.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mark Wiedman sold 9,000 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $795.00, for a total value of $7,155,000.00. Following the completion of the transaction, the director now owns 6,480 shares in the company, valued at $5,151,600. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company’s stock.

BlackRock Stock Up 0.8 %

BlackRock stock opened at $787.32 on Friday. The firm has a market cap of $117.00 billion, a price-to-earnings ratio of 20.01, a PEG ratio of 1.63 and a beta of 1.34. The stock has a fifty day simple moving average of $779.33 and a two-hundred day simple moving average of $792.90. BlackRock, Inc. has a 12 month low of $596.18 and a 12 month high of $845.00. The company has a current ratio of 5.32, a quick ratio of 5.32 and a debt-to-equity ratio of 0.35.

BlackRock (NYSE:BLK) last posted its earnings results on Friday, April 12th. The asset manager reported $9.81 EPS for the quarter, topping analysts’ consensus estimates of $9.42 by $0.39. The business had revenue of $4.73 billion during the quarter, compared to analyst estimates of $4.65 billion. BlackRock had a return on equity of 15.24% and a net margin of 32.26%. The company’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the company earned $7.93 EPS. Equities analysts predict that BlackRock, Inc. will post 41.25 EPS for the current fiscal year.

BlackRock Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 24th. Shareholders of record on Friday, June 7th were issued a $5.10 dividend. This represents a $20.40 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date was Friday, June 7th. BlackRock’s payout ratio is 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.