Magnolia Capital Advisors LLC Purchases Shares of 16,584 BlackRock, Inc. (NYSE:BLK)

Magnolia Capital Advisors LLC acquired a new position in shares of BlackRock, Inc. (NYSE:BLK) during the 2nd quarter, Holdings Channel reports. The fund acquired 16,584 shares of the asset manager’s stock, valued at approximately $13,057,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Carolinas Wealth Consulting LLC grew its stake 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 valued at $163,000 after buying an additional 40 shares during the period. California State Teachers Retirement System grew its position in BlackRock by 0.7% during the fourth quarter. California State Teachers Retirement System now owns 237,740 shares of the asset manager’s stock valued at $192,997,000 after acquiring an additional 1,647 shares during the period. Axxcess Wealth Management LLC increased its stake in BlackRock by 35.8% during the first quarter. Axxcess Wealth Management LLC now owns 4,732 shares of the asset manager’s stock worth $3,945,000 after acquiring an additional 1,248 shares during the last quarter. Morningstar Investment Services LLC raised its holdings in shares of BlackRock by 97.1% in the 4th quarter. Morningstar Investment Services LLC now owns 114,379 shares of the asset manager’s stock worth $93,151,000 after purchasing an additional 56,357 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of BlackRock by 3.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 387,202 shares of the asset manager’s stock valued at $322,810,000 after purchasing an additional 14,477 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Insider Activity

In related news, Director Mark Wiedman sold 27,000 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $834.42, for a total value of $22,529,340.00. Following the completion of the transaction, the director now owns 6,480 shares in the company, valued at approximately $5,407,041.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Laurence Fink sold 29,450 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $843.25, for a total value of $24,833,712.50. Following the sale, the chief executive officer now owns 353,718 shares of the company’s stock, valued at approximately $298,272,703.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mark Wiedman sold 27,000 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $834.42, for a total value of $22,529,340.00. Following the transaction, the director now directly owns 6,480 shares of the company’s stock, valued at approximately $5,407,041.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 93,042 shares of company stock valued at $79,387,117. Company insiders own 0.90% of the company’s stock.

BlackRock Price Performance

Shares of BLK opened at $945.21 on Friday. BlackRock, Inc. has a 12 month low of $596.18 and a 12 month high of $952.75. The company has a debt-to-equity ratio of 0.37, a current ratio of 5.06 and a quick ratio of 5.06. The stock has a fifty day moving average price of $879.35 and a 200 day moving average price of $821.77. The company has a market cap of $140.46 billion, a P/E ratio of 24.02, a PEG ratio of 2.05 and a beta of 1.30.

BlackRock (NYSE:BLK) last released its quarterly earnings data on Monday, July 15th. The asset manager reported $10.36 earnings per share for the quarter, topping analysts’ consensus estimates of $9.96 by $0.40. The business had revenue of $4.81 billion for the quarter, compared to analysts’ expectations of $4.85 billion. BlackRock had a net margin of 32.36% and a return on equity of 15.44%. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter last year, the company earned $9.28 EPS. On average, research analysts forecast that BlackRock, Inc. will post 41.37 earnings per share for the current year.

BlackRock Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Monday, September 9th were paid a dividend of $5.10 per share. This represents a $20.40 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend was Monday, September 9th. BlackRock’s payout ratio is currently 51.84%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Morgan Stanley reduced their target price on shares of BlackRock from $1,025.00 to $1,013.00 and set an “overweight” rating on the stock in a report on Thursday, July 11th. Wells Fargo & Company assumed coverage on shares of BlackRock in a research report on Thursday, September 12th. They issued an “overweight” rating and a $1,000.00 price objective for the company. StockNews.com began coverage on BlackRock in a research note on Thursday. They issued a “hold” rating on the stock. Keefe, Bruyette & Woods raised their price objective on BlackRock from $915.00 to $934.00 and gave the company an “outperform” rating in a research note on Tuesday, July 16th. Finally, Argus upped their target price on BlackRock from $880.00 to $910.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $902.13.

BlackRock 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.