HGK Asset Management Inc. Sells 205 Shares of BlackRock, Inc. (NYSE:BLK)
HGK Asset Management Inc. cut its stake in shares of BlackRock, Inc. (NYSE:BLK) by 8.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,109 shares of the asset manager’s stock after selling 205 shares during the quarter. HGK Asset Management Inc.’s holdings in BlackRock were worth $990,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Valley National Advisers Inc. lifted its stake in shares of BlackRock by 81.8% in the first quarter. Valley National Advisers Inc. now owns 60 shares of the asset manager’s stock valued at $26,000 after buying an additional 27 shares in the last quarter. Ellis Investment Partners LLC bought a new position in shares of BlackRock in the first quarter valued at $26,000. Advisory Alpha LLC bought a new position in shares of BlackRock in the first quarter valued at $26,000. Harvest Group Wealth Management LLC bought a new position in shares of BlackRock in the first quarter valued at $37,000. Finally, Rational Advisors LLC lifted its stake in shares of BlackRock by 260.0% in the first quarter. Rational Advisors LLC now owns 90 shares of the asset manager’s stock valued at $38,000 after buying an additional 65 shares in the last quarter. 81.58% of the stock is currently owned by institutional investors and hedge funds.
In related news, 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 transaction of $15,055,937.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.42% of the stock is owned by company insiders.
BlackRock (NYSE:BLK) last released its quarterly earnings results on Friday, July 19th. The asset manager reported $6.41 earnings per share for the quarter, missing analysts’ consensus estimates of $6.52 by ($0.11). BlackRock had a net margin of 30.25% and a return on equity of 13.23%. The firm had revenue of $3.52 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the previous year, the business earned $6.66 earnings per share. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. As a group, sell-side analysts expect that BlackRock, Inc. will post 27.62 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 24th. Investors of record on Thursday, September 5th will be given a dividend of $3.30 per share. This represents a $13.20 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend is Wednesday, September 4th. BlackRock’s payout ratio is currently 49.02%.
A number of research firms have weighed in on BLK. Wells Fargo & Co reaffirmed a “buy” rating on shares of Morgan Stanley in a research note on Wednesday, April 17th. JPMorgan Chase & Co. dropped their price objective on shares of Schlumberger from $42.00 to $41.00 and set a “neutral” rating on the stock in a research note on Monday, July 22nd. Morgan Stanley raised shares of OIL SEARCH LTD/ADR from an “equal weight” rating to an “overweight” rating in a research note on Monday, July 22nd. Citigroup raised their price objective on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. Finally, Zacks Investment Research lowered shares of GasLog Partners LP Unit from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 2nd. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $499.03.
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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