BlackRock, Inc. (BLK) Shares Bought by Peapack Gladstone Financial Corp
17 July 2017, 06:58 | Kelvin Horton
WINTON GROUP Ltd Purchases New Position in BlackRock, Inc. (NYSE:BLK)
(BLK) reported Monday higher profit in its second quarter with strong revenues, despite flat margins. 766,228 shares of the stock traded hands. Peapack Gladstone Financial Corp's holdings in BlackRock were worth $22,272,000 as of its most recent SEC filing.
Several hedge funds and other institutional investors have recently made changes to their positions in BLK.
Hallmark Capital Management Inc downsized its position by shedding 74 shares a decrease of 0.2% as of 06/30/2017. The fund owned 58,073 shares of the asset manager's stock after buying an additional 1,122 shares during the period. State of Alaska Department of Revenue acquired a new position in shares of BlackRock during the first quarter valued at $108,000. Kings Point Capital Management now owns 273 shares of the asset manager's stock worth $105,000 after buying an additional 70 shares during the last quarter. Empire Life Investments Inc. bought a new stake in BlackRock during the fourth quarter worth $30,490,000. Guggenheim Capital LLC boosted its stake in BlackRock by 21.3% in the fourth quarter. Finally, Alyeska Investment Group L.P. raised its stake in BlackRock by 266.3% in the fourth quarter. Corporate insiders own 1.86% of the company's stock. BlackRock will spend $1 billion on technology and data solutions this year with over 3,500 employees in related roles including programming and quant analytics. The Stock becomes significant when you consider how many shares are shorted versus the average daily volume, means how many days to cover those short shares at that volume. The stock has a market cap of $71.39 billion, a PE ratio of 21.54 and a beta of 1.71.
The company had reported first-quarter results that beat Wall Street's estimates on April 19.
The company posted second-quarter adjusted earnings per share of $5.24 on revenue of $2.965 billion.
For the second quarter, net income attributable to BlackRock increased 9 percent to $857 million from last year's $789 million.
Revenue from investment advisory, administration fees and securities lending rose to $2.675 billion, roughly in line with expectations. During the same period in the prior year, the firm posted $4.25 earnings per share. The business's revenue for the quarter was up 7.6% on a year-over-year basis. In the last earnings report the EPS was $20.35 and is estimated to be $22.12 for the current year with 162,868,000 shares outstanding.
The business also recently announced a quarterly dividend, which was paid on Friday, June 23rd. The ex-dividend date of this dividend was Thursday, June 1st. This represents a $10.00 annualized dividend and a dividend yield of 2.28%. BlackRock's dividend payout ratio (DPR) is now 49.14%.
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On October 14 Keefe Bruyette & Woods held the stock rating at "Equal-Weight" but moved up the price target from $360.00 to $378.00. Bank of America Corporation reaffirmed a "buy" rating and set a $450.00 price target on shares of BlackRock in a report on Monday, June 19th. Finally, Zacks Investment Research raised shares of BlackRock from a "hold" rating to a "buy" rating and set a $480.00 price target for the company in a research note on Tuesday, June 20th. Deutsche Bank AG reaffirmed a "buy" rating and issued a $441.00 price target (down previously from $449.00) on shares of BlackRock in a research report on Saturday, April 22nd. Wells Fargo & Company reiterated a "market perform" rating and set a $425.00 target price (up from $380.00) on shares of BlackRock in a report on Wednesday. BlackRock, Inc. (NYSE:BLK) notched a 12-month high of $471.31 while $560.00 target is by far the most aggressive out of analysts who are now evaluating BLK, $88.69 higher than the next highest 52-week price estimate.
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