Industrial Alliance Investment Management Inc. Acquires 20 Shares of BlackRock, Inc. (NYSE:BLK)

31 Jul 2024, 01:32 by Kim Johansen · The Markets Daily

Industrial Alliance Investment Management Inc. raised its position in BlackRock, Inc. (NYSE:BLK – Free Report) by 3.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 640 shares of the asset manager’s stock after purchasing an additional 20 shares during the period. Industrial Alliance Investment Management Inc.’s holdings in BlackRock were worth $534,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Redmont Wealth Advisors LLC bought a new stake in BlackRock in the first quarter valued at approximately $27,000. Tennessee Valley Asset Management Partners bought a new stake in BlackRock in the fourth quarter valued at approximately $27,000. Private Wealth Management Group LLC bought a new stake in BlackRock in the fourth quarter valued at approximately $28,000. Pineridge Advisors LLC bought a new stake in BlackRock in the fourth quarter valued at approximately $28,000. Finally, LFA Lugano Financial Advisors SA increased its stake in BlackRock by 208.3% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 37 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 25 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

BlackRock Stock Performance

BLK stock traded up $10.78 during trading hours on Tuesday, reaching $872.93. The stock had a trading volume of 539,552 shares, compared to its average volume of 606,544. The stock has a market capitalization of $129.72 billion, a PE ratio of 22.17, a price-to-earnings-growth ratio of 1.90 and a beta of 1.32. The company has a debt-to-equity ratio of 0.35, a current ratio of 5.32 and a quick ratio of 5.32. The stock has a 50-day simple moving average of $797.02 and a 200 day simple moving average of $796.17. BlackRock, Inc. has a fifty-two week low of $596.18 and a fifty-two week high of $873.89.

BlackRock (NYSE:BLK – Get Free Report) last issued its quarterly earnings data on Monday, July 15th. The asset manager reported $10.36 earnings per share for the quarter, beating the consensus estimate of $9.96 by $0.40. The company had revenue of $4.81 billion for the quarter, compared to analyst estimates of $4.85 billion. BlackRock had a net margin of 32.36% and a return on equity of 15.53%. The company’s revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the firm earned $9.28 earnings per share. Analysts predict that BlackRock, Inc. will post 41.23 EPS for the current fiscal year.

BlackRock Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Monday, September 9th will be given a $5.10 dividend. This represents a $20.40 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Monday, September 9th. BlackRock’s payout ratio is presently 51.84%.

Insider Activity

In related news, CEO Laurence Fink sold 30,978 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $807.29, for a total transaction of $25,008,229.62. Following the transaction, the chief executive officer now directly owns 383,168 shares of the company’s stock, valued at $309,327,694.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Mark Wiedman sold 9,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $795.00, for a total transaction of $7,155,000.00. Following the transaction, the director now directly owns 6,480 shares of the company’s stock, valued at $5,151,600. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Laurence Fink sold 30,978 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $807.29, for a total transaction of $25,008,229.62. Following the transaction, the chief executive officer now directly owns 383,168 shares in the company, valued at $309,327,694.72. The disclosure for this sale can be found here. Insiders have sold 66,978 shares of company stock valued at $54,692,570 over the last ninety days. 0.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on BLK shares. Morgan Stanley lowered their price objective on shares of BlackRock from $1,025.00 to $1,013.00 and set an “overweight” rating for the company in a research report on Thursday, July 11th. TD Cowen lowered their price objective on shares of BlackRock from $974.00 to $969.00 and set a “buy” rating for the company in a research report on Monday, July 8th. Argus increased their price objective on shares of BlackRock from $880.00 to $910.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. UBS Group lowered their price objective on shares of BlackRock from $842.00 to $837.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. increased their price objective on shares of BlackRock from $742.00 to $767.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 2nd. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $872.29.

Read Our Latest Analysis on BlackRock

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