CHICAGO TRUST Co NA Increases Holdings in BlackRock, Inc. (NYSE:BLK)

13 Oct 2024, 19:02 by Danessa Lincoln · The Markets Daily

CHICAGO TRUST Co NA raised its stake in BlackRock, Inc. (NYSE:BLK – Free Report) by 18.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,250 shares of the asset manager’s stock after buying an additional 192 shares during the quarter. CHICAGO TRUST Co NA’s holdings in BlackRock were worth $1,187,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BLK. Redmont Wealth Advisors LLC acquired a new stake in BlackRock during the first quarter worth about $27,000. Pineridge Advisors LLC acquired a new position in BlackRock in the fourth quarter valued at approximately $28,000. Fairscale Capital LLC purchased a new position in BlackRock in the second quarter worth approximately $31,000. Lam Group Inc. acquired a new stake in BlackRock during the first quarter worth $33,000. Finally, Fairman Group LLC purchased a new stake in BlackRock in the fourth quarter valued at $35,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Insider Activity at BlackRock

In related news, CEO Laurence Fink sold 29,450 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $843.25, for a total transaction of $24,833,712.50. Following the transaction, the chief executive officer now owns 353,718 shares in the company, valued at $298,272,703.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Pamela Daley sold 1,531 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $842.08, for a total value of $1,289,224.48. Following the completion of the sale, the director now directly owns 5,732 shares of the company’s stock, valued at approximately $4,826,802.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Laurence Fink sold 29,450 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 353,718 shares in the company, valued at approximately $298,272,703.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 93,042 shares of company stock valued at $79,387,117 over the last ninety days. Insiders own 0.90% of the company’s stock.

BlackRock Trading Up 3.6 %

NYSE BLK opened at $990.26 on Friday. BlackRock, Inc. has a 52 week low of $596.18 and a 52 week high of $996.29. The firm has a 50 day moving average of $899.39 and a two-hundred day moving average of $831.36. The stock has a market capitalization of $147.15 billion, a PE ratio of 25.17, a price-to-earnings-growth ratio of 1.94 and a beta of 1.30. The company has a quick ratio of 5.06, a current ratio of 5.06 and a debt-to-equity ratio of 0.37.

BlackRock (NYSE:BLK – Get Free Report) last posted its quarterly earnings results on Friday, October 11th. The asset manager reported $11.46 earnings per share for the quarter, beating analysts’ consensus estimates of $10.42 by $1.04. The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.03 billion. BlackRock had a return on equity of 15.44% and a net margin of 32.36%. BlackRock’s quarterly revenue was up 14.9% on a year-over-year basis. During the same period last year, the firm earned $10.91 earnings per share. As a group, research analysts expect that BlackRock, Inc. will post 41.73 EPS for the current fiscal year.

BlackRock Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Monday, September 9th were paid a dividend of $5.10 per share. The ex-dividend date of this dividend was Monday, September 9th. This represents a $20.40 annualized dividend and a yield of 2.06%. BlackRock’s dividend payout ratio is currently 51.84%.

Analyst Ratings Changes

A number of brokerages recently issued reports on BLK. Wells Fargo & Company raised their price objective on BlackRock from $1,000.00 to $1,070.00 and gave the stock an “overweight” rating in a research report on Wednesday. Evercore ISI boosted their price target on shares of BlackRock from $945.00 to $995.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Argus lifted their target price on shares of BlackRock from $880.00 to $910.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Barclays upped their price target on BlackRock from $990.00 to $1,010.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Finally, Citigroup lifted their price objective on BlackRock from $920.00 to $930.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $972.23.

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