BlackRock, Inc. (NYSE:BLK) Position Increased by Ledyard National Bank

22 Oct 2024, 12:40 by Danessa Lincoln · The Markets Daily

Ledyard National Bank increased its position in shares of BlackRock, Inc. (NYSE:BLK – Free Report) by 14.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,108 shares of the asset manager’s stock after acquiring an additional 136 shares during the quarter. Ledyard National Bank’s holdings in BlackRock were worth $1,052,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in BLK. Capital Research Global Investors lifted its stake in BlackRock by 11.1% in the 1st quarter. Capital Research Global Investors now owns 4,354,236 shares of the asset manager’s stock worth $3,630,127,000 after acquiring an additional 435,358 shares in the last quarter. Vanguard Group Inc. grew its position in BlackRock by 2.3% during the first quarter. Vanguard Group Inc. now owns 13,182,262 shares of the asset manager’s stock valued at $10,990,052,000 after purchasing an additional 292,017 shares in the last quarter. M&G Plc purchased a new stake in BlackRock in the 1st quarter worth approximately $161,918,000. Sarasin & Partners LLP boosted its stake in shares of BlackRock by 174.8% during the 2nd quarter. Sarasin & Partners LLP now owns 184,291 shares of the asset manager’s stock valued at $145,096,000 after buying an additional 117,218 shares during the period. Finally, Swedbank AB purchased a new position in shares of BlackRock during the 1st quarter valued at $86,282,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

BlackRock Stock Down 0.6 %

BLK opened at $1,000.53 on Tuesday. BlackRock, Inc. has a 1-year low of $596.18 and a 1-year high of $1,032.00. The business has a 50 day moving average of $918.70 and a 200-day moving average of $839.13. The stock has a market capitalization of $148.68 billion, a price-to-earnings ratio of 25.43, a P/E/G ratio of 1.94 and a beta of 1.30. The company has a current ratio of 5.06, a quick ratio of 5.06 and a debt-to-equity ratio of 0.37.

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

BlackRock Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Monday, September 9th were paid a $5.10 dividend. This represents a $20.40 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date was Monday, September 9th. BlackRock’s dividend payout ratio is 51.84%.

Insider Transactions at BlackRock

In other BlackRock news, Director Pamela Daley sold 1,531 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $842.08, for a total transaction of $1,289,224.48. Following the completion of the transaction, the director now owns 5,732 shares in the company, valued at $4,826,802.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Mark Wiedman sold 12,000 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $900.00, for a total transaction of $10,800,000.00. Following the completion of the sale, the director now owns 6,480 shares in the company, valued at $5,832,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Pamela Daley sold 1,531 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $842.08, for a total transaction of $1,289,224.48. Following the sale, the director now directly owns 5,732 shares of the company’s stock, valued at approximately $4,826,802.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 66,042 shares of company stock valued at $56,857,777. Company insiders own 0.90% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on BLK. Argus increased their price objective on BlackRock from $880.00 to $910.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Keefe, Bruyette & Woods lifted their price target on BlackRock from $915.00 to $934.00 and gave the company an “outperform” rating in a report on Tuesday, July 16th. Morgan Stanley increased their price objective on BlackRock from $1,150.00 to $1,245.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. JPMorgan Chase & Co. raised their price objective on shares of BlackRock from $864.00 to $914.00 and gave the company a “neutral” rating in a research report on Monday. Finally, The Goldman Sachs Group increased their price target on shares of BlackRock from $960.00 to $1,040.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, BlackRock currently has an average rating of “Moderate Buy” and an average price target of $995.31.

View Our Latest Stock Analysis on BLK

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