Cornerstone Advisors Inc. Acquires 30 Shares of BlackRock, Inc. (NYSE:BLK)

Cornerstone Advisors Inc. increased its position in BlackRock, Inc. (NYSE:BLK) by 5.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 624 shares of the asset manager’s stock after purchasing an additional 30 shares during the quarter. Cornerstone Advisors Inc.’s holdings in BlackRock were worth $293,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Ferguson Wellman Capital Management Inc. lifted its holdings in shares of BlackRock by 2.5% during the second quarter. Ferguson Wellman Capital Management Inc. now owns 30,948 shares of the asset manager’s stock valued at $14,524,000 after acquiring an additional 760 shares during the period. Viking Fund Management LLC lifted its holdings in shares of BlackRock by 4.9% during the second quarter. Viking Fund Management LLC now owns 10,800 shares of the asset manager’s stock valued at $5,068,000 after acquiring an additional 500 shares during the period. Thoroughbred Financial Services LLC lifted its holdings in shares of BlackRock by 50,843.9% during the second quarter. Thoroughbred Financial Services LLC now owns 485,495 shares of the asset manager’s stock valued at $48,550,000 after acquiring an additional 484,542 shares during the period. IFM Investors Pty Ltd lifted its holdings in shares of BlackRock by 7.5% during the second quarter. IFM Investors Pty Ltd now owns 8,404 shares of the asset manager’s stock valued at $3,944,000 after acquiring an additional 585 shares during the period. Finally, Oregon Public Employees Retirement Fund lifted its holdings in shares of BlackRock by 1.1% during the second quarter. Oregon Public Employees Retirement Fund now owns 12,944 shares of the asset manager’s stock valued at $6,075,000 after acquiring an additional 136 shares during the period. 81.77% of the stock is owned by hedge funds and other institutional investors.

Shares of BLK stock opened at $409.30 on Friday. The stock has a 50-day moving average price of $462.13 and a 200 day moving average price of $447.03. The company has a quick ratio of 3.49, a current ratio of 2.92 and a debt-to-equity ratio of 0.77. The firm has a market cap of $65.74 billion, a price-to-earnings ratio of 15.20, a PEG ratio of 1.57 and a beta of 1.51. BlackRock, Inc. has a 12 month low of $360.79 and a 12 month high of $492.00.

BlackRock (NYSE:BLK) last announced its quarterly earnings data on Friday, July 19th. The asset manager reported $6.41 EPS for the quarter, missing the Zacks’ consensus estimate of $6.52 by ($0.11). The firm had revenue of $3.52 billion during the quarter, compared to analyst estimates of $3.57 billion. BlackRock had a return on equity of 13.24% and a net margin of 30.25%. BlackRock’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.66 earnings per share. Sell-side analysts predict that BlackRock, Inc. will post 27.53 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 24th. Investors of record on Thursday, September 5th will be given a $3.30 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $13.20 dividend on an annualized basis and a yield of 3.23%. BlackRock’s payout ratio is 49.02%.

BLK has been the subject of a number of research reports. Barclays raised their target price on BlackRock from $515.00 to $540.00 and gave the company an “overweight” rating in a research note on Tuesday, July 16th. JPMorgan Chase & Co. lowered their target price on BlackRock from $527.00 to $525.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. UBS Group raised their target price on BlackRock from $515.00 to $525.00 and gave the company a “buy” rating in a research note on Monday, July 8th. Finally, Morgan Stanley raised their target price on BlackRock from $550.00 to $553.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $499.03.

About BlackRock

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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Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

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