Shum Financial Group Inc. Takes $2.18 Million Position in BlackRock, Inc. (NYSE:BLK)

Shum Financial Group Inc. bought a new stake in BlackRock, Inc. (NYSE:BLK) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,151 shares of the asset manager’s stock, valued at approximately $2,182,000. BlackRock comprises approximately 1.8% of Shum Financial Group Inc.’s holdings, making the stock its 17th biggest holding.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BLK. Avestar Capital LLC boosted its holdings in shares of BlackRock by 16.6% in the 3rd quarter. Avestar Capital LLC now owns 876 shares of the asset manager’s stock valued at $832,000 after buying an additional 125 shares in the last quarter. Covington Investment Advisors Inc. lifted its position in BlackRock by 0.7% in the third quarter. Covington Investment Advisors Inc. now owns 14,933 shares of the asset manager’s stock valued at $14,179,000 after acquiring an additional 104 shares during the last quarter. D.A. Davidson & CO. boosted its stake in BlackRock by 27.5% in the third quarter. D.A. Davidson & CO. now owns 8,609 shares of the asset manager’s stock valued at $8,174,000 after acquiring an additional 1,857 shares in the last quarter. FMR LLC grew its holdings in shares of BlackRock by 10.6% during the third quarter. FMR LLC now owns 2,363,965 shares of the asset manager’s stock worth $2,244,608,000 after purchasing an additional 226,135 shares during the last quarter. Finally, Bank of Montreal Can increased its position in shares of BlackRock by 2.7% during the third quarter. Bank of Montreal Can now owns 329,337 shares of the asset manager’s stock worth $311,293,000 after purchasing an additional 8,620 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

BlackRock Price Performance

Shares of NYSE BLK traded down $8.94 during trading on Tuesday, hitting $1,022.55. 58,843 shares of the company were exchanged, compared to its average volume of 576,818. The firm’s fifty day moving average price is $987.00 and its 200 day moving average price is $882.60. The company has a debt-to-equity ratio of 0.37, a current ratio of 5.06 and a quick ratio of 5.06. The company has a market cap of $158.37 billion, a price-to-earnings ratio of 25.46, a PEG ratio of 1.85 and a beta of 1.30. BlackRock, Inc. has a 1 year low of $724.54 and a 1 year high of $1,068.34.

BlackRock (NYSE:BLK) last issued its earnings results on Friday, October 11th. The asset manager reported $11.46 earnings per share for the quarter, topping the consensus estimate of $10.42 by $1.04. BlackRock had a net margin of 31.37% and a return on equity of 15.52%. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.03 billion. During the same period in the prior year, the business posted $10.91 earnings per share. The firm’s revenue for the quarter was up 14.9% compared to the same quarter last year. On average, sell-side analysts expect that BlackRock, Inc. will post 43.17 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Thursday, December 5th will be issued a $5.10 dividend. This represents a $20.40 annualized dividend and a yield of 2.00%. The ex-dividend date is Thursday, December 5th. BlackRock’s dividend payout ratio (DPR) is 50.35%.

Insider Activity

In other BlackRock news, Director Mark Wiedman sold 12,000 shares of the firm’s 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 transaction, the director now directly owns 6,480 shares in the company, valued at approximately $5,832,000. This trade represents a 64.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group boosted their price objective on BlackRock from $960.00 to $1,040.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Morgan Stanley boosted their price target on BlackRock from $1,150.00 to $1,245.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. TD Cowen increased their price objective on BlackRock from $960.00 to $1,077.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Wells Fargo & Company boosted their target price on BlackRock from $1,000.00 to $1,070.00 and gave the company an “overweight” rating in a report on Wednesday, October 9th. Finally, Evercore ISI increased their price target on BlackRock from $1,040.00 to $1,160.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, BlackRock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,019.62.

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.