Envestnet Portfolio Solutions Inc. Buys Shares of 28,591 BlackRock, Inc. (NYSE:BLK)

Envestnet Portfolio Solutions Inc. purchased a new stake in shares of BlackRock, Inc. (NYSE:BLKFree Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 28,591 shares of the asset manager’s stock, valued at approximately $29,309,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. State Street Corp grew its position in BlackRock by 0.7% during the third quarter. State Street Corp now owns 5,983,583 shares of the asset manager’s stock valued at $5,681,472,000 after buying an additional 42,757 shares during the period. Geode Capital Management LLC grew its stake in shares of BlackRock by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,816,577 shares of the asset manager’s stock valued at $2,663,330,000 after acquiring an additional 30,182 shares during the period. FMR LLC increased its holdings in BlackRock by 10.6% in the 3rd quarter. FMR LLC now owns 2,363,965 shares of the asset manager’s stock worth $2,244,608,000 after acquiring an additional 226,135 shares in the last quarter. Fisher Asset Management LLC raised its stake in BlackRock by 1.9% during the 3rd quarter. Fisher Asset Management LLC now owns 2,192,247 shares of the asset manager’s stock worth $2,081,561,000 after acquiring an additional 40,865 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in BlackRock by 17.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,102,643 shares of the asset manager’s stock valued at $1,130,330,000 after purchasing an additional 160,323 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on BLK. Keefe, Bruyette & Woods decreased their price objective on shares of BlackRock from $1,225.00 to $1,160.00 and set an “outperform” rating on the stock in a research report on Monday, January 13th. Morgan Stanley raised their price target on BlackRock from $1,261.00 to $1,275.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Citigroup upped their price objective on BlackRock from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Monday, December 23rd. JPMorgan Chase & Co. lifted their target price on BlackRock from $914.00 to $971.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on BlackRock from $1,215.00 to $1,275.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,120.67.

Get Our Latest Report on BlackRock

BlackRock Trading Up 3.1 %

BLK opened at $928.74 on Friday. BlackRock, Inc. has a 12 month low of $745.55 and a 12 month high of $1,084.22. The company has a current ratio of 5.23, a quick ratio of 5.23 and a debt-to-equity ratio of 0.45. The stock has a 50-day moving average of $983.61 and a 200 day moving average of $986.30. The firm has a market cap of $144.19 billion, a P/E ratio of 22.11, a P/E/G ratio of 1.90 and a beta of 1.29.

BlackRock (NYSE:BLKGet Free Report) last released its earnings results on Wednesday, January 15th. The asset manager reported $11.93 earnings per share for the quarter, beating the consensus estimate of $11.52 by $0.41. The firm had revenue of $5.68 billion for the quarter, compared to the consensus estimate of $5.57 billion. BlackRock had a return on equity of 16.32% and a net margin of 31.21%. The company’s revenue for the quarter was up 22.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.66 EPS. As a group, research analysts forecast that BlackRock, Inc. will post 47.41 EPS for the current year.

BlackRock Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, March 7th will be issued a dividend of $5.21 per share. The ex-dividend date is Friday, March 7th. This represents a $20.84 dividend on an annualized basis and a yield of 2.24%. This is a boost from BlackRock’s previous quarterly dividend of $5.10. BlackRock’s payout ratio is presently 49.62%.

Insider Buying and Selling at BlackRock

In other news, Director J. Richard Kushel sold 10,000 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $1,072.64, for a total transaction of $10,726,400.00. Following the completion of the sale, the director now directly owns 68,433 shares of the company’s stock, valued at approximately $73,403,973.12. The trade was a 12.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 20,430 shares of company stock valued at $21,234,629 in the last quarter. 0.90% of the stock is owned by insiders.

About BlackRock

(Free Report)

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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