State Street Corp Increases Position in BlackRock, Inc. (NYSE:BLK)

State Street Corp boosted its holdings in BlackRock, Inc. (NYSE:BLK) by 0.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,983,583 shares of the asset manager’s stock after purchasing an additional 42,757 shares during the quarter. State Street Corp owned about 4.04% of BlackRock worth $5,681,472,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FSA Wealth Management LLC purchased a new stake in BlackRock in the third quarter worth about $26,000. Fairscale Capital LLC bought a new position in shares of BlackRock in the second quarter worth approximately $31,000. Reston Wealth Management LLC bought a new position in shares of BlackRock in the third quarter worth approximately $37,000. MFA Wealth Advisors LLC lifted its stake in shares of BlackRock by 100.0% in the third quarter. MFA Wealth Advisors LLC now owns 40 shares of the asset manager’s stock worth $38,000 after buying an additional 20 shares in the last quarter. Finally, Addison Advisors LLC lifted its stake in shares of BlackRock by 81.5% in the third quarter. Addison Advisors LLC now owns 49 shares of the asset manager’s stock worth $47,000 after buying an additional 22 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. TD Cowen upped their target price on shares of BlackRock from $960.00 to $1,077.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. The Goldman Sachs Group increased their price objective on shares of BlackRock from $960.00 to $1,040.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Barclays increased their price objective on shares of BlackRock from $1,010.00 to $1,120.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Evercore ISI increased their price objective on shares of BlackRock from $1,040.00 to $1,160.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of BlackRock from $1,105.00 to $1,133.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, BlackRock presently has an average rating of “Moderate Buy” and a consensus target price of $1,019.62.

BlackRock Stock Performance

Shares of NYSE BLK opened at $1,034.84 on Thursday. The firm has a fifty day moving average price of $1,000.48 and a 200-day moving average price of $892.90. 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 stock has a market cap of $160.28 billion, a PE ratio of 25.54, a price-to-earnings-growth ratio of 1.85 and a beta of 1.28. BlackRock, Inc. has a 1 year low of $742.22 and a 1 year high of $1,068.34.

BlackRock (NYSE:BLK) last posted its earnings results on Friday, October 11th. The asset manager reported $11.46 earnings per share for the quarter, beating the consensus estimate of $10.42 by $1.04. The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.03 billion. BlackRock had a net margin of 31.37% and a return on equity of 15.52%. BlackRock’s quarterly revenue was up 14.9% on a year-over-year basis. During the same period last year, the company posted $10.91 earnings per share. Equities analysts anticipate that BlackRock, Inc. will post 43.3 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Thursday, December 5th will be paid a dividend of $5.10 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $20.40 annualized dividend and a yield of 1.97%. BlackRock’s payout ratio is 50.35%.

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.