Drive Wealth Management LLC Grows Stock Holdings in BlackRock, Inc. (NYSE:BLK)

Drive Wealth Management LLC increased its stake in BlackRock, Inc. (NYSE:BLK) by 2.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 637 shares of the asset manager’s stock after acquiring an additional 16 shares during the period. Drive Wealth Management LLC’s holdings in BlackRock were worth $502,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Tandem Investment Advisors Inc. increased its position in shares of BlackRock by 8.3% in the second quarter. Tandem Investment Advisors Inc. now owns 88,433 shares of the asset manager’s stock worth $69,625,000 after acquiring an additional 6,762 shares in the last quarter. Obermeyer Wood Investment Counsel Lllp lifted its stake in shares of BlackRock by 12.4% in the second quarter. Obermeyer Wood Investment Counsel Lllp now owns 652 shares of the asset manager’s stock worth $513,000 after acquiring an additional 72 shares in the last quarter. Summit Financial LLC grew its stake in BlackRock by 68.9% during the 2nd quarter. Summit Financial LLC now owns 4,846 shares of the asset manager’s stock valued at $3,815,000 after purchasing an additional 1,976 shares in the last quarter. Essex Financial Services Inc. increased its holdings in BlackRock by 28.9% during the 2nd quarter. Essex Financial Services Inc. now owns 860 shares of the asset manager’s stock worth $677,000 after purchasing an additional 193 shares during the last quarter. Finally, Turtle Creek Wealth Advisors LLC raised its position in shares of BlackRock by 24.0% in the 2nd quarter. Turtle Creek Wealth Advisors LLC now owns 6,393 shares of the asset manager’s stock valued at $5,033,000 after purchasing an additional 1,236 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BLK. Evercore ISI upped their price objective on BlackRock from $910.00 to $920.00 and gave the company an “outperform” rating in a research note on Tuesday, July 16th. Argus lifted their target price on BlackRock from $880.00 to $910.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Barclays began coverage on BlackRock in a research report on Tuesday, August 27th. They set an “overweight” rating and a $985.00 price objective for the company. Deutsche Bank Aktiengesellschaft boosted their target price on BlackRock from $912.00 to $937.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Finally, Morgan Stanley dropped their price target on BlackRock from $1,025.00 to $1,013.00 and set an “overweight” rating on the stock in a research note on Thursday, July 11th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $881.47.

Insider Activity

In other news, Director Mark Wiedman sold 27,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $834.42, for a total transaction of $22,529,340.00. Following the transaction, the director now directly owns 6,480 shares in the company, valued at $5,407,041.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Mark Wiedman sold 27,000 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $834.42, for a total transaction of $22,529,340.00. Following the completion of the sale, the director now owns 6,480 shares in the company, valued at $5,407,041.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 value of $1,289,224.48. Following the completion of the transaction, the director now owns 5,732 shares in the company, valued at approximately $4,826,802.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 93,042 shares of company stock worth $79,387,117. Corporate insiders own 0.90% of the company’s stock.

BlackRock Stock Up 0.8 %

Shares of BlackRock stock traded up $6.94 on Friday, hitting $901.81. 478,238 shares of the company traded hands, compared to its average volume of 473,496. The company has a quick ratio of 5.06, a current ratio of 5.06 and a debt-to-equity ratio of 0.37. The company has a market cap of $133.59 billion, a PE ratio of 22.92, a PEG ratio of 1.97 and a beta of 1.32. BlackRock, Inc. has a 12-month low of $596.18 and a 12-month high of $903.46. The company has a 50-day moving average price of $839.20 and a 200 day moving average price of $808.74.

BlackRock (NYSE:BLK) last issued its earnings results on Monday, July 15th. The asset manager reported $10.36 EPS for the quarter, topping the consensus estimate of $9.96 by $0.40. BlackRock had a return on equity of 15.44% and a net margin of 32.36%. The firm had revenue of $4.81 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same period last year, the business earned $9.28 earnings per share. BlackRock’s quarterly revenue was up 7.7% compared to the same quarter last year. Sell-side analysts predict that BlackRock, Inc. will post 41.34 earnings per share for the current year.

BlackRock Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Monday, September 9th will be issued a dividend of $5.10 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $20.40 dividend on an annualized basis and a dividend yield of 2.26%. BlackRock’s payout ratio is presently 51.84%.

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.