C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Takes Position in BlackRock, Inc. (NYSE:BLK)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of BlackRock, Inc. (NYSE:BLK) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,018 shares of the asset manager’s stock, valued at approximately $2,069,000.

Other hedge funds have also recently made changes to their positions in the company. Vest Financial LLC purchased a new position in BlackRock during the third quarter worth about $766,000. Prio Wealth Limited Partnership purchased a new position in BlackRock during the third quarter worth about $229,000. Community Financial Services Group LLC boosted its holdings in BlackRock by 1.7% during the third quarter. Community Financial Services Group LLC now owns 4,768 shares of the asset manager’s stock worth $4,527,000 after purchasing an additional 79 shares during the last quarter. Waterway Wealth Management LLC boosted its holdings in BlackRock by 8.0% during the third quarter. Waterway Wealth Management LLC now owns 949 shares of the asset manager’s stock worth $901,000 after purchasing an additional 70 shares during the last quarter. Finally, Ledyard National Bank boosted its holdings in BlackRock by 14.0% during the third quarter. Ledyard National Bank now owns 1,108 shares of the asset manager’s stock worth $1,052,000 after purchasing an additional 136 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BLK. Evercore ISI boosted their price target on shares of BlackRock from $1,040.00 to $1,160.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Citigroup boosted their target price on shares of BlackRock from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research note on Monday, December 23rd. StockNews.com began coverage on shares of BlackRock in a research note on Monday. They issued a “hold” rating on the stock. Wells Fargo & Company boosted their target price on shares of BlackRock from $1,155.00 to $1,175.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of BlackRock from $1,225.00 to $1,160.00 and set an “outperform” rating on the stock in a research note on Monday, January 13th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,120.67.

Insider Buying and Selling

In related news, Director J. Richard Kushel sold 10,000 shares of the company’s stock in a transaction that occurred 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 sale, the director now owns 68,433 shares of the company’s stock, valued at approximately $73,403,973.12. This represents a 12.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Mark Wiedman sold 36,190 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $1,045.90, for a total transaction of $37,851,121.00. Following the sale, the director now directly owns 6,480 shares in the company, valued at $6,777,432. This trade represents a 84.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,190 shares of company stock valued at $115,163,141. Company insiders own 0.90% of the company’s stock.

BlackRock Stock Performance

NYSE BLK opened at $976.84 on Wednesday. The company’s 50 day moving average is $1,016.16 and its 200-day moving average is $975.86. BlackRock, Inc. has a 12-month low of $745.55 and a 12-month high of $1,084.22. The company has a quick ratio of 5.23, a current ratio of 5.23 and a debt-to-equity ratio of 0.45. The firm has a market cap of $151.29 billion, a P/E ratio of 23.26, a price-to-earnings-growth ratio of 1.93 and a beta of 1.28.

BlackRock (NYSE:BLK) last posted its quarterly earnings results on Wednesday, January 15th. The asset manager reported $11.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $11.52 by $0.41. BlackRock had a net margin of 31.21% and a return on equity of 16.32%. The company had revenue of $5.68 billion for the quarter, compared to analyst estimates of $5.57 billion. During the same quarter in the previous year, the firm posted $9.66 earnings per share. The company’s quarterly revenue was up 22.6% compared to the same quarter last year. Sell-side analysts predict that BlackRock, Inc. will post 47.44 earnings per share for the current year.

BlackRock Increases Dividend

The company also recently announced 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. This represents a $20.84 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from BlackRock’s previous quarterly dividend of $5.10. BlackRock’s dividend payout ratio is 48.57%.

BlackRock Profile

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.