Synovus Financial Corp boosted its stake in shares of BlackRock, Inc. (NYSE:BLK) by 10.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,908 shares of the asset manager’s stock after buying an additional 464 shares during the quarter. Synovus Financial Corp’s holdings in BlackRock were worth $2,193,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Davis R M Inc. increased its position in BlackRock by 0.4% in the 2nd quarter. Davis R M Inc. now owns 564 shares of the asset manager’s stock valued at $238,000 after buying an additional 2 shares in the last quarter. Proficio Capital Partners LLC increased its position in BlackRock by 1.2% in the 2nd quarter. Proficio Capital Partners LLC now owns 262 shares of the asset manager’s stock valued at $111,000 after buying an additional 3 shares in the last quarter. ZWJ Investment Counsel Inc. increased its position in BlackRock by 0.4% in the 2nd quarter. ZWJ Investment Counsel Inc. now owns 688 shares of the asset manager’s stock valued at $291,000 after buying an additional 3 shares in the last quarter. Wayne Hummer Investments L.L.C. increased its holdings in BlackRock by 0.3% during the 2nd quarter. Wayne Hummer Investments L.L.C. now owns 1,059 shares of the asset manager’s stock worth $447,000 after purchasing an additional 3 shares in the last quarter. Finally, Berkshire Asset Management LLC PA increased its holdings in BlackRock by 0.8% during the 2nd quarter. Berkshire Asset Management LLC PA now owns 663 shares of the asset manager’s stock worth $280,000 after purchasing an additional 5 shares in the last quarter. 83.75% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have commented on BLK shares. Barclays started coverage on BlackRock in a report on Friday, September 8th. They set an “overweight” rating and a $475.00 price objective for the company. Credit Suisse Group reissued an “outperform” rating on shares of BlackRock in a report on Tuesday, August 29th. Morgan Stanley reissued an “overweight” rating and set a $501.00 price objective (up from $476.00) on shares of BlackRock in a report on Thursday, October 5th. Goldman Sachs Group upgraded BlackRock from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $440.00 to $500.00 in a research note on Thursday, September 28th. Finally, J P Morgan Chase & Co boosted their target price on BlackRock to $558.00 and gave the stock an “overweight” rating in a research note on Thursday, October 12th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. BlackRock presently has an average rating of “Buy” and a consensus price target of $489.08.
BlackRock (NYSE:BLK) last posted its quarterly earnings data on Wednesday, October 11th. The asset manager reported $5.92 EPS for the quarter, beating the consensus estimate of $5.49 by $0.43. The business had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.10 billion. BlackRock had a return on equity of 12.01% and a net margin of 29.52%. BlackRock’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.14 earnings per share. equities analysts expect that BlackRock, Inc. will post 22.3 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Monday, December 4th will be given a dividend of $2.50 per share. The ex-dividend date is Friday, December 1st. This represents a $10.00 annualized dividend and a dividend yield of 1.95%. BlackRock’s dividend payout ratio is currently 46.82%.
In other news, Director Susan Wagner sold 4,000 shares of the company’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $506.10, for a total value of $2,024,400.00. Following the transaction, the director now owns 481,915 shares of the company’s stock, valued at $243,897,181.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director J. Richard Kushel sold 100 shares of the company’s stock in a transaction on Thursday, October 12th. The stock was sold at an average price of $481.58, for a total transaction of $48,158.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,200 shares of company stock worth $2,599,302. Company insiders own 1.86% of the company’s stock.
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BlackRock, Inc (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients.
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