The The Manufacturers Life Insurance Company Purchases New Stake in BlackRock Inc. (BLK)

The The Manufacturers Life Insurance Company  Purchases New Stake in BlackRock Inc. (BLK)

The Manufacturers Life Insurance Company bought a new position in BlackRock Inc. (NYSE:BLK) during the third quarter, Holdings Channel reports. The institutional investor bought 649,860 shares of the company’s stock, valued at approximately $235,549,000.

Several other institutional investors have also modified their holdings of BLK. HBK Sorce Advisory LLC increased its position in shares of BlackRock by 0.8% in the second quarter. HBK Sorce Advisory LLC now owns 608 shares of the company’s stock worth $208,000 after buying an additional 5 shares during the period. Burke & Herbert Bank & Trust Co. increased its position in shares of BlackRock by 0.5% in the second quarter. Burke & Herbert Bank & Trust Co. now owns 1,249 shares of the company’s stock worth $428,000 after buying an additional 6 shares during the period. Quadrant Capital Group LLC increased its position in shares of BlackRock by 1.9% in the third quarter. Quadrant Capital Group LLC now owns 540 shares of the company’s stock worth $187,000 after buying an additional 10 shares during the period. Municipal Employees Retirement System of Michigan increased its position in shares of BlackRock by 0.3% in the third quarter. Municipal Employees Retirement System of Michigan now owns 3,980 shares of the company’s stock worth $1,443,000 after buying an additional 10 shares during the period. Finally, Dorsey & Whitney Trust CO LLC increased its position in shares of BlackRock by 0.7% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 1,655 shares of the company’s stock worth $567,000 after buying an additional 12 shares during the period. 80.56% of the stock is owned by institutional investors and hedge funds.

BlackRock Inc. (NYSE:BLK) opened at 377.35 on Friday. The firm has a market cap of $61.55 billion, a PE ratio of 19.82 and a beta of 1.69. BlackRock Inc. has a one year low of $286.52 and a one year high of $399.46. The company has a 50-day moving average price of $383.85 and a 200-day moving average price of $366.81.

BlackRock (NYSE:BLK) last announced its earnings results on Friday, January 13th. The company reported $5.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $5.02 by $0.12. BlackRock had a return on equity of 11.20% and a net margin of 28.44%. The firm had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.93 billion. During the same quarter in the previous year, the company earned $4.75 earnings per share. The firm’s quarterly revenue was up .9% compared to the same quarter last year. Equities analysts predict that BlackRock Inc. will post $21.41 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 23rd. Shareholders of record on Monday, March 6th will be issued a $2.50 dividend. This represents a $10.00 annualized dividend and a dividend yield of 2.65%. This is a boost from BlackRock’s previous quarterly dividend of $2.29. BlackRock’s dividend payout ratio is currently 48.11%.

Several equities analysts recently weighed in on the company. Deutsche Bank AG reaffirmed a “buy” rating and issued a $416.00 price objective (up from $415.00) on shares of BlackRock in a research note on Wednesday, October 19th. Credit Suisse Group AG reaffirmed an “outperform” rating on shares of BlackRock in a research note on Saturday, December 10th. Argus reaffirmed a “buy” rating and issued a $400.00 price objective on shares of BlackRock in a research note on Friday, October 21st. Jefferies Group reaffirmed a “hold” rating and issued a $383.00 price objective on shares of BlackRock in a research note on Wednesday, January 11th. Finally, Morgan Stanley reaffirmed a “market perform” rating on shares of BlackRock in a research note on Saturday, December 17th. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $389.84.

In related news, Director William S. Demchak purchased 1,200 shares of the company’s stock in a transaction on Thursday, October 27th. The shares were bought at an average price of $341.11 per share, with a total value of $409,332.00. Following the completion of the acquisition, the director now owns 1,200 shares of the company’s stock, valued at $409,332. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.20% of the stock is currently owned by corporate insiders.

BlackRock Company Profile

BlackRock, Inc is an investment management company. The Company provides a range of investment and risk management services to institutional and retail clients across the world. Its offerings include single and multi-asset class portfolios investing in equities, fixed income, alternatives and money market instruments.

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