Procyon Advisors LLC Acquires 144 Shares of BlackRock, Inc. (NYSE:BLK)

Posted by Defense World Staff on Mar 27th, 2023

Procyon Advisors LLC increased its holdings in shares of BlackRock, Inc. (NYSE:BLK – Get Rating) by 14.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,109 shares of the asset manager’s stock after buying an additional 144 shares during the quarter. Procyon Advisors LLC’s holdings in BlackRock were worth $786,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of BLK. Regal Investment Advisors LLC increased its holdings in BlackRock by 0.7% in the 2nd quarter. Regal Investment Advisors LLC now owns 2,018 shares of the asset manager’s stock worth $1,229,000 after purchasing an additional 14 shares in the last quarter. Israel Discount Bank of New York increased its holdings in BlackRock by 2.4% in the 3rd quarter. Israel Discount Bank of New York now owns 594 shares of the asset manager’s stock worth $327,000 after purchasing an additional 14 shares in the last quarter. First Community Trust NA increased its holdings in BlackRock by 18.4% in the 4th quarter. First Community Trust NA now owns 90 shares of the asset manager’s stock worth $64,000 after purchasing an additional 14 shares in the last quarter. CAPROCK Group Inc. increased its stake in shares of BlackRock by 0.9% in the third quarter. CAPROCK Group Inc. now owns 1,767 shares of the asset manager’s stock valued at $972,000 after buying an additional 15 shares during the period. Finally, HBC Financial Services PLLC increased its stake in shares of BlackRock by 55.6% in the fourth quarter. HBC Financial Services PLLC now owns 42 shares of the asset manager’s stock valued at $30,000 after buying an additional 15 shares during the period. 77.69% of the stock is currently owned by institutional investors.

BlackRock Stock Performance

Shares of BlackRock stock opened at $644.88 on Monday. The business’s fifty day simple moving average is $704.28 and its 200 day simple moving average is $680.50. The firm has a market capitalization of $96.89 billion, a P/E ratio of 18.99, a price-to-earnings-growth ratio of 2.17 and a beta of 1.28. BlackRock, Inc. has a 12 month low of $503.12 and a 12 month high of $788.65. The company has a current ratio of 2.99, a quick ratio of 2.99 and a debt-to-equity ratio of 0.33.

BlackRock (NYSE:BLK – Get Rating) last released its earnings results on Friday, January 13th. The asset manager reported $8.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.99 by $0.94. BlackRock had a return on equity of 14.38% and a net margin of 28.97%. The business had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.16 billion. As a group, analysts anticipate that BlackRock, Inc. will post 34.84 EPS for the current year.

BlackRock Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 23rd. Shareholders of record on Tuesday, March 7th were given a $5.00 dividend. This is an increase from BlackRock’s previous quarterly dividend of $4.88. This represents a $20.00 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend was Monday, March 6th. BlackRock’s dividend payout ratio (DPR) is currently 58.91%.

Insiders Place Their Bets

In other news, Director J. Richard Kushel sold 575 shares of BlackRock stock in a transaction on Monday, February 27th. The stock was sold at an average price of $689.06, for a total value of $396,209.50. Following the completion of the transaction, the director now directly owns 4,670 shares in the company, valued at $3,217,910.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Marc D. Comerchero sold 650 shares of BlackRock stock in a transaction on Thursday, February 9th. The stock was sold at an average price of $728.66, for a total transaction of $473,629.00. Following the completion of the sale, the insider now owns 3,055 shares of the company’s stock, valued at $2,226,056.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director J. Richard Kushel sold 575 shares of BlackRock stock in a transaction on Monday, February 27th. The shares were sold at an average price of $689.06, for a total value of $396,209.50. Following the sale, the director now directly owns 4,670 shares of the company’s stock, valued at approximately $3,217,910.20. The disclosure for this sale can be found here. Insiders sold 4,839 shares of company stock valued at $3,578,947 over the last ninety days. 1.06% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

BLK has been the subject of several recent research reports. Bank of America decreased their price target on BlackRock from $821.00 to $813.00 in a research note on Sunday, January 15th. The Goldman Sachs Group raised their target price on BlackRock from $741.00 to $825.00 and gave the stock a “buy” rating in a research note on Wednesday, January 4th. Wells Fargo & Company began coverage on BlackRock in a research note on Wednesday, December 14th. They set an “overweight” rating and a $820.00 target price for the company. StockNews.com began coverage on BlackRock in a research note on Thursday, March 16th. They set a “hold” rating for the company. Finally, Credit Suisse Group raised their target price on BlackRock from $540.00 to $680.00 and gave the stock a “neutral” rating in a research note on Thursday, January 12th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $740.92.

BlackRock Profile

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BlackRock, Inc engages in providing investment management, risk management, and advisory services for institutional and retail clients worldwide. Its products include single and multi-asset class portfolios investing in equities, fixed income, alternatives, and money market instruments. The company was founded by Susan L.