Mirador Capital Partners LP Increases Position in BlackRock, Inc. (BLK)

Ivan Schwartz
July 17, 2017

Israel Discount Bank of New York GFN purchased a new position in BlackRock during the fourth quarter valued at $162,000. Hallmark Capital Management Inc now owns 38,908 shares worth $16,435,000. Institutional investors own 80.84% of the company's stock. BlackRock will spend $1 billion on technology and data solutions this year with over 3,500 employees in related roles including programming and quant analytics.

The stock increased 0.11% or $0.46 during the last trading session, hitting $436.70. The company's stock had a trading volume of 766,228 shares. The company has a 50-day moving average of $410.09 and a 200 day moving average of $390.31. The company has a market cap of $71.39 billion, a price-to-earnings ratio of 21.54 and a beta of 1.71. The margins are "subdued" during Aladdin's implementation process, but increased utilization and subsequent revenues will shift Aladdin to the front of BlackRock's operations.

Revenues rose 5.7% from a year ago to $2.96 billion, also missing analysts' view for $3.01 billion. For the last period, the company reported quarter over quarter EPS growth of 33.20% and quarter over quarter sales growth of 7.60%.

In terms of earnings per share, 13 analysts have a 5.60 EPS mean target for the quarter ending Sep-17, for the quarter ending Dec-17, 13 analysts have a 5.93 EPS mean target and for the quarter ending Dec-17 there are 14 estimates of 22.12 EPS.

The company also recently announced a quarterly dividend, which was paid on Friday, June 23rd. Stockholders of record on Monday, June 5th were issued a dividend of $2.50 per share. This represents a $10.00 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was set for Thursday the 1st of June 2017. BlackRock's dividend payout ratio (DPR) is presently 49.14%. Excluding certain items, BlackRock earned an adjusted $5.24 a share, up from $4.78 in the year prior.

Mirador Capital Partners LP Increases Position in BlackRock, Inc. (BLK)

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Several research analysts recently weighed in on the stock. BidaskClub upgraded BlackRock from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 1st. Deutsche Bank AG reaffirmed a "buy" rating and issued a $441.00 price target (down previously from $449.00) on shares of BlackRock in a research report on Saturday, April 22nd. Jefferies Group LLC reaffirmed a "hold" rating and set a $387.00 target price on shares of BlackRock in a research report on Wednesday, May 17th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. The stock now has an average rating of "Buy" and a consensus target price of $428.36.

In that time period, BlackRock's stock has risen 15 percent, while the S&P 500 and the Financials Select Sector SPDR exchange traded fund have risen 9.8 percent and 6.9 percent, respectively.

Let's also take a brief look at the stock price in relation to some highs/lows and moving averages. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The shares were sold at an average price of $414.31, for a total transaction of $1,035,775.00. Following the transaction, the director now owns 484,386 shares in the company, valued at approximately $200,685,963.66. The disclosure for this sale can be found here.

Fink's comments were made on an earnings call highlighting the company's adaptation to a shifting geopolitical environment and a new wealth management industry centered on implementing technology. Aladdin will be a "transformation" for BlackRock to excel in portfolio construction and risk management.

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