BlackRock (NYSE:BLK) announced a quarterly dividend on Wednesday, May 23rd, RTT News reports. Shareholders of record on Thursday, June 7th will be paid a dividend of 2.88 per share by the asset manager on Thursday, June 21st. This represents a $11.52 dividend on an annualized basis and a yield of 2.12%.
BlackRock has increased its dividend by an average of 9.0% per year over the last three years and has increased its dividend every year for the last 8 years. BlackRock has a payout ratio of 44.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect BlackRock to earn $30.86 per share next year, which means the company should continue to be able to cover its $10.00 annual dividend with an expected future payout ratio of 32.4%.
Get BlackRock alerts:Shares of BLK traded down $4.22 during trading hours on Wednesday, hitting $542.66. The stock had a trading volume of 377,001 shares, compared to its average volume of 609,340. The company has a debt-to-equity ratio of 1.02, a current ratio of 3.96 and a quick ratio of 3.96. The company has a market cap of $87.05 billion, a PE ratio of 23.93, a P/E/G ratio of 1.64 and a beta of 1.67. BlackRock has a 1-year low of $393.00 and a 1-year high of $594.52.
BlackRock (NYSE:BLK) last issued its earnings results on Thursday, April 12th. The asset manager reported $6.70 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $6.39 by $0.31. The company had revenue of $3.58 billion during the quarter, compared to the consensus estimate of $3.43 billion. BlackRock had a return on equity of 12.76% and a net margin of 39.22%. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period last year, the business posted $5.25 EPS. analysts expect that BlackRock will post 28.05 EPS for the current fiscal year.
In other BlackRock news, COO Robert L. Goldstein sold 5,000 shares of BlackRock stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $558.00, for a total transaction of $2,790,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jeff A. Smith sold 650 shares of BlackRock stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $544.55, for a total transaction of $353,957.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,716 shares of company stock worth $3,702,471. Insiders own 1.75% of the company’s stock.
BLK has been the subject of several research reports. Citigroup downgraded BlackRock from a “buy” rating to a “neutral” rating and set a $625.00 target price for the company. in a research note on Thursday, January 25th. Deutsche Bank cut their price target on BlackRock to $623.00 and set a “buy” rating for the company in a research note on Tuesday, March 6th. ValuEngine downgraded BlackRock from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. Zacks Investment Research downgraded BlackRock from a “buy” rating to a “hold” rating in a research note on Tuesday, March 13th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and set a $640.00 price target on shares of BlackRock in a research note on Wednesday, March 14th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $566.62.
About BlackRock
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.
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