Orleans Capital Management Corp, based in Louisiana, has acquired a new stake in BlackRock, the investment management giant, valued at approximately $1.16 million. This investment was disclosed in Orleans Capital’s recent 13F filing with the Securities and Exchange Commission, revealing that the firm purchased 1,106 shares of BlackRock (NYSE: BLK) during the second quarter of this year.
Other institutional investors have also adjusted their positions in BlackRock. Notably, Brighton Jones LLC increased its holdings by 23.1% in the fourth quarter, acquiring an additional 296 shares for a total of 1,575 shares, now valued at $1.615 million. Similarly, Bison Wealth LLC raised its stake by 1.6%, now owning 1,052 shares worth $1.078 million.
In addition, Mutual of America Capital Management LLC established a new position in BlackRock valued at $16.026 million in the first quarter. Harbour Investments Inc. also increased its holdings by 11.8%, now controlling 693 shares valued at $656,000. The most notable increase came from Jefferies Financial Group Inc., which expanded its position in BlackRock by an astonishing 2,812.8%, acquiring 6,146 shares worth $5.817 million. Currently, institutional investors own approximately 80.69% of BlackRock’s stock.
BlackRock’s Stock Performance and Dividend Announcement
As of the last trading day, shares of BlackRock opened at $1,048.41. The stock has shown significant volatility within the past year, reaching a low of $773.74 and a high of $1,219.94. BlackRock has a market capitalization of $162.66 billion and a price-to-earnings ratio of 26.96. The company also recently announced a quarterly dividend of $5.21 per share, which will be distributed on December 23, 2023, to investors who are recorded on December 5, 2023. This translates to an annualized dividend of $20.84 with a yield of 2.0%. The dividend payout ratio stands at 53.59%.
Insider Trading Activity and Analyst Ratings
In related news, BlackRock’s Director, Rachel Lord, sold 12,000 shares of the company on October 20, 2023, at an average price of $1,165.04, totaling $13,980,480. This transaction reduced her ownership by 62.48%, leaving her with 7,205 shares valued at approximately $8.394 million. Corporate insiders currently hold 1.98% of the company’s stock.
Several analysts have recently adjusted their price targets for BlackRock. Argus raised its price objective from $1,165.00 to $1,330.00, maintaining a “buy” rating. Barclays increased its target from $1,310.00 to $1,360.00 and also assigned an “overweight” rating. Keefe, Bruyette & Woods raised their price objective from $1,215.00 to $1,300.00, giving the stock an “outperform” rating.
Currently, 17 analysts have rated BlackRock with a “buy” rating, while three have issued a “hold.” According to data from MarketBeat, BlackRock holds a consensus rating of “Moderate Buy” with an average price target of $1,302.59.
BlackRock, Inc. is a publicly owned investment management firm, serving a diverse range of clients, including institutional investors, pension plans, insurance companies, and governments. The company’s extensive portfolio and strategic investments continue to attract significant interest from institutional investors, highlighting its strong position in the asset management industry.
