233 Shares in BlackRock $BLK Purchased by LeConte Wealth Management LLC

Key Points

• LeConte Wealth Management LLC acquired 233 shares of BlackRock, valued at approximately $244,000, during the 2nd quarter.
• BlackRock's recent earnings report showed an EPS of $12.05, exceeding estimates by $1.64, with a revenue of $5.42 billion, up 12.9% year-over-year.
• Insider trading activity included notable sales by directors, with one selling over 18,000 shares, resulting in significant decreases in their stock holdings.

LeConte Wealth Management LLC acquired a new position in BlackRock (NYSE:BLK - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 233 shares of the asset manager's stock, valued at approximately $244,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Securian Asset Management Inc. acquired a new position in BlackRock in the 1st quarter valued at about $7,331,000. Prudent Man Advisors LLC acquired a new stake in BlackRock during the 1st quarter worth approximately $2,018,000. Allianz SE increased its position in BlackRock by 2.6% during the 1st quarter. Allianz SE now owns 11,025 shares of the asset manager's stock worth $10,435,000 after purchasing an additional 277 shares in the last quarter. Arizona State Retirement System acquired a new stake in BlackRock during the 1st quarter worth approximately $40,868,000. Finally, Community Financial Services Group LLC grew its position in BlackRock by 17.2% in the first quarter. Community Financial Services Group LLC now owns 5,702 shares of the asset manager's stock valued at $5,397,000 after acquiring an additional 836 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Insider Buying and Selling

In related news, Director Rachel Lord sold 18,036 shares of the business's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $1,125.60, for a total value of $20,301,321.60. Following the completion of the sale, the director directly owned 19,205 shares in the company, valued at approximately $21,617,148. The trade was a 48.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director J. Richard Kushel sold 17,142 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total value of $19,207,611.00. Following the completion of the sale, the director owned 61,369 shares of the company's stock, valued at approximately $68,763,964.50. This trade represents a 21.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,494 shares of company stock valued at $74,694,573 in the last quarter. Company insiders own 1.98% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BLK shares. Bank of America increased their price objective on shares of BlackRock from $1,214.00 to $1,224.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Telsey Advisory Group restated an "outperform" rating on shares of BlackRock in a research note on Tuesday, July 8th. Morgan Stanley cut their target price on BlackRock from $1,247.00 to $1,224.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 16th. Jefferies Financial Group raised their target price on BlackRock from $959.00 to $1,210.00 in a research note on Thursday, July 10th. Finally, The Goldman Sachs Group reissued a "buy" rating and set a $1,115.00 price target on shares of BlackRock in a report on Tuesday, July 8th. Twelve analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $1,154.07.

BlackRock Trading Down 0.2%

Shares of NYSE BLK opened at $1,129.10 on Thursday. The business has a 50-day moving average price of $1,122.91 and a two-hundred day moving average price of $1,016.47. BlackRock has a one year low of $773.74 and a one year high of $1,171.89. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $174.84 billion, a PE ratio of 27.30, a PEG ratio of 2.17 and a beta of 1.45.

BlackRock (NYSE:BLK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share for the quarter, topping the consensus estimate of $10.41 by $1.64. BlackRock had a return on equity of 15.53% and a net margin of 29.68%.The firm had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same period in the previous year, the company earned $10.36 EPS. The company's revenue for the quarter was up 12.9% on a year-over-year basis. As a group, analysts predict that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 5th were issued a $5.21 dividend. This represents a $20.84 annualized dividend and a yield of 1.8%. The ex-dividend date was Friday, September 5th. BlackRock's payout ratio is 50.39%.

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.

Want to see what other hedge funds are holding BLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BlackRock (NYSE:BLK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.