BlackRock (NYSE:BLK) Holdings Decreased by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia sold 52,855 shares of BlackRock, reducing its stake by 72.2% in the first quarter, leaving it with 20,382 shares valued at approximately $19.3 million.
• Analyst price targets for BlackRock varies widely, with TD Cowen decreasing it to $1,032 while Barclays raised theirs to $1,220, indicating differing expectations among market analysts.
• BlackRock announced a quarterly dividend of $5.21 per share, translating to an annualized dividend of $20.84, with a current yield of 1.9%.

Bank of Nova Scotia lowered its position in shares of BlackRock (NYSE:BLK - Free Report) by 72.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 20,382 shares of the asset manager's stock after selling 52,855 shares during the quarter. Bank of Nova Scotia's holdings in BlackRock were worth $19,291,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Securian Asset Management Inc. purchased a new position in BlackRock during the 1st quarter worth $7,331,000. Prudent Man Advisors LLC acquired a new position in shares of BlackRock during the 1st quarter worth $2,018,000. Arizona State Retirement System acquired a new position in shares of BlackRock during the 1st quarter worth $40,868,000. Polar Capital Holdings Plc acquired a new position in shares of BlackRock during the 4th quarter worth $15,307,000. Finally, Community Financial Services Group LLC grew its stake in shares of BlackRock by 17.2% during the 1st quarter. Community Financial Services Group LLC now owns 5,702 shares of the asset manager's stock worth $5,397,000 after purchasing an additional 836 shares during the period. Hedge funds and other institutional investors own 80.69% of the company's stock.

BlackRock Trading Down 0.6%

NYSE BLK traded down $6.23 during mid-day trading on Tuesday, hitting $1,109.83. The company's stock had a trading volume of 481,260 shares, compared to its average volume of 676,875. BlackRock has a 52-week low of $773.74 and a 52-week high of $1,130.66. The stock's fifty day simple moving average is $1,043.68 and its two-hundred day simple moving average is $982.13. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.34 and a quick ratio of 4.34. The firm has a market capitalization of $171.95 billion, a P/E ratio of 26.83, a price-to-earnings-growth ratio of 2.25 and a beta of 1.42.

BlackRock (NYSE:BLK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The asset manager reported $12.05 EPS for the quarter, beating the consensus estimate of $10.41 by $1.64. BlackRock had a net margin of 29.68% and a return on equity of 15.83%. The firm had revenue of $5.42 billion for the quarter, compared to analyst estimates of $5.40 billion. During the same quarter last year, the firm posted $10.36 earnings per share. BlackRock's revenue for the quarter was up 12.9% compared to the same quarter last year. Research analysts expect that BlackRock will post 47.41 EPS for the current year.

BlackRock Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be given a $5.21 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $20.84 annualized dividend and a yield of 1.9%. BlackRock's dividend payout ratio (DPR) is 50.39%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on BLK shares. Keefe, Bruyette & Woods lowered their price objective on shares of BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 16th. 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 note on Wednesday, July 16th. TD Cowen lowered their price objective on shares of BlackRock from $1,251.00 to $1,032.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. UBS Group reissued a "neutral" rating and issued a $980.00 price objective on shares of BlackRock in a research note on Tuesday, July 8th. Finally, The Goldman Sachs Group restated a "buy" rating and issued a $1,115.00 target price on shares of BlackRock in a report on Tuesday, July 8th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat, BlackRock currently has an average rating of "Moderate Buy" and an average target price of $1,151.21.

Insider Activity

In other news, CEO Laurence Fink sold 12,054 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $1,125.43, for a total transaction of $13,565,933.22. Following the completion of the sale, the chief executive officer owned 251,697 shares of the company's stock, valued at approximately $283,267,354.71. This trade represents a 4.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director J. Richard Kushel sold 17,142 shares of the firm'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 transaction of $19,207,611.00. Following the sale, the director directly owned 61,369 shares of the company's stock, valued at $68,763,964.50. The trade was a 21.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,494 shares of company stock worth $74,694,573 over the last three months. Insiders own 1.98% of the company's stock.

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.