Beacon Financial Group Sells 365 Shares of BlackRock $BLK

Key Points

• Beacon Financial Group reduced its stake in BlackRock by 6.0%, selling 365 shares, which leaves them with 5,672 shares valued at approximately $5,951,000.
• BlackRock recently reported quarterly earnings with an EPS of $12.05, exceeding expectations and marking a 12.9% increase in revenue year-over-year.
• The company announced a quarterly dividend of $5.21 per share, equating to an annual yield of 1.9%, with the payment set for September 23rd.

Beacon Financial Group cut its stake in shares of BlackRock (NYSE:BLK - Free Report) by 6.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,672 shares of the asset manager's stock after selling 365 shares during the quarter. Beacon Financial Group's holdings in BlackRock were worth $5,951,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Securian Asset Management Inc. bought a new stake in shares of BlackRock in the 1st quarter worth approximately $7,331,000. Prudent Man Advisors LLC bought a new stake in shares of BlackRock in the 1st quarter worth approximately $2,018,000. Allianz SE lifted its holdings in shares of BlackRock by 2.6% in the 1st quarter. Allianz SE now owns 11,025 shares of the asset manager's stock worth $10,435,000 after acquiring an additional 277 shares during the last quarter. Arizona State Retirement System bought a new stake in shares of BlackRock in the 1st quarter worth approximately $40,868,000. Finally, Community Financial Services Group LLC lifted its holdings in shares of BlackRock by 17.2% in the 1st quarter. Community Financial Services Group LLC now owns 5,702 shares of the asset manager's stock worth $5,397,000 after acquiring an additional 836 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

BlackRock Stock Down 0.8%

NYSE:BLK opened at $1,114.15 on Tuesday. The firm's 50-day moving average price is $1,116.63 and its 200-day moving average price is $1,008.76. The company has a market capitalization of $172.53 billion, a PE ratio of 26.94, a P/E/G ratio of 2.15 and a beta of 1.45. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.04 and a quick ratio of 4.04. BlackRock has a 1-year low of $773.74 and a 1-year high of $1,171.89.

BlackRock (NYSE:BLK - Get Free Report) last announced its quarterly earnings data 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 15.53%. The company had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.40 billion. During the same period in the prior year, the firm posted $10.36 EPS. BlackRock's revenue for the quarter was up 12.9% on a year-over-year basis. On average, equities analysts predict that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on BLK shares. Argus restated a "buy" rating on shares of BlackRock in a report on Tuesday, July 8th. Wall Street Zen upgraded shares of BlackRock to a "hold" rating in a report on Saturday, May 24th. UBS Group reissued a "neutral" rating and set a $980.00 price target on shares of BlackRock in a research report on Tuesday, July 8th. The Goldman Sachs Group restated a "buy" rating and issued a $1,115.00 price objective on shares of BlackRock in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company lowered their price objective on shares of BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating for the company in a research note on Wednesday, July 16th. Twelve equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, BlackRock currently has an average rating of "Moderate Buy" and a consensus target price of $1,154.07.

Insider Activity

In related news, Director J. Richard Kushel sold 17,142 shares of the stock in a transaction dated Wednesday, July 30th. The shares were 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 approximately $68,763,964.50. This represents a 21.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Rachel Lord sold 18,036 shares of the stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $1,125.60, for a total transaction of $20,301,321.60. Following the sale, the director directly owned 19,205 shares in the company, valued at $21,617,148. This trade represents a 48.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,494 shares of company stock valued at $74,694,573. Company 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.

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