BlackRock $BLK Stake Decreased by 1832 Asset Management L.P.

Key Points

• 1832 Asset Management L.P. reduced its stake in BlackRock by 67.0%, selling 15,600 shares in the first quarter, leaving the firm with 7,700 shares valued at approximately $7.29 million.
• Insider transactions included sales by directors, with Fabrizio Freda selling 4,434 shares for nearly $4.98 million and J. Richard Kushel selling 17,142 shares for about $19.21 million, reflecting significant decreases in their holdings.
• BlackRock reported earnings of $12.05 per share in July, surpassing consensus estimates, with revenue rising by 12.9% year-over-year to $5.42 billion.

1832 Asset Management L.P. lowered its holdings in shares of BlackRock (NYSE:BLK - Free Report) by 67.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,700 shares of the asset manager's stock after selling 15,600 shares during the period. 1832 Asset Management L.P.'s holdings in BlackRock were worth $7,288,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Detalus Advisors LLC increased its holdings in shares of BlackRock by 2.8% during the 1st quarter. Detalus Advisors LLC now owns 409 shares of the asset manager's stock worth $387,000 after buying an additional 11 shares during the last quarter. Blue Bell Private Wealth Management LLC grew its position in BlackRock by 20.4% during the first quarter. Blue Bell Private Wealth Management LLC now owns 65 shares of the asset manager's stock valued at $62,000 after acquiring an additional 11 shares during the period. Rothschild Investment LLC increased its stake in BlackRock by 2.1% during the first quarter. Rothschild Investment LLC now owns 579 shares of the asset manager's stock worth $548,000 after acquiring an additional 12 shares during the last quarter. Financial Management Professionals Inc. raised its holdings in shares of BlackRock by 3.0% in the 1st quarter. Financial Management Professionals Inc. now owns 451 shares of the asset manager's stock worth $427,000 after purchasing an additional 13 shares during the period. Finally, Crumly & Associates Inc. lifted its stake in shares of BlackRock by 1.5% in the 1st quarter. Crumly & Associates Inc. now owns 864 shares of the asset manager's stock valued at $818,000 after purchasing an additional 13 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at BlackRock

In related news, Director Rachel Lord sold 18,036 shares of the business's 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 completion of the sale, the director owned 19,205 shares of the company's stock, valued at $21,617,148. This represents a 48.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Laurence Fink sold 14,828 shares of the firm's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $1,122.28, for a total transaction of $16,641,167.84. Following the completion of the transaction, the chief executive officer directly owned 263,751 shares in the company, valued at $296,002,472.28. This represents a 5.32% decrease in their position. 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. Corporate insiders own 1.98% of the company's stock.

BlackRock Stock Down 0.4%

Shares of BLK stock traded down $4.54 during trading hours on Friday, hitting $1,125.95. 159,049 shares of the company were exchanged, compared to its average volume of 745,339. The stock has a market capitalization of $174.35 billion, a price-to-earnings ratio of 27.25, a P/E/G ratio of 2.17 and a beta of 1.42. BlackRock has a one year low of $773.74 and a one year high of $1,171.89. The business's 50-day simple moving average is $1,098.73 and its two-hundred day simple moving average is $996.51. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04.

BlackRock (NYSE:BLK - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts' expectations of $5.40 billion. During the same quarter in the prior 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. Sell-side analysts predict that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Dividend Announcement

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

Analyst Upgrades and Downgrades

BLK has been the subject of a number of research analyst reports. Argus reissued a "buy" rating on shares of BlackRock in a research report on Tuesday, July 8th. Bank of America increased their price objective on shares of BlackRock from $1,214.00 to $1,224.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Wells Fargo & Company cut their target price on shares of BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 16th. Morgan Stanley decreased their price target on shares of BlackRock from $1,247.00 to $1,224.00 and set an "overweight" rating for the company in a research report on Wednesday, July 16th. Finally, The Goldman Sachs Group reissued a "buy" rating and issued a $1,115.00 price objective on shares of BlackRock in a research report on Tuesday, July 8th. Twelve research analysts have rated the stock with a Buy rating and three have assigned 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 $1,151.21.

BlackRock Profile

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.