BlackRock $BLK Shares Sold by Parallel Advisors LLC

Key Points

• Parallel Advisors LLC reduced its stake in BlackRock by 3.1% during Q2, holding 11,090 shares valued at approximately $11.64 million.
• In its latest earnings report, BlackRock exceeded analysts' expectations with earnings per share of $12.05 compared to the consensus estimate of $10.41.
• The firm's dividend of $5.21 per share, set to be paid on September 23rd, represents a 1.9% annual yield with a payout ratio of 50.39%.

Parallel Advisors LLC reduced its stake in BlackRock (NYSE:BLK - Free Report) by 3.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 11,090 shares of the asset manager's stock after selling 351 shares during the quarter. Parallel Advisors LLC's holdings in BlackRock were worth $11,636,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in BLK. Fairway Wealth LLC lifted its holdings in BlackRock by 76.5% during the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock worth $28,000 after buying an additional 13 shares in the last quarter. Game Plan Financial Advisors LLC lifted its holdings in BlackRock by 100.0% during the 1st quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager's stock worth $28,000 after buying an additional 15 shares in the last quarter. Garde Capital Inc. lifted its holdings in BlackRock by 200.0% during the 2nd quarter. Garde Capital Inc. now owns 27 shares of the asset manager's stock worth $28,000 after buying an additional 18 shares in the last quarter. Investment Management Corp VA ADV acquired a new stake in BlackRock during the 4th quarter worth approximately $30,000. Finally, Cheviot Value Management LLC acquired a new stake in BlackRock during the 1st quarter worth approximately $30,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. UBS Group reissued a "neutral" rating and issued a $980.00 price objective on shares of BlackRock in a research report on Tuesday, July 8th. Barclays increased their target price on shares of BlackRock from $990.00 to $1,220.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Argus reissued a "buy" rating on shares of BlackRock in a research report on Tuesday, July 8th. Morgan Stanley lowered their price objective on shares of BlackRock from $1,247.00 to $1,224.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of BlackRock from $1,247.00 to $1,224.00 and set an "outperform" 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 company. Based on data from MarketBeat, BlackRock has a consensus rating of "Moderate Buy" and an average target price of $1,154.07.

BlackRock Stock Performance

NYSE:BLK opened at $1,124.34 on Monday. The firm has a 50 day simple moving average of $1,115.88 and a 200-day simple moving average of $1,007.82. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.04 and a quick ratio of 4.04. The firm has a market cap of $174.10 billion, a PE ratio of 27.18, a P/E/G ratio of 2.15 and a beta of 1.45. 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 released its quarterly earnings data on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.41 by $1.64. The company had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $5.40 billion. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. BlackRock's revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the previous year, the firm earned $10.36 earnings per share. On average, equities analysts expect that BlackRock will post 47.41 EPS for the current year.

BlackRock Announces Dividend

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

Insider Activity

In other news, CEO Laurence Fink sold 14,828 shares of BlackRock stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $1,122.28, for a total value of $16,641,167.84. Following the transaction, the chief executive officer owned 263,751 shares of the company's stock, valued at $296,002,472.28. This trade represents a 5.32% decrease in their ownership of the stock. The transaction 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 business's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $1,125.60, for a total transaction of $20,301,321.60. Following the transaction, the director directly owned 19,205 shares in the company, valued at $21,617,148. This trade represents a 48.43% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,494 shares of company stock valued at $74,694,573. Corporate 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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