BlackRock $BLK Shares Sold by Resources Management Corp CT ADV

Key Points

• Resources Management Corp CT ADV cut its BlackRock stake by 60.5% in the fourth quarter, selling 21,164 shares and leaving it with 13,819 shares worth about $14.8 million.
• BlackRock reported strong quarterly results, with EPS of $12.53 beating estimates and revenue of $6.70 billion topping forecasts, while revenue rose 27% year over year.
• The company declared a $5.73 quarterly dividend payable June 23, and Wall Street remains broadly constructive with a Moderate Buy consensus and an average price target of $1,264.61.

Resources Management Corp CT ADV lowered its stake in shares of BlackRock (NYSE:BLK - Free Report) by 60.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,819 shares of the asset manager's stock after selling 21,164 shares during the period. BlackRock accounts for 1.9% of Resources Management Corp CT ADV's investment portfolio, making the stock its 12th largest position. Resources Management Corp CT ADV's holdings in BlackRock were worth $14,791,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BLK. Brighton Jones LLC boosted its stake in BlackRock by 23.1% during the fourth quarter. Brighton Jones LLC now owns 1,575 shares of the asset manager's stock worth $1,615,000 after buying an additional 296 shares during the last quarter. Bison Wealth LLC boosted its stake in BlackRock by 1.6% during the fourth quarter. Bison Wealth LLC now owns 1,052 shares of the asset manager's stock worth $1,078,000 after buying an additional 17 shares during the last quarter. Schnieders Capital Management LLC. acquired a new position in BlackRock during the second quarter worth $259,000. Nebula Research & Development LLC acquired a new position in BlackRock during the second quarter worth $548,000. Finally, Osterweis Capital Management Inc. acquired a new position in BlackRock during the second quarter worth $98,000. Institutional investors and hedge funds own 80.69% of the company's stock.

BlackRock Stock Performance

Shares of BlackRock stock opened at $1,031.45 on Monday. BlackRock has a 52 week low of $917.39 and a 52 week high of $1,219.94. The business's fifty day simple moving average is $1,039.86 and its 200-day simple moving average is $1,051.60. The firm has a market cap of $160.12 billion, a PE ratio of 25.89, a price-to-earnings-growth ratio of 1.34 and a beta of 1.42. The company has a quick ratio of 4.09, a current ratio of 4.09 and a debt-to-equity ratio of 0.34.

BlackRock (NYSE:BLK - Get Free Report) last announced its quarterly earnings results on Tuesday, April 14th. The asset manager reported $12.53 EPS for the quarter, beating the consensus estimate of $12.40 by $0.13. The business had revenue of $6.70 billion for the quarter, compared to analyst estimates of $6.56 billion. BlackRock had a return on equity of 14.74% and a net margin of 24.40%.The company's quarterly revenue was up 27.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $9.64 EPS. Equities analysts forecast that BlackRock will post 52.8 earnings per share for the current year.

BlackRock Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 5th will be issued a $5.73 dividend. This represents a $22.92 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, June 5th. BlackRock's payout ratio is currently 57.53%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BLK. Keefe, Bruyette & Woods boosted their price objective on BlackRock from $1,150.00 to $1,240.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 15th. Morgan Stanley upped their price target on BlackRock from $1,368.00 to $1,393.00 and gave the company an "overweight" rating in a research note on Wednesday, April 15th. Weiss Ratings raised BlackRock from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, May 13th. UBS Group upped their price target on BlackRock from $1,235.00 to $1,270.00 and gave the company a "buy" rating in a research note on Wednesday, April 15th. Finally, The Goldman Sachs Group upped their price target on BlackRock from $1,181.00 to $1,313.00 and gave the company a "buy" rating in a research note on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $1,264.61.

Insider Buying and Selling at BlackRock

In related news, President Robert Kapito sold 8,739 shares of the business's stock in a transaction on Monday, April 27th. The stock was sold at an average price of $1,056.60, for a total value of $9,233,627.40. Following the sale, the president owned 210,186 shares in the company, valued at approximately $222,082,527.60. The trade was a 3.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Laurence Fink sold 33,900 shares of the business's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $1,050.55, for a total value of $35,613,645.00. Following the completion of the sale, the chief executive officer owned 230,516 shares in the company, valued at $242,168,583.80. This represents a 12.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.92% of the stock is currently owned by insiders.

Key Headlines Impacting BlackRock

Here are the key news stories impacting BlackRock this week:

• Negative Sentiment: BlackRock’s private-credit funds saw redemption requests far above the cap, and the firm is again limiting withdrawals, which could weigh on sentiment around its alternatives business. Reuters article
• Negative Sentiment: Bloomberg and other reports said BlackRock’s HPS/HLEND private-credit vehicles capped redemptions after investors sought to withdraw more than 5%, underscoring continued pressure in the funds. Bloomberg article
• Neutral Sentiment: BlackRock also reported buying additional Bitcoin and Ethereum holdings, and it is preparing an income-focused Bitcoin ETF, highlighting continued growth in its digital-asset franchise. Finbold article
• Neutral Sentiment: Reports that BlackRock may seek about $5 billion of SpaceX IPO shares point to strong client demand and product breadth, but this is not as immediate a driver as the redemption headlines. Reuters article

About BlackRock

BlackRock, Inc is a global investment management firm that provides a broad range of products and services to institutional, intermediary and individual investors. Its core activities include portfolio management across active and index strategies, exchange-traded funds (ETFs) under the iShares brand, fixed income, equity and multi-asset solutions, as well as alternatives such as private equity, real estate and infrastructure. The firm also offers cash management and liquidity solutions and retirement-focused products designed for defined contribution and defined benefit investors.

In addition to traditional investment management, BlackRock is known for its technology and risk management capabilities, most prominently its Aladdin platform, which combines portfolio management, trading and risk analytics and is used both internally and licensed to external clients.

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