BlackRock $BLK Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc reduced its stake in BlackRock by 0.9% in Q2, now holding 65,070 shares valued at $68.27 million.
• BlackRock reported a missed EPS of $11.55 for the quarter, slightly below estimates of $11.78, despite quarterly revenue of $6.51 billion surpassing expectations.
• Multiple analysts have raised their price targets for BlackRock, with Jefferies Financial Group setting a new target at $1,325.00 and maintaining a "buy" rating.

TD Asset Management Inc lowered its position in shares of BlackRock (NYSE:BLK - Free Report) by 0.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 65,070 shares of the asset manager's stock after selling 578 shares during the period. TD Asset Management Inc's holdings in BlackRock were worth $68,275,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BLK. Frazier Financial Advisors LLC boosted its position in shares of BlackRock by 430.0% during the 2nd quarter. Frazier Financial Advisors LLC now owns 53 shares of the asset manager's stock worth $56,000 after acquiring an additional 43 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its stake in BlackRock by 1.3% during the second quarter. Wilmington Savings Fund Society FSB now owns 7,937 shares of the asset manager's stock worth $8,328,000 after purchasing an additional 99 shares during the last quarter. Morningstar Investment Management LLC acquired a new position in BlackRock in the second quarter valued at approximately $1,749,000. RFG Advisory LLC increased its stake in BlackRock by 5.5% in the second quarter. RFG Advisory LLC now owns 1,248 shares of the asset manager's stock valued at $1,310,000 after purchasing an additional 65 shares during the last quarter. Finally, Naviter Wealth LLC raised its holdings in BlackRock by 7.1% during the second quarter. Naviter Wealth LLC now owns 348 shares of the asset manager's stock worth $365,000 after purchasing an additional 23 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

BlackRock Price Performance

Shares of NYSE BLK opened at $1,201.37 on Thursday. The stock has a fifty day moving average price of $1,138.95 and a 200 day moving average price of $1,039.23. BlackRock has a 1-year low of $773.74 and a 1-year high of $1,219.94. 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 company has a market cap of $186.03 billion, a PE ratio of 30.89, a P/E/G ratio of 2.17 and a beta of 1.45.

BlackRock (NYSE:BLK - Get Free Report) last announced its quarterly earnings data on Tuesday, October 14th. The asset manager reported $11.55 EPS for the quarter, missing analysts' consensus estimates of $11.78 by ($0.23). BlackRock had a return on equity of 15.36% and a net margin of 26.64%.The firm had revenue of $6.51 billion for the quarter, compared to analysts' expectations of $6.22 billion. During the same quarter in the previous year, the company posted $11.46 EPS. The firm's quarterly revenue was up 25.2% compared to the same quarter last year. Sell-side analysts forecast that BlackRock will post 47.41 EPS for the current year.

BlackRock Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th were issued a $5.21 dividend. This represents a $20.84 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, September 5th. BlackRock's payout ratio is currently 50.39%.

Insiders Place Their Bets

In related news, Director Rachel Lord sold 18,036 shares of BlackRock stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $1,125.60, for a total value of $20,301,321.60. Following the sale, the director directly owned 19,205 shares in the company, valued at $21,617,148. The trade was a 48.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director J. Richard Kushel sold 17,142 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total value of $19,207,611.00. Following the completion of the transaction, the director 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 a total of 66,494 shares of company stock worth $74,694,573 over the last quarter. 1.98% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Jefferies Financial Group upped their target price on shares of BlackRock from $1,196.00 to $1,325.00 and gave the company a "buy" rating in a report on Tuesday, October 7th. BNP Paribas Exane upped their price objective on shares of BlackRock from $1,160.00 to $1,265.00 and gave the company an "outperform" rating in a research note on Thursday, October 9th. The Goldman Sachs Group lifted their target price on BlackRock from $1,163.00 to $1,312.00 and gave the stock a "buy" rating in a research report on Friday, October 3rd. Telsey Advisory Group reissued an "outperform" rating on shares of BlackRock in a report on Tuesday, July 8th. Finally, TD Cowen raised their price target on BlackRock from $1,301.00 to $1,407.00 and gave the stock a "buy" rating in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $1,300.81.

BlackRock Company 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.

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