Tompkins Financial Corp Reduces Position in BlackRock $BLK

Key Points

• Tompkins Financial Corp reduced its holdings in BlackRock by 2.2% in Q2, now owning 10,969 shares valued at approximately $11.5 million.
• BlackRock's CEO, Laurence Fink, sold 12,054 shares at an average price of $1,125.43, decreasing his ownership by 4.57%.
• Analysts have set varying price targets for BlackRock, with an average consensus of $1,154.07, indicating a strong "Moderate Buy" rating from twelve analysts.

Tompkins Financial Corp decreased its position in shares of BlackRock (NYSE:BLK - Free Report) by 2.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,969 shares of the asset manager's stock after selling 250 shares during the quarter. Tompkins Financial Corp's holdings in BlackRock were worth $11,509,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of BLK. Fairway Wealth LLC increased its stake in shares of BlackRock by 76.5% in the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock valued at $28,000 after acquiring an additional 13 shares in the last quarter. Game Plan Financial Advisors LLC increased its stake in shares of BlackRock by 100.0% in the 1st quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager's stock valued at $28,000 after acquiring an additional 15 shares in the last quarter. Garde Capital Inc. increased its stake in shares of BlackRock by 200.0% in the 2nd quarter. Garde Capital Inc. now owns 27 shares of the asset manager's stock valued at $28,000 after acquiring an additional 18 shares in the last quarter. Investment Management Corp VA ADV bought a new stake in shares of BlackRock in the 4th quarter valued at $30,000. Finally, Cheviot Value Management LLC bought a new stake in shares of BlackRock in the 1st quarter valued at $30,000. Institutional investors own 80.69% of the company's stock.

Analyst Upgrades and Downgrades

BLK has been the subject of a number of recent research reports. 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 note on Wednesday, July 16th. Keefe, Bruyette & Woods cut their price target on shares of BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating on the stock in a report on Wednesday, July 16th. Evercore ISI boosted their price target on shares of BlackRock from $1,170.00 to $1,200.00 and gave the stock an "outperform" rating in a report on Friday, September 5th. Barclays boosted their price objective on BlackRock from $990.00 to $1,220.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Finally, UBS Group restated a "neutral" rating and issued a $980.00 price objective on shares of BlackRock in a research note on Tuesday, July 8th. Twelve equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $1,154.07.

BlackRock Price Performance

Shares of BLK traded up $5.63 during midday trading on Friday, hitting $1,142.76. 1,504,904 shares of the company traded hands, compared to its average volume of 445,605. The stock has a 50-day moving average of $1,119.82 and a 200-day moving average of $1,012.87. BlackRock has a one year low of $773.74 and a one year high of $1,171.89. The firm has a market cap of $176.96 billion, a P/E ratio of 27.63, a PEG ratio of 2.18 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 (NYSE:BLK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share 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 period in the prior year, the business posted $10.36 earnings per share. The company's revenue was up 12.9% on a year-over-year basis. As a group, sell-side analysts predict that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Announces Dividend

The business 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 dividend of $5.21 per share. The ex-dividend date is Friday, September 5th. This represents a $20.84 annualized dividend and a dividend yield of 1.8%. BlackRock's dividend payout ratio is currently 50.39%.

Insider Buying and Selling

In other news, Director Fabrizio Freda sold 4,434 shares of the company's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $1,122.81, for a total transaction of $4,978,539.54. Following the sale, the director directly owned 3,506 shares in the company, valued at $3,936,571.86. This represents a 55.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Rachel Lord sold 18,036 shares of the company's 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 transaction of $20,301,321.60. Following the completion of the transaction, the director owned 19,205 shares in the company, valued at approximately $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. In the last ninety days, 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.