BlackRock (NYSE:BLK) Shares Sold by Linscomb Wealth Inc.

Key Points

• Linscomb Wealth Inc. has reduced its stake in BlackRock by 1.8%, bringing their ownership to 13,532 shares valued at approximately $12.8 million.
• CEO Laurence Fink sold 14,828 shares of BlackRock stock for over $16.6 million, representing a 5.32% decrease in his ownership.
• BlackRock announced a quarterly dividend of $5.21 per share, with a payout ratio of 50.39% and an annualized yield of 1.9%.

Linscomb Wealth Inc. reduced its stake in BlackRock (NYSE:BLK - Free Report) by 1.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,532 shares of the asset manager's stock after selling 254 shares during the period. BlackRock accounts for about 0.6% of Linscomb Wealth Inc.'s holdings, making the stock its 24th biggest position. Linscomb Wealth Inc.'s holdings in BlackRock were worth $12,807,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of BLK. First American Trust FSB lifted its stake in shares of BlackRock by 4.3% in the 1st quarter. First American Trust FSB now owns 11,960 shares of the asset manager's stock valued at $11,320,000 after purchasing an additional 491 shares in the last quarter. SouthState Corp increased its position in BlackRock by 54.2% in the first quarter. SouthState Corp now owns 2,124 shares of the asset manager's stock worth $2,010,000 after buying an additional 747 shares during the period. Cooper Financial Group bought a new position in shares of BlackRock in the first quarter worth $349,000. Invesco Ltd. boosted its stake in BlackRock by 13.2% during the first quarter. Invesco Ltd. now owns 932,899 shares of the asset manager's stock valued at $882,970,000 after buying an additional 108,473 shares in the last quarter. Finally, Berger Financial Group Inc boosted its position in shares of BlackRock by 36.9% in the 1st quarter. Berger Financial Group Inc now owns 323 shares of the asset manager's stock valued at $306,000 after purchasing an additional 87 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Insider Activity at BlackRock

In related news, CEO Laurence Fink sold 14,828 shares of the firm's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $1,122.28, for a total transaction of $16,641,167.84. Following the completion of the sale, the chief executive officer owned 263,751 shares in the company, valued at approximately $296,002,472.28. This trade represents a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Rachel Lord sold 18,036 shares of BlackRock 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 completion of the transaction, the director directly owned 19,205 shares in the company, valued at approximately $21,617,148. The trade was a 48.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,494 shares of company stock valued at $74,694,573 over the last ninety days. Company insiders own 1.98% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. Citigroup dropped their price target on BlackRock from $1,200.00 to $1,100.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Morgan Stanley cut their price target on BlackRock from $1,247.00 to $1,224.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 16th. Wall Street Zen upgraded BlackRock to a "hold" rating in a report on Saturday, May 24th. Argus reissued a "buy" rating on shares of BlackRock in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. upped their price objective on BlackRock from $1,018.00 to $1,093.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, BlackRock has a consensus rating of "Moderate Buy" and a consensus price target of $1,151.21.

BlackRock Trading Up 1.0%

BlackRock stock opened at $1,124.20 on Friday. The business's fifty day moving average is $1,054.94 and its 200 day moving average is $985.34. The stock has a market capitalization of $174.17 billion, a PE ratio of 27.18, a price-to-earnings-growth ratio of 2.26 and a beta of 1.42. BlackRock has a one year low of $773.74 and a one year high of $1,131.93. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.04 and a quick ratio of 4.34.

BlackRock (NYSE:BLK - Get Free Report) last posted its earnings results 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. BlackRock had a return on equity of 15.53% and a net margin of 29.68%. The company had revenue of $5.42 billion during the quarter, compared to analysts' expectations of $5.40 billion. During the same quarter last year, the firm earned $10.36 earnings per share. The firm's quarterly revenue was up 12.9% compared to the same quarter last year. On average, sell-side analysts predict that BlackRock will post 47.41 EPS for the current year.

BlackRock Announces Dividend

The business also recently announced 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. 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 is presently 50.39%.

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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