Bourgeon Capital Management LLC Sells 1,059 Shares of BlackRock $BLK

Key Points

• Bourgeon Capital Management LLC reduced its stake in BlackRock by 18.9%, selling 1,059 shares, leaving them with a total of 4,557 shares worth approximately $4.78 million.
• BlackRock reported a 12.05 EPS for the most recent quarter, surpassing analyst expectations and achieving 12.9% year-over-year revenue growth.
• The company recently announced a quarterly dividend of $5.21 per share, resulting in an annual yield of 1.8% with a payout ratio of 50.39%.

Bourgeon Capital Management LLC lowered its stake in BlackRock (NYSE:BLK - Free Report) by 18.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,557 shares of the asset manager's stock after selling 1,059 shares during the quarter. Bourgeon Capital Management LLC's holdings in BlackRock were worth $4,781,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Securian Asset Management Inc. acquired a new stake in BlackRock in the 1st quarter valued at $7,331,000. Prudent Man Advisors LLC purchased a new position in BlackRock during the 1st quarter worth $2,018,000. Allianz SE boosted its holdings in shares of BlackRock by 2.6% in the 1st quarter. Allianz SE now owns 11,025 shares of the asset manager's stock worth $10,435,000 after buying an additional 277 shares during the last quarter. Arizona State Retirement System purchased a new position in shares of BlackRock in the 1st quarter worth about $40,868,000. Finally, Community Financial Services Group LLC boosted its holdings in shares of BlackRock by 17.2% in the 1st quarter. Community Financial Services Group LLC now owns 5,702 shares of the asset manager's stock worth $5,397,000 after buying an additional 836 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

BlackRock Trading Up 1.5%

Shares of BLK opened at $1,173.98 on Tuesday. The business's 50-day moving average price is $1,126.36 and its 200-day moving average price is $1,023.07. BlackRock has a twelve month low of $773.74 and a twelve month high of $1,182.14. The stock has a market cap of $181.79 billion, a PE ratio of 28.38, a P/E/G ratio of 2.21 and a beta of 1.45. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 0.39.

BlackRock (NYSE:BLK - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $12.05 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 analyst estimates of $5.40 billion. During the same quarter in the previous year, the firm earned $10.36 earnings per share. BlackRock's revenue was up 12.9% on a year-over-year basis. On average, equities analysts forecast that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th were issued a dividend of $5.21 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $20.84 annualized dividend and a dividend yield of 1.8%. BlackRock's payout ratio is presently 50.39%.

Insiders Place Their Bets

In other BlackRock news, 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 value of $20,301,321.60. Following the completion of the sale, the director owned 19,205 shares of the company's stock, valued at $21,617,148. This represents a 48.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director J. Richard Kushel sold 17,142 shares of the company's stock in a transaction that occurred 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 sale, the director directly owned 61,369 shares of the company's stock, valued at approximately $68,763,964.50. This represents 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 three months. Company insiders own 1.98% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BLK. JPMorgan Chase & Co. boosted their price target on shares of BlackRock from $1,018.00 to $1,093.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. UBS Group reissued a "neutral" rating and issued a $980.00 price target on shares of BlackRock in a report on Tuesday, July 8th. Zacks Research downgraded shares of BlackRock from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 14th. Morgan Stanley lowered their price objective 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. Finally, Telsey Advisory Group restated an "outperform" rating on shares of BlackRock in a research note on Tuesday, July 8th. Twelve research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, BlackRock has an average rating of "Moderate Buy" and an average target price of $1,171.93.

BlackRock 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.

Want to see what other hedge funds are holding BLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BlackRock (NYSE:BLK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.