Corebridge Financial Inc. Decreases Stock Position in BlackRock $BLK

Key Points

• Corebridge Financial Inc. decreased its stake in BlackRock by 3.7%, selling 1,541 shares during the first quarter, leaving it with 39,702 shares valued at approximately $37.58 million.
• BlackRock reported earnings of $12.05 EPS in its latest quarterly results, exceeding analysts' expectations of $10.41 EPS, with revenue reaching $5.42 billion.
• The company announced a quarterly dividend of $5.21 per share, reflecting a 1.8% yield and a dividend payout ratio of 50.39%.

Corebridge Financial Inc. decreased its position in BlackRock (NYSE:BLK - Free Report) by 3.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 39,702 shares of the asset manager's stock after selling 1,541 shares during the period. Corebridge Financial Inc.'s holdings in BlackRock were worth $37,577,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of BLK. Fairway Wealth LLC raised its holdings in shares of BlackRock by 76.5% in the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock worth $28,000 after purchasing an additional 13 shares in the last quarter. Investment Management Corp VA ADV bought a new stake in shares of BlackRock in the 4th quarter worth approximately $30,000. Cheviot Value Management LLC bought a new stake in shares of BlackRock in the 1st quarter worth approximately $30,000. MorganRosel Wealth Management LLC bought a new stake in shares of BlackRock in the 1st quarter worth approximately $31,000. Finally, CBIZ Investment Advisory Services LLC bought a new stake in shares of BlackRock in the 1st quarter worth approximately $34,000. Institutional investors own 80.69% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Wall Street Zen upgraded shares of BlackRock to a "hold" rating in a report on Saturday, May 24th. Argus reissued a "buy" rating on shares of BlackRock in a research report on Tuesday, July 8th. JPMorgan Chase & Co. lifted their target price 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. Wells Fargo & Company decreased their price objective on BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating on the stock in a report on Wednesday, July 16th. Finally, UBS Group reiterated a "neutral" rating and issued a $980.00 target price on shares of BlackRock in a research note on Tuesday, July 8th. Twelve analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, BlackRock has a consensus rating of "Moderate Buy" and an average target price of $1,151.21.

Insider Transactions at BlackRock

In related news, Director J. Richard Kushel sold 17,142 shares of BlackRock 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 transaction of $19,207,611.00. Following 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Fabrizio Freda sold 4,434 shares of BlackRock stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $1,122.81, for a total value of $4,978,539.54. Following the transaction, the director directly owned 3,506 shares in the company, valued at approximately $3,936,571.86. The trade was a 55.84% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,494 shares of company stock worth $74,694,573. Insiders own 1.98% of the company's stock.

BlackRock Trading Down 0.1%

BLK traded down $1.13 during midday trading on Thursday, hitting $1,130.50. 475,174 shares of the company were exchanged, compared to its average volume of 489,098. The firm's 50 day moving average price is $1,095.68 and its 200-day moving average price is $995.51. 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 has a 1-year low of $773.74 and a 1-year high of $1,171.89. The firm has a market capitalization of $175.06 billion, a P/E ratio of 27.33, a P/E/G ratio of 2.17 and a beta of 1.42.

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

BlackRock Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be issued 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 payout ratio is currently 50.39%.

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.