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Cumberland Partners Ltd Sells 4,560 Shares of BlackRock (NYSE:BLK)

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Key Points

  • Cumberland Partners Ltd reduced its stake in BlackRock by 45.6%, holding 5,445 shares valued at approximately $5.15 million after selling 4,560 shares in the first quarter.
  • BlackRock's latest quarterly earnings report showed an EPS of $12.05, exceeding analysts' estimates, with revenue increasing 12.9% year-over-year to $5.42 billion.
  • The company announced a quarterly dividend of $5.21 per share, representing an annual yield of 1.9%, to be paid on September 23rd.
  • MarketBeat previews top five stocks to own in September.

Cumberland Partners Ltd lowered its holdings in BlackRock (NYSE:BLK - Free Report) by 45.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,445 shares of the asset manager's stock after selling 4,560 shares during the period. Cumberland Partners Ltd's holdings in BlackRock were worth $5,154,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of BLK. Securian Asset Management Inc. purchased a new position in BlackRock in the 1st quarter worth approximately $7,331,000. Prudent Man Advisors LLC purchased a new stake in BlackRock during the first quarter valued at about $2,018,000. Arizona State Retirement System purchased a new stake in BlackRock during the first quarter valued at about $40,868,000. Polar Capital Holdings Plc purchased a new stake in BlackRock during the fourth quarter valued at about $15,307,000. Finally, Community Financial Services Group LLC raised its position in BlackRock by 17.2% during the first quarter. Community Financial Services Group LLC now owns 5,702 shares of the asset manager's stock valued at $5,397,000 after purchasing an additional 836 shares in the last quarter. Institutional investors own 80.69% of the company's stock.

BlackRock Trading Down 1.3%

NYSE:BLK traded down $14.72 during mid-day trading on Friday, reaching $1,091.29. 672,794 shares of the company's stock traded hands, compared to its average volume of 679,700. BlackRock has a 12-month low of $773.74 and a 12-month high of $1,130.66. The firm has a market capitalization of $169.07 billion, a price-to-earnings ratio of 26.39, a PEG ratio of 2.21 and a beta of 1.42. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.34 and a quick ratio of 4.34. The company has a 50 day moving average price of $1,040.67 and a 200-day moving average price of $981.35.

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 (EPS) for the quarter, beating analysts' consensus estimates of $10.41 by $1.64. The company had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.40 billion. BlackRock had a return on equity of 15.83% and a net margin of 29.68%. BlackRock's revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $10.36 EPS. On average, sell-side analysts predict that BlackRock will post 47.41 earnings per share for the current year.

BlackRock Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be given a dividend of $5.21 per share. This represents a $20.84 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 5th. BlackRock's payout ratio is presently 50.39%.

Insider Transactions at BlackRock

In other BlackRock news, CEO Laurence Fink sold 12,054 shares of BlackRock stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $1,125.43, for a total transaction of $13,565,933.22. Following the sale, the chief executive officer directly owned 251,697 shares of the company's stock, valued at approximately $283,267,354.71. The trade was a 4.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Rachel Lord sold 18,036 shares of BlackRock stock in a transaction that occurred on Friday, July 25th. The shares were 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 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. In the last 90 days, insiders sold 66,494 shares of company stock valued at $74,694,573. Insiders own 1.98% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on BLK shares. Argus restated a "buy" rating on shares of BlackRock in a research report on Tuesday, July 8th. Jefferies Financial Group raised their price target on BlackRock from $959.00 to $1,210.00 in a research report on Thursday, July 10th. UBS Group restated a "neutral" rating and set a $980.00 price target on shares of BlackRock in a research report on Tuesday, July 8th. Citigroup lowered 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. Finally, TD Cowen lowered their price target on BlackRock from $1,251.00 to $1,032.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $1,151.21.

Get Our Latest Stock Analysis on BlackRock

BlackRock Company Profile

(Free Report)

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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Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

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