Cyndeo Wealth Partners LLC Acquires 1,827 Shares of BlackRock $BLK

Key Points

• Cyndeo Wealth Partners LLC increased its stake in BlackRock by 167.0%, owning a total of 2,921 shares worth approximately $3,064,000 after acquiring an additional 1,827 shares in Q2.
• BlackRock's CEO, Laurence Fink, sold 12,054 shares for about $13.57 million, representing a 4.57% decrease in his ownership in the company.
• The company's most recent earnings report showed an EPS of $12.05, surpassing analysts' expectations, and indicating a 12.9% revenue growth compared to the same quarter last year.

Cyndeo Wealth Partners LLC grew its holdings in BlackRock (NYSE:BLK - Free Report) by 167.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,921 shares of the asset manager's stock after purchasing an additional 1,827 shares during the quarter. Cyndeo Wealth Partners LLC's holdings in BlackRock were worth $3,064,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. L. Roy Papp & Associates LLP boosted its stake in shares of BlackRock by 0.3% in the 2nd quarter. L. Roy Papp & Associates LLP now owns 37,379 shares of the asset manager's stock valued at $39,219,000 after purchasing an additional 102 shares during the last quarter. 3Chopt Investment Partners LLC boosted its stake in BlackRock by 2.3% during the 2nd quarter. 3Chopt Investment Partners LLC now owns 625 shares of the asset manager's stock worth $656,000 after acquiring an additional 14 shares during the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in BlackRock by 130.6% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 2,774 shares of the asset manager's stock worth $2,911,000 after acquiring an additional 1,571 shares during the last quarter. Stonebridge Financial Group LLC boosted its stake in BlackRock by 0.8% during the 2nd quarter. Stonebridge Financial Group LLC now owns 4,541 shares of the asset manager's stock worth $4,764,000 after acquiring an additional 35 shares during the last quarter. Finally, Horizon Bancorp Inc. IN boosted its stake in BlackRock by 164.9% during the 2nd quarter. Horizon Bancorp Inc. IN now owns 400 shares of the asset manager's stock worth $420,000 after acquiring an additional 249 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

Insider Buying and Selling at BlackRock

In other news, 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 sale, the director directly owned 3,506 shares in the company, valued at $3,936,571.86. This trade represents a 55.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Laurence Fink sold 12,054 shares of BlackRock stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $1,125.43, for a total transaction of $13,565,933.22. Following the completion of the sale, the chief executive officer owned 251,697 shares in the company, valued at $283,267,354.71. This trade represents a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,494 shares of company stock valued at $74,694,573 over the last ninety days. 1.98% of the stock is currently owned by company insiders.

BlackRock Price Performance

NYSE BLK opened at $1,165.64 on Friday. 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 12-month low of $773.74 and a 12-month high of $1,184.13. The company has a market capitalization of $180.50 billion, a PE ratio of 28.18, a price-to-earnings-growth ratio of 2.21 and a beta of 1.45. The firm's 50 day moving average is $1,134.03 and its 200-day moving average is $1,033.55.

BlackRock (NYSE:BLK - Get Free Report) last posted its quarterly earnings data 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. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. The company had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.40 billion. During the same period last year, the company earned $10.36 earnings per share. The firm's revenue was up 12.9% compared to the same quarter last year. Equities research analysts anticipate that BlackRock will post 47.41 earnings per share 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 $5.21 dividend. The ex-dividend date was Friday, September 5th. This represents a $20.84 dividend on an annualized basis and a dividend yield of 1.8%. BlackRock's dividend payout ratio (DPR) is 50.39%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on BLK shares. Zacks Research lowered shares of BlackRock from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 14th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of BlackRock from $1,221.00 to $1,300.00 and gave the stock a "buy" rating in a research note on Thursday. Keefe, Bruyette & Woods reduced their price objective on shares of BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 16th. Bank of America lifted their price objective on shares of BlackRock from $1,224.00 to $1,396.00 and gave the stock a "buy" rating in a research note on Thursday, October 2nd. Finally, Evercore ISI raised their target price on shares of BlackRock from $1,200.00 to $1,230.00 and gave the stock an "outperform" rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $1,258.13.

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.

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