Dakota Wealth Management Reduces Stock Holdings in BlackRock $BLK

Key Points

• Dakota Wealth Management reduced its stake in BlackRock by 5.9%, ending the second quarter with 3,502 shares valued at $3.675 million.
• BlackRock reported a quarterly EPS of $12.05, exceeding analysts' expectations, and had a revenue of $5.42 billion, representing a year-over-year increase of 12.9%.
• The company declared a quarterly dividend of $5.21, leading to an annualized dividend yield of 1.8% and a payout ratio of 50.39%.

Dakota Wealth Management reduced its stake in shares of BlackRock (NYSE:BLK - Free Report) by 5.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,502 shares of the asset manager's stock after selling 220 shares during the quarter. Dakota Wealth Management's holdings in BlackRock were worth $3,675,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. McLean Asset Management Corp raised its stake in BlackRock by 3.9% in the second quarter. McLean Asset Management Corp now owns 266 shares of the asset manager's stock worth $285,000 after buying an additional 10 shares in the last quarter. Trust Co. of Oklahoma grew its holdings in shares of BlackRock by 0.5% during the 2nd quarter. Trust Co. of Oklahoma now owns 2,023 shares of the asset manager's stock worth $2,123,000 after acquiring an additional 10 shares during the period. Detalus Advisors LLC raised its position in shares of BlackRock by 2.8% in the 1st quarter. Detalus Advisors LLC now owns 409 shares of the asset manager's stock worth $387,000 after acquiring an additional 11 shares in the last quarter. Blue Bell Private Wealth Management LLC lifted its stake in shares of BlackRock by 20.4% in the 1st quarter. Blue Bell Private Wealth Management LLC now owns 65 shares of the asset manager's stock valued at $62,000 after purchasing an additional 11 shares during the period. Finally, Focus Financial Network Inc. boosted its position in shares of BlackRock by 1.8% during the second quarter. Focus Financial Network Inc. now owns 619 shares of the asset manager's stock valued at $650,000 after purchasing an additional 11 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

BlackRock Price Performance

Shares of NYSE:BLK opened at $1,146.33 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04. The firm has a market cap of $177.51 billion, a price-to-earnings ratio of 27.72, a price-to-earnings-growth ratio of 2.16 and a beta of 1.45. The business has a 50-day simple moving average of $1,123.70 and a two-hundred day simple moving average of $1,018.07. BlackRock has a fifty-two week low of $773.74 and a fifty-two week high of $1,171.89.

BlackRock (NYSE:BLK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The asset manager reported $12.05 EPS for the quarter, topping 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 firm had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same period in the previous year, the business posted $10.36 earnings per share. The business's revenue for the quarter was up 12.9% on a year-over-year basis. On average, analysts expect that BlackRock will post 47.41 earnings per share for the current year.

BlackRock Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th were paid a $5.21 dividend. This represents a $20.84 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, September 5th. BlackRock's dividend payout ratio (DPR) is 50.39%.

Wall Street Analyst Weigh In

BLK has been the subject of a number of research reports. Evercore ISI increased their price objective on BlackRock from $1,170.00 to $1,200.00 and gave the stock an "outperform" rating in a report on Friday, September 5th. Zacks Research lowered shares of BlackRock from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 14th. Argus reissued a "buy" rating on shares of BlackRock in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods decreased their target price on shares of BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating for the company in a research note on Wednesday, July 16th. Finally, Bank of America boosted their price target on BlackRock from $1,214.00 to $1,224.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Twelve investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, BlackRock presently has a consensus rating of "Moderate Buy" and an average price target of $1,154.07.

Insider Transactions at BlackRock

In related news, Director Fabrizio Freda sold 4,434 shares of the company's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $1,122.81, for a total transaction of $4,978,539.54. Following the completion of the sale, the director owned 3,506 shares in the company, valued at approximately $3,936,571.86. This represents a 55.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Laurence Fink sold 12,054 shares of the stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $1,125.43, for a total value of $13,565,933.22. Following the completion of the transaction, the chief executive officer directly owned 251,697 shares in the company, valued at approximately $283,267,354.71. This represents a 4.57% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,494 shares of company stock worth $74,694,573. 1.98% of the stock is currently owned by insiders.

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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