Erste Asset Management GmbH Trims Stake in BlackRock $BLK

Key Points

• Erste Asset Management GmbH has reduced its holdings in BlackRock (NYSE: BLK) by 6.9%, now owning 32,063 shares valued at approximately $30.35 million.
• BlackRock's last quarter earnings showed EPS of $12.05, outperforming analyst estimates and marking a 12.9% year-over-year revenue increase to $5.42 billion.
• The company announced a quarterly dividend of $5.21 per share, payable on September 23rd, with an annualized yield of 1.8%.

Erste Asset Management GmbH cut its stake in shares of BlackRock (NYSE:BLK - Free Report) by 6.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 32,063 shares of the asset manager's stock after selling 2,369 shares during the period. Erste Asset Management GmbH's holdings in BlackRock were worth $30,354,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Fairway Wealth LLC increased its stake 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 purchased a new stake in shares of BlackRock in the 4th quarter worth $30,000. Cheviot Value Management LLC purchased a new stake in shares of BlackRock in the 1st quarter worth $30,000. MorganRosel Wealth Management LLC purchased a new stake in shares of BlackRock in the 1st quarter worth $31,000. Finally, CBIZ Investment Advisory Services LLC bought a new position in BlackRock in the 1st quarter worth $34,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

BlackRock Price Performance

Shares of BLK traded up $23.1220 during midday trading on Friday, hitting $1,147.8720. 433,646 shares of the company traded hands, compared to its average volume of 482,641. The firm has a 50 day moving average of $1,086.01 and a 200-day moving average of $992.76. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,171.89. The stock has a market cap of $177.75 billion, a price-to-earnings ratio of 27.75, a PEG ratio of 2.15 and a beta of 1.42. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04.

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, 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 firm had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter last year, the firm earned $10.36 EPS. The firm's revenue for the quarter was up 12.9% compared to the same quarter last year. On average, analysts forecast that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Friday, September 5th will be issued a $5.21 dividend. The ex-dividend date of this dividend is 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 presently 50.39%.

Insider Buying and Selling at BlackRock

In related news, Director Rachel Lord sold 18,036 shares of the stock in a transaction dated 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 completion of the transaction, the director owned 19,205 shares of the company's stock, valued at approximately $21,617,148. This trade represents a 48.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director J. Richard Kushel sold 17,142 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $1,120.50, for a total transaction of $19,207,611.00. Following the completion of the transaction, the director directly owned 61,369 shares of the company's stock, valued at approximately $68,763,964.50. The trade was 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 in the last 90 days. 1.98% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on BLK shares. Wall Street Zen raised shares of BlackRock to a "hold" rating in a report on Saturday, May 24th. Wells Fargo & Company dropped their target price on shares of BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating for the company in a report on Wednesday, July 16th. Barclays upped their target price on shares of BlackRock from $990.00 to $1,220.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Zacks Research downgraded shares of BlackRock from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 14th. Finally, Keefe, Bruyette & Woods dropped 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 report on Wednesday, July 16th. Twelve analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, BlackRock has an average rating of "Moderate Buy" and a consensus target price of $1,151.21.

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.