Federated Hermes Inc. Sells 6,051 Shares of BlackRock (NYSE:BLK)

Key Points

• Federated Hermes Inc. decreased its stake in BlackRock by 8.4%, selling 6,051 shares and holding a total of 65,859 shares valued at approximately $62.3 million.
• Insider transactions saw CEO Laurence Fink selling 12,054 shares for over $13.5 million, indicating a 4.57% decrease in his ownership.
• BlackRock's stock has an average rating of "Moderate Buy" with a consensus target price of $1,151.21, despite some analysts lowering their price targets.

Federated Hermes Inc. decreased its holdings in BlackRock (NYSE:BLK - Free Report) by 8.4% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 65,859 shares of the asset manager's stock after selling 6,051 shares during the period. Federated Hermes Inc.'s holdings in BlackRock were worth $62,334,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Investment Management Corp VA ADV purchased a new stake in shares of BlackRock during the fourth quarter valued at approximately $30,000. Fairway Wealth LLC boosted its holdings in shares of BlackRock by 76.5% during the first quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock valued at $28,000 after acquiring an additional 13 shares during the period. MorganRosel Wealth Management LLC acquired a new position in shares of BlackRock during the first quarter valued at $31,000. CBIZ Investment Advisory Services LLC bought a new stake in shares of BlackRock during the first quarter valued at about $34,000. Finally, N.E.W. Advisory Services LLC bought a new stake in shares of BlackRock during the first quarter valued at about $37,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on BLK. JPMorgan Chase & Co. boosted their price target on shares of BlackRock from $1,018.00 to $1,093.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $1,115.00 target price on shares of BlackRock in a research note on Tuesday, July 8th. Argus reissued a "buy" rating on shares of BlackRock in a research note on Tuesday, July 8th. Wells Fargo & Company lowered their price target on BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating for the company in a research note on Wednesday, July 16th. Finally, Morgan Stanley decreased their target price on BlackRock from $1,247.00 to $1,224.00 and set an "overweight" rating for the company in a research report on Wednesday, July 16th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,151.21.

Insider Transactions at BlackRock

In related news, Director Rachel Lord sold 18,036 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $1,125.60, for a total value of $20,301,321.60. Following the transaction, the director owned 19,205 shares in the company, valued at $21,617,148. This trade represents a 48.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Fabrizio Freda sold 4,434 shares of the firm's stock in a transaction dated 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 completion of the transaction, the director owned 3,506 shares in the company, valued at approximately $3,936,571.86. This represents a 55.84% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,352 shares of company stock worth $55,486,962. Insiders own 1.98% of the company's stock.

BlackRock Price Performance

BlackRock stock traded down $14.72 during mid-day trading on Friday, hitting $1,091.29. 672,794 shares of the company were exchanged, compared to its average volume of 784,457. The business has a fifty day moving average of $1,038.13 and a 200 day moving average of $980.77. The company has a quick ratio of 4.34, a current ratio of 4.34 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $169.07 billion, a PE ratio of 26.39, a price-to-earnings-growth ratio of 2.25 and a beta of 1.41. BlackRock has a 1-year low of $773.74 and a 1-year high of $1,130.66.

BlackRock (NYSE:BLK - Get Free Report) last announced its earnings results on Tuesday, July 15th. The asset manager reported $12.05 EPS for the quarter, topping the consensus estimate of $10.41 by $1.64. The company had revenue of $5.42 billion for the quarter, compared to analysts' expectations of $5.40 billion. BlackRock had a return on equity of 15.83% and a net margin of 29.68%. The business's revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $10.36 earnings per share. As a group, sell-side analysts expect that BlackRock will post 47.41 earnings per share for the current year.

BlackRock Dividend Announcement

The firm also recently announced 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. This represents a $20.84 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, September 5th. BlackRock's dividend payout ratio is presently 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.