Forsta AP Fonden Sells 1,100 Shares of BlackRock (NYSE:BLK)

Key Points

• Forsta AP Fonden reduced its holdings in BlackRock by 2.8%, selling 1,100 shares in the first quarter, now owning 38,700 shares valued at $36.63 million.
• Wall Street analysts maintain a positive outlook on BlackRock, with an average target price of $1,151.21 and twelve analysts giving the stock a "buy" rating.
• BlackRock announced a quarterly dividend of $5.21 per share, payable on September 23rd, 2023, with a yield of 1.9% and a payout ratio of 50.39%.

Forsta AP Fonden trimmed its position in shares of BlackRock (NYSE:BLK - Free Report) by 2.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,700 shares of the asset manager's stock after selling 1,100 shares during the quarter. Forsta AP Fonden's holdings in BlackRock were worth $36,629,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Detalus Advisors LLC lifted its stake in shares of BlackRock by 2.8% during 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 during the last quarter. Blue Bell Private Wealth Management LLC increased its stake in BlackRock by 20.4% in the first quarter. Blue Bell Private Wealth Management LLC now owns 65 shares of the asset manager's stock worth $62,000 after purchasing an additional 11 shares during the period. Jump Financial LLC lifted its position in shares of BlackRock by 1.6% during the fourth quarter. Jump Financial LLC now owns 786 shares of the asset manager's stock worth $806,000 after purchasing an additional 12 shares during the last quarter. Rothschild Investment LLC lifted its position in shares of BlackRock by 2.1% during the first quarter. Rothschild Investment LLC now owns 579 shares of the asset manager's stock worth $548,000 after purchasing an additional 12 shares during the last quarter. Finally, Financial Management Professionals Inc. grew its holdings in shares of BlackRock by 3.0% in the first quarter. Financial Management Professionals Inc. now owns 451 shares of the asset manager's stock worth $427,000 after purchasing an additional 13 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

Wall Street Analysts Forecast Growth

BLK has been the topic of a number of research reports. Bank of America raised their target price on shares of BlackRock from $1,214.00 to $1,224.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. The Goldman Sachs Group restated a "buy" rating and set a $1,115.00 price objective on shares of BlackRock in a report on Tuesday, July 8th. Argus reaffirmed a "buy" rating on shares of BlackRock in a research report on Tuesday, July 8th. Telsey Advisory Group reissued an "outperform" rating on shares of BlackRock in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company lowered their price objective on shares of 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. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $1,151.21.

Insider Activity at BlackRock

In related news, Director J. Richard Kushel sold 17,142 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total value of $19,207,611.00. Following the completion of the transaction, the director owned 61,369 shares in the company, valued at $68,763,964.50. This trade represents a 21.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Fabrizio Freda sold 4,434 shares of the business'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 sale, the director owned 3,506 shares in the company, valued at approximately $3,936,571.86. The trade was a 55.84% 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 quarter. 1.98% of the stock is currently owned by company insiders.

BlackRock Stock Performance

Shares of BLK opened at $1,113.87 on Friday. BlackRock has a 12 month low of $773.74 and a 12 month high of $1,131.93. The stock has a fifty day moving average price of $1,052.01 and a 200-day moving average price of $984.72. The company has a current ratio of 4.34, a quick ratio of 4.34 and a debt-to-equity ratio of 0.38. The firm has a market cap of $172.57 billion, a PE ratio of 26.93, a P/E/G ratio of 2.25 and a beta of 1.42.

BlackRock (NYSE:BLK - Get Free Report) last released 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 return on equity of 15.83% and a net margin of 29.68%. The company had revenue of $5.42 billion during the quarter, compared to analysts' expectations of $5.40 billion. During the same period last year, the business posted $10.36 earnings per share. The firm's revenue was up 12.9% compared to the same quarter last year. Equities research analysts predict that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The business also recently announced 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 currently 50.39%.

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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