Gulf International Bank UK Ltd Trims Stake in BlackRock (NYSE:BLK)

Key Points

• Gulf International Bank UK Ltd reduced its stake in BlackRock by 27.0%, now holding 8,467 shares worth approximately $8.01 million.
• Insiders sold a total of 66,494 shares of BlackRock stock recently, valued at nearly $74.7 million, resulting in a significant decrease in ownership percentages for these directors.
• BlackRock reported an earnings per share of $12.05 for the latest quarter, exceeding consensus estimates and demonstrating a 12.9% increase in quarterly revenue compared to the previous year.

Gulf International Bank UK Ltd reduced its holdings in shares of BlackRock (NYSE:BLK - Free Report) by 27.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,467 shares of the asset manager's stock after selling 3,131 shares during the period. Gulf International Bank UK Ltd's holdings in BlackRock were worth $8,013,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Fairway Wealth LLC boosted its position in shares of BlackRock by 76.5% in the first quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock worth $28,000 after purchasing an additional 13 shares during the period. Investment Management Corp VA ADV bought a new position in shares of BlackRock in the fourth quarter worth approximately $30,000. Cheviot Value Management LLC bought a new position in shares of BlackRock in the first quarter worth approximately $30,000. MorganRosel Wealth Management LLC bought a new position in shares of BlackRock in the first quarter worth approximately $31,000. Finally, CBIZ Investment Advisory Services LLC bought a new position in shares of BlackRock in the first quarter worth approximately $34,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director J. Richard Kushel sold 17,142 shares of the stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $1,120.50, for a total value of $19,207,611.00. Following the sale, the director owned 61,369 shares of the company's stock, valued at approximately $68,763,964.50. This represents a 21.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Fabrizio Freda sold 4,434 shares of the stock in a transaction on Thursday, July 24th. The shares were 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 directly 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. In the last ninety days, insiders sold 66,494 shares of company stock worth $74,694,573. Insiders own 1.98% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BLK. The Goldman Sachs Group reiterated a "buy" rating and issued a $1,115.00 price target on shares of BlackRock in a research report on Tuesday, July 8th. Morgan Stanley dropped their price target on shares of 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. Keefe, Bruyette & Woods dropped their price target on shares of BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating for the company in a research report on Wednesday, July 16th. Argus restated a "buy" rating on shares of BlackRock in a research report on Tuesday, July 8th. Finally, Jefferies Financial Group upped their target price on shares of BlackRock from $959.00 to $1,210.00 in a research report on Thursday, July 10th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, BlackRock has an average rating of "Moderate Buy" and an average target price of $1,151.21.

BlackRock Price Performance

BLK stock opened at $1,160.49 on Wednesday. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,161.50. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 0.39. The company has a fifty day simple moving average of $1,061.50 and a two-hundred day simple moving average of $987.09. The firm has a market capitalization of $179.79 billion, a P/E ratio of 28.06, a price-to-earnings-growth ratio of 2.27 and a beta of 1.42.

BlackRock (NYSE:BLK - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The asset manager reported $12.05 EPS for the quarter, beating the consensus estimate of $10.41 by $1.64. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. The business had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same quarter last year, the business earned $10.36 earnings per share. BlackRock's quarterly revenue was up 12.9% compared to the same quarter last year. Analysts anticipate that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be paid a $5.21 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $20.84 annualized dividend and a dividend yield of 1.8%. BlackRock's dividend 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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