Interchange Capital Partners LLC Sells 308 Shares of BlackRock $BLK

Key Points

• Interchange Capital Partners LLC significantly reduced its stake in BlackRock by 79.8%, selling 308 shares during the 2nd quarter, leaving them with a total of only 78 shares valued at $82,000.
• Insider transactions included director Fabrizio Freda selling 4,434 shares and CEO Laurence Fink selling 14,828 shares, marking decreases of 55.84% and 5.32% in their respective holdings.
• BlackRock reported a quarterly earnings miss with $11.55 EPS, below analysts' expectations, but revenue rose to $6.51 billion, exceeding forecasts and showing a year-over-year increase of 25.2%.

Interchange Capital Partners LLC trimmed its stake in shares of BlackRock (NYSE:BLK - Free Report) by 79.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 78 shares of the asset manager's stock after selling 308 shares during the quarter. Interchange Capital Partners LLC's holdings in BlackRock were worth $82,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Securian Asset Management Inc. bought a new position in BlackRock during the 1st quarter worth approximately $7,331,000. Prudent Man Advisors LLC bought a new stake in shares of BlackRock in the 1st quarter worth approximately $2,018,000. Allianz SE grew its position in shares of BlackRock by 2.6% in the 1st quarter. Allianz SE now owns 11,025 shares of the asset manager's stock worth $10,435,000 after buying an additional 277 shares during the last quarter. Arizona State Retirement System bought a new stake in shares of BlackRock in the 1st quarter worth approximately $40,868,000. Finally, Community Financial Services Group LLC grew its position in shares of BlackRock by 17.2% in the 1st quarter. Community Financial Services Group LLC now owns 5,702 shares of the asset manager's stock worth $5,397,000 after buying an additional 836 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other BlackRock news, Director Fabrizio Freda sold 4,434 shares of BlackRock 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Laurence Fink sold 14,828 shares of BlackRock stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $1,122.28, for a total value of $16,641,167.84. Following the transaction, the chief executive officer owned 263,751 shares of the company's stock, valued at $296,002,472.28. The trade was a 5.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,494 shares of company stock worth $74,694,573 over the last three months. 1.98% of the stock is owned by corporate insiders.

BlackRock Trading Up 3.3%

NYSE BLK opened at $1,193.23 on Wednesday. The stock's 50 day moving average is $1,137.33 and its 200 day moving average is $1,038.10. The firm has a market capitalization of $184.77 billion, a PE ratio of 28.85, a P/E/G ratio of 2.10 and a beta of 1.45. BlackRock has a twelve month low of $773.74 and a twelve month high of $1,209.82. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 0.39.

BlackRock (NYSE:BLK - Get Free Report) last announced its quarterly earnings data on Tuesday, October 14th. The asset manager reported $11.55 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $11.78 by ($0.23). The company had revenue of $6.51 billion for the quarter, compared to analysts' expectations of $6.22 billion. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. The firm's quarterly revenue was up 25.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $11.46 EPS. Research analysts forecast that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th were paid a dividend of $5.21 per share. The ex-dividend date was Friday, September 5th. This represents a $20.84 dividend on an annualized basis and a yield of 1.7%. BlackRock's payout ratio is presently 50.39%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on BLK shares. Weiss Ratings reiterated a "buy (b-)" rating on shares of BlackRock in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods lifted their price objective on BlackRock from $1,215.00 to $1,300.00 and gave the stock an "outperform" rating in a research report on Monday. UBS Group reiterated a "neutral" rating and issued a $980.00 price objective on shares of BlackRock in a research report on Tuesday, July 8th. Barclays lifted their price target on BlackRock from $1,210.00 to $1,310.00 and gave the company an "overweight" rating in a research report on Wednesday, October 8th. Finally, BMO Capital Markets assumed coverage on BlackRock in a research report on Friday, October 3rd. They set an "outperform" rating and a $1,280.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, BlackRock currently has an average rating of "Moderate Buy" and an average target price of $1,264.56.

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.

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