JPMorgan Chase & Co. Sells 328,857 Shares of BlackRock (NYSE:BLK)

Key Points

• JPMorgan Chase & Co. reduced its stake in BlackRock by 21.9%, selling 328,857 shares and retaining 1,174,862 shares worth approximately $1.11 billion.
• BlackRock reported a quarterly earnings per share (EPS) of $12.05, exceeding analysts' estimates by $1.64 and showing a 12.9% increase in revenue compared to the previous year.
• The company announced a quarterly dividend of $5.21 per share, set to be paid on September 23rd, with a yield of 1.9%.

JPMorgan Chase & Co. lowered its position in BlackRock (NYSE:BLK - Free Report) by 21.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,174,862 shares of the asset manager's stock after selling 328,857 shares during the period. JPMorgan Chase & Co. owned 0.76% of BlackRock worth $1,111,985,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Investment Management Corp VA ADV bought a new position in shares of BlackRock in the fourth quarter valued at about $30,000. Fairway Wealth LLC raised its stake 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 acquiring an additional 13 shares during the last quarter. MorganRosel Wealth Management LLC bought a new position in BlackRock in the 1st quarter worth approximately $31,000. Cheviot Value Management LLC bought a new stake in shares of BlackRock during the first quarter worth $30,000. Finally, CBIZ Investment Advisory Services LLC bought a new stake in shares of BlackRock during the 1st quarter valued at $34,000. Institutional investors own 80.69% of the company's stock.

BlackRock Stock Performance

Shares of NYSE BLK opened at $1,124.20 on Friday. The company has a current ratio of 4.04, a quick ratio of 4.34 and a debt-to-equity ratio of 0.39. BlackRock has a 12 month low of $773.74 and a 12 month high of $1,131.93. The stock has a 50 day moving average of $1,054.94 and a 200-day moving average of $985.34. The company has a market capitalization of $174.17 billion, a P/E ratio of 27.18, a P/E/G ratio of 2.26 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, topping analysts' consensus estimates of $10.41 by $1.64. The firm had revenue of $5.42 billion during the quarter, compared to analysts' expectations of $5.40 billion. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. The company's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the previous year, the business posted $10.36 earnings per share. As a group, equities research analysts predict that BlackRock will post 47.41 EPS for the current year.

BlackRock Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, September 5th. BlackRock's payout ratio is currently 50.39%.

Analysts Set New Price Targets

BLK has been the subject of a number of recent analyst reports. Wall Street Zen raised BlackRock to a "hold" rating in a research note on Saturday, May 24th. UBS Group restated a "neutral" rating and issued a $980.00 price target on shares of BlackRock in a report 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 report on Wednesday, July 16th. Barclays increased their price target on BlackRock from $990.00 to $1,220.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Finally, Keefe, Bruyette & Woods lowered their target price on BlackRock from $1,247.00 to $1,224.00 and set an "outperform" 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 stock. Based on data from MarketBeat.com, BlackRock has a consensus rating of "Moderate Buy" and a consensus target price of $1,151.21.

Insider Transactions at BlackRock

In related news, Director J. Richard Kushel sold 17,142 shares of the business'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 sale, the director directly owned 61,369 shares in the company, valued at $68,763,964.50. The trade was a 21.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 transaction of $4,978,539.54. Following the completion of the sale, the director directly owned 3,506 shares of the company's stock, 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. In the last ninety days, insiders have sold 66,494 shares of company stock worth $74,694,573. Insiders own 1.98% of the company's stock.

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.

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