LGT Group Foundation Has $37.93 Million Stake in BlackRock (NYSE:BLK)

Key Points

• LGT Group Foundation sold 7,178 shares of BlackRock, reducing its holdings by 15.2%, which were valued at approximately $37.93 million at the end of the first quarter.
• Several institutional investors, including Vanguard Group and Capital World Investors, have recently increased their stakes in BlackRock, reflecting a growing confidence in the company.
• BlackRock reported earnings of $12.05 per share for the last quarter, exceeding analyst estimates, alongside an announced quarterly dividend of $5.21 per share, scheduled for September 23rd.

LGT Group Foundation trimmed its holdings in shares of BlackRock (NYSE:BLK - Free Report) by 15.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 40,079 shares of the asset manager's stock after selling 7,178 shares during the period. LGT Group Foundation's holdings in BlackRock were worth $37,934,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in BLK. GAMMA Investing LLC raised its position in BlackRock by 104,598.9% during the first quarter. GAMMA Investing LLC now owns 3,500,083 shares of the asset manager's stock worth $3,312,759,000 after acquiring an additional 3,496,740 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of BlackRock by 401.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,095,241 shares of the asset manager's stock valued at $1,122,743,000 after purchasing an additional 876,836 shares during the period. Vanguard Group Inc. lifted its position in BlackRock by 2.9% in the first quarter. Vanguard Group Inc. now owns 13,764,072 shares of the asset manager's stock valued at $13,027,419,000 after buying an additional 387,466 shares during the last quarter. Ameriprise Financial Inc. lifted its position in BlackRock by 18.6% in the fourth quarter. Ameriprise Financial Inc. now owns 2,100,163 shares of the asset manager's stock valued at $2,152,907,000 after buying an additional 329,244 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of BlackRock by 32.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,131,919 shares of the asset manager's stock worth $1,071,339,000 after purchasing an additional 279,336 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

BlackRock Trading Down 2.1%

Shares of NYSE BLK traded down $24.28 during mid-day trading on Friday, hitting $1,135.88. 580,186 shares of the company traded hands, compared to its average volume of 520,802. BlackRock has a 1 year low of $773.74 and a 1 year high of $1,171.89. The stock has a market capitalization of $175.89 billion, a price-to-earnings ratio of 27.46, a PEG ratio of 2.33 and a beta of 1.42. 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 business has a 50 day moving average of $1,071.38 and a two-hundred day moving average of $989.77.

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

BlackRock Announces Dividend

The business 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. The ex-dividend date of this dividend is Friday, September 5th. This represents a $20.84 dividend on an annualized basis and a dividend yield of 1.8%. BlackRock's dividend payout ratio is currently 50.39%.

Analysts Set New Price Targets

Several analysts recently weighed in on BLK shares. Bank of America raised their target price on shares of BlackRock from $1,214.00 to $1,224.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Jefferies Financial Group lifted their price objective on shares of BlackRock from $959.00 to $1,210.00 in a research report on Thursday, July 10th. The Goldman Sachs Group restated a "buy" rating and set a $1,115.00 target price on shares of BlackRock in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods cut their price target 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. Finally, Wells Fargo & Company cut 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. Three equities 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, the company currently has an average rating of "Moderate Buy" and an average target price of $1,151.21.

Insider Buying and Selling

In other news, CEO Laurence Fink sold 14,828 shares of BlackRock stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $1,122.28, for a total transaction of $16,641,167.84. Following the sale, the chief executive officer owned 263,751 shares of the company's stock, valued at approximately $296,002,472.28. This trade represents a 5.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director J. Richard Kushel sold 17,142 shares of BlackRock stock in a transaction that occurred 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 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 disclosure for this sale can be found here. In the last quarter, insiders sold 66,494 shares of company stock worth $74,694,573. Insiders own 1.98% of the company's stock.

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.