National Bank of Canada FI Buys 35,857 Shares of BlackRock (NYSE:BLK)

Key Points

• National Bank of Canada FI has increased its stake in BlackRock by 24.7%, purchasing an additional 35,857 shares, bringing its total to 180,869 shares valued at approximately $171.2 million.
• Insiders at BlackRock have sold a significant number of shares recently, with director J. Richard Kushel selling 17,142 shares and Rachel Lord selling 18,036 shares, indicating a potential shift in insider confidence.
• BlackRock's stock is currently trading at approximately $1,113.87 and has recently reported strong earnings, with an EPS of $12.05, exceeding estimates and reflecting a 12.9% increase in revenue year-over-year.

National Bank of Canada FI increased its stake in BlackRock (NYSE:BLK - Free Report) by 24.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 180,869 shares of the asset manager's stock after purchasing an additional 35,857 shares during the period. National Bank of Canada FI owned 0.12% of BlackRock worth $171,172,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Investment Management Corp VA ADV acquired a new position in BlackRock during the 4th quarter valued at about $30,000. Fairway Wealth LLC boosted its stake in BlackRock by 76.5% in the first quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock valued at $28,000 after acquiring an additional 13 shares during the last quarter. MorganRosel Wealth Management LLC acquired a new stake in BlackRock during the 1st quarter worth $31,000. Cheviot Value Management LLC bought a new stake in shares of BlackRock during the 1st quarter valued at $30,000. Finally, CBIZ Investment Advisory Services LLC acquired a new position in shares of BlackRock in the 1st quarter valued at $34,000. 80.69% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director J. Richard Kushel sold 17,142 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $1,120.50, for a total transaction of $19,207,611.00. Following the completion of the sale, the director owned 61,369 shares in the company, valued at approximately $68,763,964.50. This trade represents a 21.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Rachel Lord sold 18,036 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $1,125.60, for a total transaction of $20,301,321.60. Following the transaction, the director directly owned 19,205 shares of the company's stock, valued at $21,617,148. This represents a 48.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,494 shares of company stock valued at $74,694,573. 1.98% of the stock is owned by insiders.

BlackRock Stock Down 0.6%

Shares of BLK opened at $1,113.87 on Friday. The company has a market capitalization of $172.57 billion, a PE ratio of 26.93, a PEG ratio of 2.25 and a beta of 1.42. The stock's 50-day moving average price is $1,052.01 and its two-hundred day moving average price is $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. BlackRock has a 12 month low of $773.74 and a 12 month high of $1,131.93.

BlackRock (NYSE:BLK - Get Free Report) last announced its quarterly earnings results 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. The business had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $5.40 billion. BlackRock had a return on equity of 15.83% and a net margin of 29.68%. BlackRock's revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $10.36 earnings per share. On average, analysts anticipate that BlackRock will post 47.41 EPS for the current year.

BlackRock Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors 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 yield of 1.9%. The ex-dividend date is Friday, September 5th. BlackRock's dividend payout ratio (DPR) is 50.39%.

Wall Street Analysts Forecast Growth

BLK has been the topic of several analyst reports. Bank of America increased their target price on BlackRock from $1,214.00 to $1,224.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Jefferies Financial Group lifted their target price on BlackRock from $959.00 to $1,210.00 in a report on Thursday, July 10th. Citigroup lowered their price target on BlackRock from $1,200.00 to $1,100.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wells Fargo & Company cut their price objective on BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating on the stock in a report on Wednesday, July 16th. Finally, JPMorgan Chase & Co. increased their target price on BlackRock from $1,018.00 to $1,093.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $1,151.21.

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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