Park National Corp OH Reduces Holdings in BlackRock $BLK

Key Points

• Park National Corp OH has reduced its stake in BlackRock by 1.4%, now holding 31,194 shares worth approximately $32.73 million.
• Institutional investors own 80.69% of BlackRock's stock, with significant increases in ownership from firms like GAMMA Investing LLC (104,598.9%) and UBS AM (401.5%).
• BlackRock reported $12.05 earnings per share for the quarter, exceeding analyst estimates and showing a 12.9% year-over-year increase in revenue.

Park National Corp OH lessened its position in shares of BlackRock (NYSE:BLK - Free Report) by 1.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 31,194 shares of the asset manager's stock after selling 437 shares during the period. Park National Corp OH's holdings in BlackRock were worth $32,730,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the stock. Fairway Wealth LLC grew its holdings in shares of BlackRock by 76.5% during the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock valued at $28,000 after purchasing an additional 13 shares during the last quarter. Game Plan Financial Advisors LLC boosted its position in BlackRock by 100.0% during the 1st quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager's stock valued at $28,000 after buying an additional 15 shares during the period. Investment Management Corp VA ADV purchased a new stake in BlackRock during the 4th quarter valued at $30,000. Cheviot Value Management LLC purchased a new stake in BlackRock during the 1st quarter valued at $30,000. Finally, MorganRosel Wealth Management LLC purchased a new stake in BlackRock during the 1st quarter valued at $31,000. Institutional investors own 80.69% of the company's stock.

Insider Activity at BlackRock

In other news, Director Rachel Lord sold 18,036 shares of BlackRock 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 value of $20,301,321.60. Following the completion of the sale, the director directly owned 19,205 shares in the company, valued at $21,617,148. The trade was a 48.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 transaction of $19,207,611.00. Following the completion of the sale, the director owned 61,369 shares of the company's stock, valued at $68,763,964.50. This represents a 21.83% 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. Insiders own 1.98% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BLK. 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. JPMorgan Chase & Co. raised their target price on shares of BlackRock from $1,018.00 to $1,093.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Evercore ISI raised their target price on shares of BlackRock from $1,170.00 to $1,200.00 and gave the stock an "outperform" rating in a research report on Friday, September 5th. Bank of America raised their target price on shares of BlackRock from $1,214.00 to $1,224.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and issued a $1,115.00 target price on shares of BlackRock in a research report on Tuesday, July 8th. Twelve equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, BlackRock has an average rating of "Moderate Buy" and a consensus price target of $1,154.07.

BlackRock Stock Down 0.8%

NYSE:BLK traded down $9.26 on Monday, reaching $1,114.15. 505,777 shares of the stock traded hands, compared to its average volume of 434,580. The company has a market capitalization of $172.53 billion, a price-to-earnings ratio of 26.94, a PEG ratio of 2.15 and a beta of 1.45. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 0.39. BlackRock has a 12 month low of $773.74 and a 12 month high of $1,171.89. The company's fifty day simple moving average is $1,116.63 and its 200 day simple moving average is $1,008.76.

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

BlackRock Dividend Announcement

The business also recently declared 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 is Friday, September 5th. This represents a $20.84 dividend on an annualized basis and a dividend yield of 1.9%. BlackRock's 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.