Prime Capital Investment Advisors LLC Sells 376 Shares of BlackRock $BLK

Key Points

• Prime Capital Investment Advisors LLC reduced its stake in BlackRock (NYSE: BLK) by 7.4%, now holding 4,725 shares valued at approximately $4.96 million.
• Wall Street analysts have raised price targets for BlackRock, with Bank of America increasing its target from $1,224 to $1,396, and a consensus price target of $1,222.87 overall.
• BlackRock also declared a quarterly dividend of $5.21, with a yield of 1.8%, and a dividend payout ratio of 50.39%.

Prime Capital Investment Advisors LLC reduced its position in BlackRock (NYSE:BLK - Free Report) by 7.4% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 4,725 shares of the asset manager's stock after selling 376 shares during the period. Prime Capital Investment Advisors LLC's holdings in BlackRock were worth $4,958,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC increased its holdings in shares of BlackRock by 23.1% during the 4th quarter. Brighton Jones LLC now owns 1,575 shares of the asset manager's stock worth $1,615,000 after acquiring an additional 296 shares during the last quarter. Bison Wealth LLC lifted its holdings in BlackRock by 1.6% during the 4th quarter. Bison Wealth LLC now owns 1,052 shares of the asset manager's stock valued at $1,078,000 after purchasing an additional 17 shares during the last quarter. Patriot Financial Group Insurance Agency LLC boosted its position in BlackRock by 5.2% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 1,250 shares of the asset manager's stock worth $1,183,000 after purchasing an additional 62 shares during the period. Bank of New Hampshire acquired a new position in shares of BlackRock in the first quarter valued at $439,000. Finally, Capital Investment Advisors LLC raised its position in shares of BlackRock by 3.4% in the first quarter. Capital Investment Advisors LLC now owns 1,506 shares of the asset manager's stock valued at $1,426,000 after purchasing an additional 50 shares during the period. Institutional investors and hedge funds own 80.69% of the company's stock.

Wall Street Analysts Forecast Growth

BLK has been the topic of a number of research reports. Evercore ISI upped their price target on shares of BlackRock from $1,170.00 to $1,200.00 and gave the company an "outperform" rating in a research note on Friday, September 5th. Bank of America upped their target price on BlackRock from $1,224.00 to $1,396.00 and gave the company a "buy" rating in a research report on Thursday, October 2nd. Keefe, Bruyette & Woods dropped their price target on BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating for the company in a report on Wednesday, July 16th. The Goldman Sachs Group upped their price objective on BlackRock from $1,163.00 to $1,312.00 and gave the company a "buy" rating in a report on Friday. Finally, Morgan Stanley lifted their target price on BlackRock from $1,224.00 to $1,362.00 and gave the stock an "overweight" rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, BlackRock currently has an average rating of "Moderate Buy" and a consensus price target of $1,222.87.

BlackRock Stock Performance

BLK opened at $1,179.86 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04. BlackRock has a 52-week low of $773.74 and a 52-week high of $1,184.13. The firm has a market cap of $182.70 billion, a P/E ratio of 28.53, a price-to-earnings-growth ratio of 2.18 and a beta of 1.45. The business's fifty day moving average is $1,130.91 and its 200-day moving average is $1,030.30.

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

BlackRock Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 5th were paid a $5.21 dividend. This represents a $20.84 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, September 5th. BlackRock's dividend payout ratio (DPR) is 50.39%.

Insider Activity

In other news, Director Rachel Lord sold 18,036 shares of BlackRock stock in a transaction on Friday, July 25th. The stock was sold at an average price of $1,125.60, for a total value of $20,301,321.60. Following the transaction, the director owned 19,205 shares in the company, valued at approximately $21,617,148. This trade represents a 48.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Fabrizio Freda sold 4,434 shares of the company's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $1,122.81, for a total value of $4,978,539.54. Following the sale, the director owned 3,506 shares of the company's stock, valued at approximately $3,936,571.86. This represents a 55.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,494 shares of company stock valued at $74,694,573 in the last three months. Company insiders own 1.98% of the company's stock.

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.

Want to see what other hedge funds are holding BLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BlackRock (NYSE:BLK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.