Sumitomo Mitsui Trust Group Inc. Purchases 3,075 Shares of BlackRock $BLK

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in BlackRock by 0.9% in Q2, owning a total of 357,648 shares valued at approximately $375 million.
• BlackRock's quarterly earnings report showed an EPS of $11.55, which missed estimates, but the firm's revenue of $6.51 billion surpassed expectations, increasing 25.2% year-over-year.
• Director Rachel Lord sold 12,000 shares of BlackRock, resulting in a 62.48% decrease in her position, while insider ownership stands at 1.98% of the total stock.

Sumitomo Mitsui Trust Group Inc. boosted its position in shares of BlackRock (NYSE:BLK - Free Report) by 0.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 357,648 shares of the asset manager's stock after buying an additional 3,075 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of BlackRock worth $375,262,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Securian Asset Management Inc. bought a new stake in BlackRock during the 1st quarter valued at $7,331,000. Prudent Man Advisors LLC bought a new position in BlackRock in the 1st quarter worth $2,018,000. Allianz SE raised its holdings in BlackRock by 2.6% in the 1st quarter. Allianz SE now owns 11,025 shares of the asset manager's stock worth $10,435,000 after purchasing an additional 277 shares in the last quarter. Arizona State Retirement System bought a new position in BlackRock in the 1st quarter worth $40,868,000. Finally, Weil Company Inc. raised its holdings in BlackRock by 194.6% in the 1st quarter. Weil Company Inc. now owns 2,074 shares of the asset manager's stock worth $1,963,000 after purchasing an additional 1,370 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Insider Transactions at BlackRock

In other news, Director Rachel Lord sold 12,000 shares of the firm's stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $1,165.04, for a total transaction of $13,980,480.00. Following the sale, the director owned 7,205 shares of the company's stock, valued at $8,394,113.20. This trade represents a 62.48% decrease in their position. 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 the firm's 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 sale, the director owned 61,369 shares in the company, valued at approximately $68,763,964.50. The trade was a 21.83% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.98% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BLK. Telsey Advisory Group reiterated an "outperform" rating on shares of BlackRock in a research note on Tuesday, July 8th. BMO Capital Markets increased their price target on shares of BlackRock from $1,280.00 to $1,300.00 and gave the stock an "outperform" rating in a research note on Tuesday. Zacks Research lowered shares of BlackRock from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 14th. Deutsche Bank Aktiengesellschaft set a $1,320.00 price target on shares of BlackRock and gave the stock a "buy" rating in a research note on Wednesday, October 15th. Finally, UBS Group reiterated a "hold" rating on shares of BlackRock in a research note on Tuesday. Seventeen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, BlackRock currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,299.29.

BlackRock Stock Performance

Shares of BLK stock opened at $1,140.27 on Friday. BlackRock has a one year low of $773.74 and a one year high of $1,219.94. The company's 50-day moving average is $1,139.52 and its 200 day moving average is $1,049.53. The company has a market capitalization of $176.57 billion, a price-to-earnings ratio of 29.32, a price-to-earnings-growth ratio of 1.95 and a beta of 1.45. 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 (NYSE:BLK - Get Free Report) last announced its quarterly earnings data on Tuesday, October 14th. The asset manager reported $11.55 EPS for the quarter, missing the consensus estimate of $11.78 by ($0.23). BlackRock had a net margin of 26.64% and a return on equity of 15.36%. The firm had revenue of $6.51 billion for the quarter, compared to analysts' expectations of $6.22 billion. During the same period last year, the company posted $11.46 earnings per share. The business's revenue for the quarter was up 25.2% compared to the same quarter last year. Sell-side analysts expect that BlackRock will post 47.41 EPS for the current fiscal year.

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.

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.