Sunpointe LLC Invests $598,000 in BlackRock $BLK

Key Points

• Sunpointe LLC has acquired a new stake in BlackRock, purchasing 570 shares valued at approximately $598,000 during the second quarter.
• Insiders at BlackRock, including Director Fabrizio Freda, have sold significant portions of their shares, with Freda selling 4,434 shares for nearly $5 million, indicating a 55.84% decrease in his position.
• The firm reported strong quarterly earnings with an EPS of $12.05, surpassing analyst estimates, alongside a 12.9% year-over-year revenue increase.

Sunpointe LLC purchased a new stake in BlackRock (NYSE:BLK - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 570 shares of the asset manager's stock, valued at approximately $598,000.

Other institutional investors have also bought and sold shares of the company. Garde Capital Inc. boosted its stake in BlackRock by 200.0% in the 2nd quarter. Garde Capital Inc. now owns 27 shares of the asset manager's stock valued at $28,000 after buying an additional 18 shares in the last quarter. Investment Management Corp VA ADV acquired a new stake in BlackRock in the 4th quarter valued at $30,000. Fairway Wealth LLC boosted its stake in BlackRock by 76.5% in the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock valued at $28,000 after buying an additional 13 shares in the last quarter. Game Plan Financial Advisors LLC raised its position in BlackRock by 100.0% in the 1st quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager's stock valued at $28,000 after purchasing an additional 15 shares during the last quarter. Finally, MorganRosel Wealth Management LLC bought a new position in BlackRock in the 1st quarter valued at $31,000. Institutional investors and hedge funds own 80.69% of the company's stock.

BlackRock Trading Up 0.5%

NYSE:BLK traded up $5.63 on Friday, reaching $1,142.76. The company's stock had a trading volume of 1,504,904 shares, compared to its average volume of 445,605. BlackRock has a 1-year low of $773.74 and a 1-year high of $1,171.89. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04. The firm has a market cap of $176.96 billion, a PE ratio of 27.63, a PEG ratio of 2.19 and a beta of 1.45. The business's 50-day moving average price is $1,119.82 and its two-hundred day moving average price is $1,013.18.

BlackRock (NYSE:BLK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $5.40 billion. During the same period in the previous year, the firm earned $10.36 earnings per share. The company's revenue was up 12.9% on a year-over-year basis. Equities research analysts anticipate that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be 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 is Friday, September 5th. BlackRock's payout ratio is presently 50.39%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Barclays lifted their price objective on BlackRock from $990.00 to $1,220.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Evercore ISI lifted their price objective on BlackRock from $1,170.00 to $1,200.00 and gave the company an "outperform" rating in a research report on Friday, September 5th. Wall Street Zen upgraded BlackRock to a "hold" rating in a research report on Saturday, May 24th. Jefferies Financial Group lifted their price objective on BlackRock from $959.00 to $1,210.00 in a research report on Thursday, July 10th. Finally, Bank of America boosted their target price on BlackRock from $1,214.00 to $1,224.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Twelve research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $1,154.07.

Insiders Place Their Bets

In other BlackRock news, Director J. Richard Kushel sold 17,142 shares of the business's stock in a transaction dated 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 completion of the transaction, the director directly owned 61,369 shares of the company's stock, valued at approximately $68,763,964.50. The trade was a 21.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rachel Lord sold 18,036 shares of the company's stock in a transaction dated 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 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. Insiders sold a total of 66,494 shares of company stock valued at $74,694,573 in the last three months. 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.