SVB Wealth LLC Cuts Position in BlackRock $BLK

Key Points

• SVB Wealth LLC decreased its stake in BlackRock by 34.7%, owning 6,972 shares valued at approximately $6.6 million after selling 3,708 shares in the first quarter.
• Notable insider transactions include Director J. Richard Kushel selling 17,142 shares and CEO Laurence Fink selling 12,054 shares, representing decreases of 21.83% and 4.57% in their respective holdings.
• BlackRock announced a quarterly dividend of $5.21 per share, with a yield of 1.8%, and has received mostly positive ratings from analysts with a consensus price target of $1,151.21.

SVB Wealth LLC lessened its stake in BlackRock (NYSE:BLK - Free Report) by 34.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,972 shares of the asset manager's stock after selling 3,708 shares during the quarter. SVB Wealth LLC's holdings in BlackRock were worth $6,599,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC raised its stake in shares of BlackRock by 23.1% in the fourth quarter. Brighton Jones LLC now owns 1,575 shares of the asset manager's stock valued at $1,615,000 after acquiring an additional 296 shares during the period. Burling Wealth Partners LLC bought a new position in shares of BlackRock in the fourth quarter worth about $639,000. Integrated Wealth Concepts LLC grew its holdings in shares of BlackRock by 159.3% in the fourth quarter. Integrated Wealth Concepts LLC now owns 2,238 shares of the asset manager's stock worth $2,294,000 after purchasing an additional 1,375 shares during the last quarter. Topsail Wealth Management LLC bought a new position in BlackRock during the 4th quarter worth about $445,000. Finally, Rothschild Capital Partners LLC grew its holdings in BlackRock by 29.8% during the 4th quarter. Rothschild Capital Partners LLC now owns 5,259 shares of the asset manager's stock worth $5,391,000 after acquiring an additional 1,207 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

Wall Street Analysts Forecast Growth

BLK has been the topic of several recent research reports. Jefferies Financial Group increased their target price on shares of BlackRock from $959.00 to $1,210.00 in a report on Thursday, July 10th. Zacks Research lowered shares of BlackRock from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 14th. Morgan Stanley reduced their price target on shares of BlackRock from $1,247.00 to $1,224.00 and set an "overweight" rating for the company in a research report on Wednesday, July 16th. Barclays raised their price target on shares of BlackRock from $990.00 to $1,220.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, Bank of America lifted their target price on shares of BlackRock from $1,214.00 to $1,224.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Twelve analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, BlackRock presently has an average rating of "Moderate Buy" and an average target price of $1,151.21.

BlackRock Trading Down 0.6%

Shares of BLK stock traded down $6.35 on Wednesday, hitting $1,133.45. 309,878 shares of the stock traded hands, compared to its average volume of 750,640. The stock has a market capitalization of $175.52 billion, a PE ratio of 27.40, a PEG ratio of 2.18 and a beta of 1.42. BlackRock has a twelve month low of $773.74 and a twelve month high of $1,171.89. The firm's 50-day moving average price is $1,092.57 and its two-hundred day moving average price is $994.55. 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 issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.41 by $1.64. The firm had revenue of $5.42 billion for 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% on a year-over-year basis. During the same period in the previous year, the firm earned $10.36 EPS. As a group, analysts anticipate that BlackRock will post 47.41 EPS for the current year.

BlackRock Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Friday, September 5th will be paid a dividend of $5.21 per share. This represents a $20.84 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, September 5th. BlackRock's dividend payout ratio is presently 50.39%.

Insiders Place Their Bets

In related news, CEO Laurence Fink sold 14,828 shares of the company's stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $1,122.28, for a total value of $16,641,167.84. Following the completion of the transaction, the chief executive officer directly owned 263,751 shares of the company's stock, valued at $296,002,472.28. This represents a 5.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director J. Richard Kushel sold 17,142 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The shares were 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 $68,763,964.50. This trade represents a 21.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,494 shares of company stock valued at $74,694,573. 1.98% of the stock is owned by company insiders.

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.