True North Advisors LLC Takes Position in BlackRock (NYSE:BLK)

Key Points

• True North Advisors LLC acquired a new stake in BlackRock, purchasing 424 shares valued at approximately $401,000 in the first quarter.
• Director Rachel Lord sold 18,036 shares of BlackRock stock for about $20.3 million, representing a significant decrease in her ownership position.
• BlackRock announced a quarterly dividend of $5.21 per share, yielding approximately 1.9%, with an ex-dividend date set for September 5th.

True North Advisors LLC bought a new stake in BlackRock (NYSE:BLK - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 424 shares of the asset manager's stock, valued at approximately $401,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Securian Asset Management Inc. acquired a new position in BlackRock during the 1st quarter worth about $7,331,000. Prudent Man Advisors LLC bought a new stake in BlackRock during the 1st quarter worth about $2,018,000. Arizona State Retirement System bought a new stake in BlackRock during the 1st quarter worth about $40,868,000. Allianz SE raised its holdings in BlackRock by 2.6% during 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 during the last quarter. Finally, Polar Capital Holdings Plc bought a new stake in BlackRock during the 4th quarter worth about $15,307,000. Institutional investors and hedge funds own 80.69% of the company's stock.

Insider Buying and Selling at BlackRock

In other news, Director Rachel Lord sold 18,036 shares of the firm's 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 transaction of $20,301,321.60. Following the completion of the transaction, the director directly owned 19,205 shares of the company's stock, valued at $21,617,148. This trade represents a 48.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Fabrizio Freda sold 4,434 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $1,122.81, for a total transaction of $4,978,539.54. Following the transaction, the director directly owned 3,506 shares of the company's stock, valued at $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 sold 66,494 shares of company stock valued at $74,694,573 over the last quarter. Insiders own 1.98% of the company's stock.

BlackRock Price Performance

NYSE BLK opened at $1,124.20 on Friday. The business has a 50 day simple moving average of $1,054.94 and a 200 day simple moving average of $985.34. BlackRock has a 52-week low of $773.74 and a 52-week high of $1,131.93. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.34 and a current ratio of 4.04. The stock has a market cap of $174.17 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 2.26 and a beta of 1.42.

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, topping 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 business had revenue of $5.42 billion during the quarter, compared to analysts' expectations of $5.40 billion. During the same period in the prior year, the business earned $10.36 EPS. BlackRock's revenue for the quarter was up 12.9% compared to the same quarter last year. Analysts anticipate that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The firm 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 dividend of $5.21 per share. This represents a $20.84 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, September 5th. BlackRock's dividend payout ratio (DPR) is currently 50.39%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on BLK shares. Keefe, Bruyette & Woods dropped their price objective 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. Citigroup dropped their price objective on BlackRock from $1,200.00 to $1,100.00 and set a "buy" rating for the company in a report on Monday, April 14th. The Goldman Sachs Group reissued a "buy" rating and set a $1,115.00 price objective on shares of BlackRock in a report on Tuesday, July 8th. Morgan Stanley lowered their price target on BlackRock from $1,247.00 to $1,224.00 and set an "overweight" rating for the company in a research note on Wednesday, July 16th. Finally, Jefferies Financial Group upped their price target on BlackRock from $959.00 to $1,210.00 in a research note on Thursday, July 10th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $1,151.21.

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.

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.