Wharton Business Group LLC Sells 273 Shares of BlackRock (NYSE:BLK)

Key Points

• Wharton Business Group LLC reduced its position in BlackRock by 45.3% during the first quarter, selling 273 shares, and now holds 330 shares valued at $312,000.
• BlackRock reported $12.05 earnings per share (EPS) for the quarter, exceeding analysts' expectations, with a quarterly revenue increase of 12.9% year-over-year.
• The company declared a $5.21 quarterly dividend, with a dividend yield of 1.9%, scheduled to be paid to stockholders on September 23rd.

Wharton Business Group LLC lessened its position in shares of BlackRock (NYSE:BLK - Free Report) by 45.3% in the first quarter, according to its most recent filing with the SEC. The firm owned 330 shares of the asset manager's stock after selling 273 shares during the quarter. Wharton Business Group LLC's holdings in BlackRock were worth $312,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Securian Asset Management Inc. acquired a new stake in shares of BlackRock during the 1st quarter worth approximately $7,331,000. Prudent Man Advisors LLC bought a new position in BlackRock during the 1st quarter valued at $2,018,000. Arizona State Retirement System bought a new position in BlackRock during the 1st quarter valued at $40,868,000. Polar Capital Holdings Plc bought a new position in BlackRock during the 4th quarter valued at $15,307,000. Finally, Community Financial Services Group LLC raised its stake in shares of BlackRock by 17.2% during the 1st quarter. Community Financial Services Group LLC now owns 5,702 shares of the asset manager's stock worth $5,397,000 after purchasing an additional 836 shares during the period. Institutional investors and hedge funds own 80.69% of the company's stock.

BlackRock Price Performance

Shares of BlackRock stock opened at $1,109.83 on Wednesday. The company has a quick ratio of 4.34, a current ratio of 4.34 and a debt-to-equity ratio of 0.38. The company has a market cap of $171.95 billion, a PE ratio of 26.83, a P/E/G ratio of 2.25 and a beta of 1.42. The business has a 50 day moving average of $1,046.27 and a 200 day moving average of $983.01. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,130.66.

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 (EPS) for the quarter, topping analysts' consensus estimates of $10.41 by $1.64. The business had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $5.40 billion. BlackRock had a return on equity of 15.83% and a net margin of 29.68%. The firm's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $10.36 earnings per share. As a group, equities research analysts forecast that BlackRock will post 47.41 earnings per share for the current year.

BlackRock Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders 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 dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, September 5th. BlackRock's dividend payout ratio is currently 50.39%.

Insider Buying and Selling

In other news, Director Fabrizio Freda sold 4,434 shares of the 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 directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director J. Richard Kushel sold 17,142 shares of the stock in a transaction 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 sale, the director directly owned 61,369 shares in the company, 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. In the last three months, insiders sold 66,494 shares of company stock valued at $74,694,573. Insiders own 1.98% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Keefe, Bruyette & Woods lowered their target price on BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 16th. UBS Group reaffirmed a "neutral" rating and set a $980.00 target price on shares of BlackRock in a report on Tuesday, July 8th. Citigroup cut 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. Wall Street Zen raised BlackRock to a "hold" rating in a report on Saturday, May 24th. Finally, The Goldman Sachs Group restated a "buy" rating and issued a $1,115.00 target price on shares of BlackRock in a research report on Tuesday, July 8th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, BlackRock has an average rating of "Moderate Buy" and an average target price of $1,151.21.

BlackRock 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.

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