Legacy Private Trust Co. cut its holdings in shares of BlackRock, Inc. (NYSE:BLK – Free Report) by 14.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,555 shares of the asset manager’s stock after selling 434 shares during the period. Legacy Private Trust Co.’s holdings in BlackRock were worth $1,766,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in BLK. Radnor Capital Management LLC lifted its stake in BlackRock by 98.4% in the second quarter. Radnor Capital Management LLC now owns 1,472 shares of the asset manager’s stock worth $1,017,000 after acquiring an additional 730 shares during the last quarter. Bangor Savings Bank lifted its holdings in BlackRock by 2.1% during the 2nd quarter. Bangor Savings Bank now owns 1,868 shares of the asset manager’s stock worth $1,291,000 after buying an additional 38 shares during the last quarter. Indiana Trust & Investment Management CO boosted its position in shares of BlackRock by 4.2% during the 2nd quarter. Indiana Trust & Investment Management CO now owns 2,240 shares of the asset manager’s stock worth $1,548,000 after acquiring an additional 90 shares in the last quarter. Enterprise Bank & Trust Co raised its position in shares of BlackRock by 10.2% during the 2nd quarter. Enterprise Bank & Trust Co now owns 410 shares of the asset manager’s stock worth $283,000 after acquiring an additional 38 shares in the last quarter. Finally, Glassy Mountain Advisors Inc. purchased a new stake in BlackRock during the second quarter worth approximately $3,853,000. Institutional investors and hedge funds own 77.01% of the company’s stock.
Wall Street Analysts Forecast Growth
BLK has been the subject of several recent analyst reports. Morgan Stanley boosted their price objective on shares of BlackRock from $881.00 to $888.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 18th. JPMorgan Chase & Co. dropped their price objective on BlackRock from $780.00 to $770.00 and set an “overweight” rating on the stock in a report on Monday, July 3rd. Keefe, Bruyette & Woods upgraded BlackRock from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $770.00 to $835.00 in a research note on Monday, July 10th. Citigroup lifted their target price on shares of BlackRock from $750.00 to $815.00 and gave the company a “buy” rating in a report on Friday, July 14th. Finally, Wells Fargo & Company increased their price target on shares of BlackRock from $780.00 to $820.00 in a report on Monday, July 17th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $767.69.
Insider Buying and Selling
In other BlackRock news, CEO Laurence Fink sold 20,200 shares of BlackRock stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $742.04, for a total transaction of $14,989,208.00. Following the transaction, the chief executive officer now directly owns 464,125 shares of the company’s stock, valued at $344,399,315. The sale was disclosed in a filing with the SEC, which is available at this link. In other BlackRock news, Director Mark Wiedman sold 2,079 shares of the business’s stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $733.82, for a total transaction of $1,525,611.78. Following the transaction, the director now owns 6,160 shares in the company, valued at $4,520,331.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Laurence Fink sold 20,200 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $742.04, for a total value of $14,989,208.00. Following the sale, the chief executive officer now owns 464,125 shares in the company, valued at $344,399,315. The disclosure for this sale can be found here. Corporate insiders own 0.96% of the company’s stock.
BlackRock Price Performance
Shares of NYSE:BLK traded down $7.21 on Friday, hitting $699.60. The company had a trading volume of 231,839 shares, compared to its average volume of 626,680. The business has a 50 day moving average of $705.78 and a 200 day moving average of $681.03. BlackRock, Inc. has a 52-week low of $503.12 and a 52-week high of $785.65. The company has a market cap of $104.45 billion, a PE ratio of 20.64, a PEG ratio of 1.96 and a beta of 1.29. The company has a current ratio of 4.21, a quick ratio of 4.21 and a debt-to-equity ratio of 0.36.
BlackRock (NYSE:BLK – Get Free Report) last posted its quarterly earnings data on Friday, July 14th. The asset manager reported $9.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.52 by $0.76. BlackRock had a return on equity of 14.29% and a net margin of 29.90%. The business had revenue of $4.46 billion for the quarter, compared to analysts’ expectations of $4.47 billion. During the same quarter last year, the firm earned $7.36 earnings per share. The business’s revenue was down 1.4% on a year-over-year basis. As a group, equities analysts anticipate that BlackRock, Inc. will post 35.48 earnings per share for the current fiscal year.
BlackRock Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Friday, September 8th will be paid a $5.00 dividend. This represents a $20.00 annualized dividend and a dividend yield of 2.86%. The ex-dividend date is Thursday, September 7th. BlackRock’s dividend payout ratio is currently 58.41%.
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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