W.H. Cornerstone Investments Inc. lowered its holdings in shares of BlackRock, Inc. (NYSE:BLK – Free Report) by 15.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 537 shares of the asset manager’s stock after selling 97 shares during the period. W.H. Cornerstone Investments Inc.’s holdings in BlackRock were worth $371,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in the business. Buckley Wealth Management LLC grew its stake in BlackRock by 23.8% during the second quarter. Buckley Wealth Management LLC now owns 941 shares of the asset manager’s stock worth $650,000 after purchasing an additional 181 shares during the period. 180 Wealth Advisors LLC boosted its holdings in BlackRock by 3.2% in the second quarter. 180 Wealth Advisors LLC now owns 2,492 shares of the asset manager’s stock worth $1,729,000 after acquiring an additional 77 shares in the last quarter. Thrive Wealth Management LLC bought a new position in BlackRock in the second quarter worth approximately $222,000. Y.D. More Investments Ltd boosted its holdings in BlackRock by 25.0% in the second quarter. Y.D. More Investments Ltd now owns 85 shares of the asset manager’s stock worth $59,000 after acquiring an additional 17 shares in the last quarter. Finally, Buckingham Capital Management Inc. boosted its holdings in BlackRock by 1.8% in the second quarter. Buckingham Capital Management Inc. now owns 16,829 shares of the asset manager’s stock worth $11,631,000 after acquiring an additional 300 shares in the last quarter. Institutional investors and hedge funds own 77.01% of the company’s stock.
Insider Activity at BlackRock
In related news, CEO Laurence Fink sold 20,200 shares of BlackRock stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $742.04, for a total transaction of $14,989,208.00. Following the completion of the sale, the chief executive officer now owns 464,125 shares of the company’s stock, valued at $344,399,315. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other BlackRock news, Director Mark Wiedman sold 2,079 shares of the company’s stock in a transaction that occurred on 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 approximately $4,520,331.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Laurence Fink sold 20,200 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $742.04, for a total value of $14,989,208.00. Following the transaction, the chief executive officer now owns 464,125 shares in the company, valued at approximately $344,399,315. The disclosure for this sale can be found here. 1.06% of the stock is owned by corporate insiders.
BlackRock Price Performance
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, beating the consensus estimate of $8.52 by $0.76. The company had revenue of $4.46 billion during the quarter, compared to analyst estimates of $4.47 billion. BlackRock had a return on equity of 14.29% and a net margin of 29.90%. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the company earned $7.36 earnings per share. On average, research analysts expect that BlackRock, Inc. will post 35.48 EPS for the current fiscal year.
BlackRock Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Investors of record on Friday, September 8th will be paid a dividend of $5.00 per share. This represents a $20.00 annualized dividend and a yield of 2.88%. The ex-dividend date is Thursday, September 7th. BlackRock’s dividend payout ratio is 58.41%.
Analyst Upgrades and Downgrades
Several research analysts have issued reports on the company. Jefferies Financial Group increased their price target on BlackRock from $741.00 to $781.00 in a report on Monday, July 10th. Citigroup increased their price target on BlackRock from $750.00 to $815.00 and gave the stock a “buy” rating in a report on Friday, July 14th. Wells Fargo & Company increased their price target on BlackRock from $780.00 to $820.00 in a report on Monday, July 17th. Morgan Stanley raised their target price on BlackRock from $881.00 to $888.00 and gave the company an “overweight” rating in a report on Tuesday, July 18th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on BlackRock from $780.00 to $785.00 in a report on Monday, July 17th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $767.69.
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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