Pacer Advisors Inc. Decreases Stock Holdings in BlackRock $BLK

Pacer Advisors Inc. reduced its position in shares of BlackRock (NYSE:BLK) by 11.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 11,609 shares of the asset manager’s stock after selling 1,512 shares during the quarter. Pacer Advisors Inc.’s holdings in BlackRock were worth $13,535,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in BLK. Westerkirk Capital Inc. bought a new position in shares of BlackRock during the second quarter worth $2,877,000. Police & Firemen s Retirement System of New Jersey lifted its stake in BlackRock by 7.9% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 23,167 shares of the asset manager’s stock worth $24,308,000 after purchasing an additional 1,693 shares in the last quarter. California Public Employees Retirement System boosted its holdings in shares of BlackRock by 8.2% during the 2nd quarter. California Public Employees Retirement System now owns 256,937 shares of the asset manager’s stock valued at $269,591,000 after purchasing an additional 19,404 shares during the last quarter. Wealthfront Advisers LLC grew its position in shares of BlackRock by 12.2% during the second quarter. Wealthfront Advisers LLC now owns 20,020 shares of the asset manager’s stock valued at $21,006,000 after purchasing an additional 2,176 shares in the last quarter. Finally, Merit Financial Group LLC increased its holdings in shares of BlackRock by 8.2% in the second quarter. Merit Financial Group LLC now owns 14,110 shares of the asset manager’s stock worth $14,805,000 after purchasing an additional 1,064 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

BlackRock Stock Performance

Shares of NYSE:BLK opened at $1,088.78 on Friday. The company has a current ratio of 3.33, a quick ratio of 3.33 and a debt-to-equity ratio of 0.34. BlackRock has a 12 month low of $773.74 and a 12 month high of $1,219.94. The company has a market capitalization of $168.92 billion, a price-to-earnings ratio of 28.00, a PEG ratio of 1.72 and a beta of 1.47. The firm’s 50-day moving average is $1,073.87 and its 200 day moving average is $1,094.95.

BlackRock (NYSE:BLK) last announced its earnings results on Tuesday, October 14th. The asset manager reported $11.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $11.78 by ($0.23). The business had revenue of $6.51 billion for the quarter, compared to analysts’ expectations of $6.22 billion. BlackRock had a net margin of 26.64% and a return on equity of 14.80%. During the same quarter last year, the firm earned $11.46 EPS. The firm’s quarterly revenue was up 25.2% on a year-over-year basis. Research analysts predict that BlackRock will post 47.41 EPS for the current year.

BlackRock Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 23rd. Shareholders of record on Friday, December 5th were given a $5.21 dividend. This represents a $20.84 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, December 5th. BlackRock’s dividend payout ratio is 53.59%.

Insiders Place Their Bets

In other news, Director Rachel Lord sold 12,000 shares of BlackRock stock in a transaction on Monday, October 20th. The stock was sold at an average price of $1,165.04, for a total transaction of $13,980,480.00. Following the completion of the sale, the director directly owned 7,205 shares in the company, valued at approximately $8,394,113.20. This trade represents a 62.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Martin Small sold 1,258 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $1,043.38, for a total transaction of $1,312,572.04. Following the completion of the transaction, the chief financial officer owned 6,209 shares in the company, valued at approximately $6,478,346.42. The trade was a 16.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BLK. Cowen restated a “buy” rating on shares of BlackRock in a report on Wednesday, October 15th. TD Cowen raised their target price on shares of BlackRock from $1,301.00 to $1,407.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $1,313.00 price target on shares of BlackRock in a research note on Tuesday, December 9th. Wall Street Zen raised shares of BlackRock from a “sell” rating to a “hold” rating in a research note on Sunday. Finally, Bank of America increased their price target on shares of BlackRock from $1,456.00 to $1,464.00 in a report on Wednesday, December 10th. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,316.18.

About BlackRock

BlackRock, Inc is a global investment management firm that provides a broad range of products and services to institutional, intermediary and individual investors. Its core activities include portfolio management across active and index strategies, exchange-traded funds (ETFs) under the iShares brand, fixed income, equity and multi-asset solutions, as well as alternatives such as private equity, real estate and infrastructure. The firm also offers cash management and liquidity solutions and retirement-focused products designed for defined contribution and defined benefit investors.

In addition to traditional investment management, BlackRock is known for its technology and risk management capabilities, most prominently its Aladdin platform, which combines portfolio management, trading and risk analytics and is used both internally and licensed to external clients.