Concurrent Investment Advisors LLC Sells 1,428 Shares of BlackRock, Inc. (NYSE:BLK)

Concurrent Investment Advisors LLC reduced its position in shares of BlackRock, Inc. (NYSE:BLK) by 26.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,001 shares of the asset manager’s stock after selling 1,428 shares during the period. Concurrent Investment Advisors LLC’s holdings in BlackRock were worth $3,335,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Redmont Wealth Advisors LLC purchased a new position in BlackRock in the first quarter worth $27,000. Tennessee Valley Asset Management Partners purchased a new position in BlackRock in the fourth quarter worth $27,000. Private Wealth Management Group LLC purchased a new position in BlackRock in the fourth quarter worth $28,000. Pineridge Advisors LLC purchased a new position in BlackRock in the fourth quarter worth $28,000. Finally, LFA Lugano Financial Advisors SA grew its position in BlackRock by 208.3% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 37 shares of the asset manager’s stock worth $30,000 after acquiring an additional 25 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

BlackRock Stock Performance

BLK stock traded down $3.64 on Monday, hitting $824.33. The company had a trading volume of 672,002 shares, compared to its average volume of 599,339. The stock has a market cap of $122.50 billion, a price-to-earnings ratio of 21.04, a P/E/G ratio of 1.71 and a beta of 1.32. BlackRock, Inc. has a 12-month low of $596.18 and a 12-month high of $845.00. The company has a current ratio of 5.32, a quick ratio of 5.32 and a debt-to-equity ratio of 0.35. The stock’s 50-day simple moving average is $787.33 and its 200 day simple moving average is $792.86.

BlackRock (NYSE:BLK) last announced its earnings results on Monday, July 15th. The asset manager reported $10.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.96 by $0.40. The firm had revenue of $4.81 billion for the quarter, compared to analysts’ expectations of $4.85 billion. BlackRock had a net margin of 32.26% and a return on equity of 15.24%. The business’s revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the company earned $9.28 EPS. As a group, equities research analysts expect that BlackRock, Inc. will post 41.21 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 24th. Stockholders of record on Friday, June 7th were given a dividend of $5.10 per share. This represents a $20.40 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend was Friday, June 7th. BlackRock’s dividend payout ratio is 51.84%.

Wall Street Analysts Forecast Growth

BLK has been the subject of several analyst reports. Morgan Stanley cut their price target on shares of BlackRock from $1,025.00 to $1,013.00 and set an “overweight” rating for the company in a research report on Thursday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $915.00 price objective on shares of BlackRock in a research note on Tuesday, July 2nd. JPMorgan Chase & Co. increased their price target on shares of BlackRock from $742.00 to $767.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 2nd. UBS Group decreased their target price on shares of BlackRock from $842.00 to $837.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, TD Cowen decreased their target price on shares of BlackRock from $974.00 to $969.00 and set a “buy” rating for the company in a research note on Monday, July 8th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $847.36.

Insider Activity

In related news, Director Mark Wiedman sold 9,000 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $795.00, for a total transaction of $7,155,000.00. Following the transaction, the director now directly owns 6,480 shares in the company, valued at approximately $5,151,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other BlackRock news, CEO Laurence Fink sold 30,978 shares of the company’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $807.29, for a total value of $25,008,229.62. Following the transaction, the chief executive officer now directly owns 383,168 shares in the company, valued at approximately $309,327,694.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mark Wiedman sold 9,000 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $795.00, for a total transaction of $7,155,000.00. Following the completion of the transaction, the director now owns 6,480 shares in the company, valued at $5,151,600. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company’s stock.

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.