BlackRock, Inc. (BLK) Stake Lowered by Independent Portfolio Consultants Inc.

Independent Portfolio Consultants Inc. decreased its position in BlackRock, Inc. (NYSE:BLK) by 6.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,861 shares of the asset manager’s stock after selling 137 shares during the period. Independent Portfolio Consultants Inc.’s holdings in BlackRock were worth $786,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. DnB Asset Management AS increased its stake in BlackRock by 2.3% in the second quarter. DnB Asset Management AS now owns 13,141 shares of the asset manager’s stock worth $5,551,000 after buying an additional 300 shares during the period. Park National Corp OH increased its stake in BlackRock by 4.5% in the second quarter. Park National Corp OH now owns 832 shares of the asset manager’s stock worth $351,000 after buying an additional 36 shares during the period. Clearbridge Investments LLC increased its stake in BlackRock by 8.2% in the first quarter. Clearbridge Investments LLC now owns 1,557,212 shares of the asset manager’s stock worth $597,206,000 after buying an additional 118,222 shares during the period. Laurel Wealth Advisors Inc. bought a new stake in BlackRock during the first quarter worth approximately $217,000. Finally, Perigon Wealth Management LLC increased its stake in BlackRock by 0.4% in the first quarter. Perigon Wealth Management LLC now owns 8,388 shares of the asset manager’s stock worth $3,217,000 after buying an additional 32 shares during the period. Institutional investors own 80.37% of the company’s stock.

Shares of BlackRock, Inc. (BLK) traded up 0.58% on Tuesday, hitting $430.36. The company had a trading volume of 73,912 shares. The firm has a market capitalization of $69.81 billion, a price-to-earnings ratio of 20.66 and a beta of 1.71. The company has a 50 day moving average price of $427.11 and a 200 day moving average price of $397.31. BlackRock, Inc. has a 1-year low of $336.84 and a 1-year high of $442.83.

BlackRock (NYSE:BLK) last released its quarterly earnings results on Monday, July 17th. The asset manager reported $5.24 earnings per share for the quarter, missing the consensus estimate of $5.39 by $0.15. BlackRock had a net margin of 29.92% and a return on equity of 11.79%. The business had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $3.01 billion. During the same period in the previous year, the business earned $4.78 EPS. The business’s revenue was up 5.7% on a year-over-year basis. On average, equities analysts forecast that BlackRock, Inc. will post $21.84 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Tuesday, September 5th will be given a dividend of $2.50 per share. The ex-dividend date is Thursday, August 31st. This represents a $10.00 annualized dividend and a dividend yield of 2.34%. BlackRock’s dividend payout ratio (DPR) is presently 47.98%.

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Several equities analysts have recently issued reports on the stock. BidaskClub cut shares of BlackRock from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 31st. Zacks Investment Research downgraded shares of BlackRock from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Morgan Stanley reaffirmed an “overweight” rating and set a $476.00 price objective (up from $460.00) on shares of BlackRock in a research report on Tuesday, July 18th. Deutsche Bank AG reaffirmed a “buy” rating and set a $455.00 price objective (down from $465.00) on shares of BlackRock in a research report on Tuesday, July 18th. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $534.00 target price on shares of BlackRock in a research note on Tuesday, July 18th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $434.93.

In related news, insider Mark Mccombe sold 500 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $405.98, for a total transaction of $202,990.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Susan Wagner sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $414.31, for a total value of $1,035,775.00. Following the transaction, the director now owns 484,386 shares in the company, valued at $200,685,963.66. The disclosure for this sale can be found here. Insiders have sold a total of 3,772 shares of company stock worth $1,567,516 over the last quarter. Corporate insiders own 1.86% of the company’s stock.

About BlackRock

BlackRock, Inc (BlackRock) is an investment management company. BlackRock provides a range of investment and risk management services to institutional and retail clients worldwide. Its diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients.

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Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

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