Forte Capital LLC ADV Reduces Stock Holdings in BlackRock $BLK

Forte Capital LLC ADV lessened its stake in shares of BlackRock (NYSE:BLK) by 0.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 10,815 shares of the asset manager’s stock after selling 30 shares during the period. BlackRock makes up approximately 1.2% of Forte Capital LLC ADV’s holdings, making the stock its 24th largest holding. Forte Capital LLC ADV’s holdings in BlackRock were worth $11,348,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of BLK. MCF Advisors LLC raised its stake in shares of BlackRock by 11.8% in the second quarter. MCF Advisors LLC now owns 567 shares of the asset manager’s stock valued at $595,000 after acquiring an additional 60 shares during the period. Hidden Cove Wealth Management LLC purchased a new stake in BlackRock in the 2nd quarter worth about $203,000. Revisor Wealth Management LLC bought a new stake in BlackRock in the second quarter worth about $696,000. Fortitude Family Office LLC boosted its position in shares of BlackRock by 2.1% during the second quarter. Fortitude Family Office LLC now owns 845 shares of the asset manager’s stock valued at $887,000 after buying an additional 17 shares during the period. Finally, CGN Advisors LLC raised its holdings in shares of BlackRock by 1.2% in the second quarter. CGN Advisors LLC now owns 3,484 shares of the asset manager’s stock worth $3,656,000 after buying an additional 40 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on BLK shares. Argus reiterated a “buy” rating on shares of BlackRock in a research report on Tuesday, July 8th. Evercore ISI raised their target price on shares of BlackRock from $1,170.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Friday, September 5th. Zacks Research downgraded shares of BlackRock from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 14th. JPMorgan Chase & Co. increased their price objective on BlackRock from $1,018.00 to $1,093.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 16th. Finally, Bank of America lifted their target price on BlackRock from $1,214.00 to $1,224.00 and gave the company a “buy” rating in a research report on Wednesday, July 16th. Twelve analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,154.07.

BlackRock Price Performance

Shares of NYSE BLK opened at $1,135.87 on Tuesday. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,171.89. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 0.39. The firm has a market cap of $175.89 billion, a P/E ratio of 27.46, a P/E/G ratio of 2.19 and a beta of 1.45. The business’s 50 day moving average price is $1,120.31 and its 200 day moving average price is $1,014.87.

BlackRock (NYSE:BLK) last posted its earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.41 by $1.64. The company had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $5.40 billion. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the firm posted $10.36 earnings per share. On average, sell-side analysts expect that BlackRock will post 47.41 earnings per share for the current year.

BlackRock Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Friday, September 5th will be given a dividend of $5.21 per share. This represents a $20.84 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, September 5th. BlackRock’s dividend payout ratio (DPR) is currently 50.39%.

Insider Buying and Selling

In other news, CEO Laurence Fink sold 12,054 shares of the firm’s stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $1,125.43, for a total transaction of $13,565,933.22. Following the sale, the chief executive officer owned 251,697 shares of the company’s stock, valued at $283,267,354.71. This trade represents a 4.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director J. Richard Kushel sold 17,142 shares of the business’s stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $1,120.50, for a total transaction of $19,207,611.00. Following the completion of the transaction, the director owned 61,369 shares of the company’s stock, valued at approximately $68,763,964.50. This represents a 21.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,494 shares of company stock worth $74,694,573. 1.98% of the stock is currently owned by company insiders.

BlackRock Company 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.