Exchange Capital Management Inc. Sells 213 Shares of BlackRock $BLK

Exchange Capital Management Inc. reduced its holdings in BlackRock (NYSE:BLK) by 1.7% during the 2nd quarter, Holdings Channel reports. The firm owned 12,231 shares of the asset manager’s stock after selling 213 shares during the quarter. BlackRock makes up about 1.9% of Exchange Capital Management Inc.’s holdings, making the stock its 7th largest holding. Exchange Capital Management Inc.’s holdings in BlackRock were worth $12,833,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. River Street Advisors LLC grew its holdings in BlackRock by 4.8% in the second quarter. River Street Advisors LLC now owns 2,556 shares of the asset manager’s stock valued at $2,681,000 after purchasing an additional 118 shares during the period. Hilltop National Bank purchased a new position in shares of BlackRock in the second quarter valued at approximately $1,325,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of BlackRock by 8.6% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,251 shares of the asset manager’s stock valued at $20,199,000 after acquiring an additional 1,529 shares in the last quarter. Jmac Enterprises LLC lifted its position in shares of BlackRock by 8.8% in the second quarter. Jmac Enterprises LLC now owns 1,230 shares of the asset manager’s stock valued at $1,291,000 after acquiring an additional 100 shares in the last quarter. Finally, Syntax Research Inc. lifted its position in shares of BlackRock by 7.6% in the second quarter. Syntax Research Inc. now owns 480 shares of the asset manager’s stock valued at $504,000 after acquiring an additional 34 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at BlackRock

In other news, CEO Laurence Fink sold 12,054 shares of BlackRock stock in a transaction on Friday, July 25th. The stock was sold at an average price of $1,125.43, for a total value of $13,565,933.22. Following the completion of the sale, the chief executive officer directly owned 251,697 shares of the company’s stock, valued at approximately $283,267,354.71. The trade was a 4.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director J. Richard Kushel sold 17,142 shares of BlackRock stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $1,120.50, for a total value of $19,207,611.00. Following the completion of the sale, the director directly owned 61,369 shares of the company’s stock, valued at $68,763,964.50. The trade was a 21.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,494 shares of company stock valued at $74,694,573. Corporate insiders own 1.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BLK shares. Citigroup raised their target price on BlackRock from $1,200.00 to $1,350.00 and gave the company a “buy” rating in a research report on Monday. Keefe, Bruyette & Woods decreased their target price on BlackRock from $1,247.00 to $1,224.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 16th. Bank of America raised their target price on BlackRock from $1,224.00 to $1,396.00 and gave the company a “buy” rating in a research report on Thursday. Wells Fargo & Company decreased their target price on BlackRock from $1,180.00 to $1,170.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 16th. Finally, Zacks Research downgraded BlackRock from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 14th. Twelve investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $1,194.86.

BlackRock Price Performance

NYSE:BLK opened at $1,160.23 on Friday. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,183.50. 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 company has a market capitalization of $179.66 billion, a P/E ratio of 28.05, a P/E/G ratio of 2.18 and a beta of 1.45. The stock’s fifty day moving average is $1,128.92 and its two-hundred day moving average is $1,026.28.

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

BlackRock Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th were paid a $5.21 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $20.84 dividend on an annualized basis and a dividend yield of 1.8%. BlackRock’s payout ratio is presently 50.39%.

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.