Glass Wealth Management Co LLC Trims Position in BlackRock $BLK

Glass Wealth Management Co LLC decreased its stake in shares of BlackRock (NYSE:BLK) by 2.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 726 shares of the asset manager’s stock after selling 20 shares during the quarter. Glass Wealth Management Co LLC’s holdings in BlackRock were worth $762,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Garde Capital Inc. increased its position in shares of BlackRock by 200.0% in the second quarter. Garde Capital Inc. now owns 27 shares of the asset manager’s stock worth $28,000 after acquiring an additional 18 shares in the last quarter. Fairway Wealth LLC grew its holdings in BlackRock by 76.5% during the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager’s stock valued at $28,000 after purchasing an additional 13 shares in the last quarter. Game Plan Financial Advisors LLC boosted its stake in BlackRock by 100.0% during the 1st quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager’s stock valued at $28,000 after acquiring an additional 15 shares during the last quarter. MorganRosel Wealth Management LLC bought a new position in BlackRock during the 1st quarter valued at $31,000. Finally, Cheviot Value Management LLC bought a new stake in shares of BlackRock in the 1st quarter valued at approximately $30,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Argus restated a “buy” rating on shares of BlackRock in a research report on Tuesday, July 8th. Bank of America raised their target price on shares of BlackRock from $1,224.00 to $1,396.00 and gave the company a “buy” rating in a research note on Thursday. Wells Fargo & Company lowered their target price on shares of BlackRock from $1,180.00 to $1,170.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 16th. Zacks Research cut shares of BlackRock from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 14th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of BlackRock from $1,247.00 to $1,224.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, BlackRock currently has an average rating of “Moderate Buy” and a consensus price target of $1,213.67.

BlackRock Price Performance

Shares of BLK opened at $1,160.75 on Monday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04. BlackRock has a twelve month low of $773.74 and a twelve month high of $1,183.50. The firm’s 50 day moving average price is $1,129.67 and its 200 day moving average price is $1,028.70. The firm has a market cap of $179.75 billion, a PE ratio of 28.06, a PEG ratio of 2.18 and a beta of 1.45.

BlackRock (NYSE:BLK) last posted its earnings results on Tuesday, July 15th. The asset manager reported $12.05 EPS for the quarter, topping the consensus estimate of $10.41 by $1.64. The firm had revenue of $5.42 billion for 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 business’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the business posted $10.36 earnings per share. As a group, research analysts expect that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Announces Dividend

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

Insiders Place Their Bets

In other BlackRock news, Director J. Richard Kushel sold 17,142 shares of the 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. This represents a 21.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Laurence Fink sold 14,828 shares of BlackRock stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $1,122.28, for a total value of $16,641,167.84. Following the sale, the chief executive officer directly owned 263,751 shares in the company, valued at approximately $296,002,472.28. This trade represents a 5.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,494 shares of company stock valued at $74,694,573. Corporate insiders own 1.98% of the company’s stock.

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.