Kingsview Wealth Management LLC Trims Stock Position in BlackRock $BLK

Kingsview Wealth Management LLC lowered its stake in shares of BlackRock (NYSE:BLK) by 48.8% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 7,555 shares of the asset manager’s stock after selling 7,197 shares during the period. Kingsview Wealth Management LLC’s holdings in BlackRock were worth $7,927,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Welch Group LLC raised its position in shares of BlackRock by 1.2% in the second quarter. Welch Group LLC now owns 760 shares of the asset manager’s stock worth $797,000 after acquiring an additional 9 shares during the period. Stanley Laman Group Ltd. boosted its stake in shares of BlackRock by 2.7% in the second quarter. Stanley Laman Group Ltd. now owns 340 shares of the asset manager’s stock worth $357,000 after acquiring an additional 9 shares during the last quarter. CNB Bank boosted its stake in BlackRock by 9.6% during the 2nd quarter. CNB Bank now owns 103 shares of the asset manager’s stock worth $108,000 after purchasing an additional 9 shares during the last quarter. Magellan Asset Management Ltd boosted its position in BlackRock by 14.3% during the second quarter. Magellan Asset Management Ltd now owns 72 shares of the asset manager’s stock worth $76,000 after acquiring an additional 9 shares during the last quarter. Finally, McLean Asset Management Corp grew its position in shares of BlackRock by 3.9% in the second quarter. McLean Asset Management Corp now owns 266 shares of the asset manager’s stock valued at $285,000 after purchasing an additional 10 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BLK. Deutsche Bank Aktiengesellschaft cut their price target on shares of BlackRock from $1,312.00 to $1,305.00 and set a “buy” rating for the company in a report on Friday. Evercore ISI upped their price objective on shares of BlackRock from $1,200.00 to $1,300.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. BNP Paribas Exane lifted their target price on shares of BlackRock from $1,160.00 to $1,265.00 and gave the company an “outperform” rating in a report on Thursday, October 9th. Weiss Ratings restated a “buy (b)” rating on shares of BlackRock in a research note on Thursday, October 30th. Finally, The Goldman Sachs Group lifted their price objective on BlackRock from $1,163.00 to $1,312.00 and gave the company a “buy” rating in a research note on Friday, October 3rd. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,302.53.

BlackRock Stock Down 1.1%

BLK opened at $1,057.41 on Monday. The business has a 50 day moving average price of $1,127.37 and a two-hundred day moving average price of $1,076.22. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,219.94. 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 cap of $164.06 billion, a PE ratio of 27.19, a P/E/G ratio of 1.90 and a beta of 1.48.

BlackRock (NYSE:BLK) last announced its quarterly earnings data on Tuesday, October 14th. The asset manager reported $11.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $11.78 by ($0.23). The firm had revenue of $6.51 billion during the quarter, compared to analyst estimates of $6.22 billion. BlackRock had a net margin of 26.64% and a return on equity of 15.36%. The business’s quarterly revenue was up 25.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $11.46 earnings per share. As a group, research analysts anticipate that BlackRock will post 47.41 EPS for the current year.

Insider Activity at BlackRock

In related news, Director Rachel Lord sold 12,000 shares of the business’s stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $1,165.04, for a total transaction of $13,980,480.00. Following the sale, the director owned 7,205 shares of the company’s stock, valued at approximately $8,394,113.20. The trade was a 62.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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.