BlackRock $BLK Stock Holdings Cut by Cresset Asset Management LLC

Cresset Asset Management LLC reduced its position in shares of BlackRock (NYSE:BLK) by 9.3% in the first quarter, HoldingsChannel.com reports. The firm owned 7,893 shares of the asset manager’s stock after selling 807 shares during the period. Cresset Asset Management LLC’s holdings in BlackRock were worth $7,471,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BLK. Fairway Wealth LLC boosted its stake 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. Investment Management Corp VA ADV bought a new position in BlackRock during the 4th quarter valued at $30,000. Cheviot Value Management LLC bought a new position in BlackRock during the 1st quarter valued at $30,000. MorganRosel Wealth Management LLC bought a new position in BlackRock during the 1st quarter valued at $31,000. Finally, CBIZ Investment Advisory Services LLC bought a new position in BlackRock during the 1st quarter valued at $34,000. 80.69% of the stock is owned by institutional investors.

BlackRock Stock Performance

Shares of BlackRock stock opened at $1,135.88 on Monday. The stock has a market cap of $175.89 billion, a PE ratio of 27.46, a price-to-earnings-growth ratio of 2.28 and a beta of 1.42. The business has a fifty day simple moving average of $1,071.38 and a 200-day simple moving average of $988.76. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 0.39. BlackRock has a 12 month low of $773.74 and a 12 month high of $1,171.89.

BlackRock (NYSE:BLK) last issued 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 business had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.40 billion. BlackRock had a return on equity of 15.53% and a net margin of 29.68%. BlackRock’s revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm posted $10.36 earnings per share. On average, sell-side analysts anticipate that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Dividend Announcement

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

Insider Transactions at BlackRock

In related news, Director Fabrizio Freda sold 4,434 shares of the stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $1,122.81, for a total transaction of $4,978,539.54. Following the completion of the sale, the director directly owned 3,506 shares in the company, valued at approximately $3,936,571.86. This trade represents a 55.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Laurence Fink sold 12,054 shares of the 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 sale, the chief executive officer owned 251,697 shares of the company’s stock, valued at approximately $283,267,354.71. This represents a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,494 shares of company stock valued at $74,694,573 in the last three months. 1.98% of the stock is currently owned by insiders.

Analyst Ratings Changes

BLK has been the subject of a number of research reports. Bank of America increased their price target on BlackRock from $1,214.00 to $1,224.00 and gave the company a “buy” rating in a research note on Wednesday, July 16th. Argus reissued a “buy” rating on shares of BlackRock in a research note on Tuesday, July 8th. UBS Group reissued a “neutral” rating and set a $980.00 price objective on shares of BlackRock in a research note on Tuesday, July 8th. The Goldman Sachs Group reissued a “buy” rating and set a $1,115.00 price objective on shares of BlackRock in a research note on Tuesday, July 8th. Finally, JPMorgan Chase & Co. raised 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. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,151.21.

BlackRock 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.