Corient Private Wealth LLC Lowers Holdings in BlackRock $BLK

Corient Private Wealth LLC lowered its stake in shares of BlackRock (NYSE:BLK) by 3.0% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 106,917 shares of the asset manager’s stock after selling 3,281 shares during the period. Corient Private Wealth LLC’s holdings in BlackRock were worth $112,183,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of BLK. Welch Group LLC raised its position in BlackRock by 1.2% during the second quarter. Welch Group LLC now owns 760 shares of the asset manager’s stock valued at $797,000 after acquiring an additional 9 shares in the last quarter. Stanley Laman Group Ltd. grew its stake in shares of BlackRock by 2.7% during the 2nd quarter. Stanley Laman Group Ltd. now owns 340 shares of the asset manager’s stock worth $357,000 after purchasing an additional 9 shares during the period. CNB Bank increased its holdings in shares of BlackRock by 9.6% during the 2nd quarter. CNB Bank now owns 103 shares of the asset manager’s stock valued at $108,000 after purchasing an additional 9 shares in the last quarter. Magellan Asset Management Ltd lifted its stake in shares of BlackRock by 14.3% in the 2nd quarter. Magellan Asset Management Ltd now owns 72 shares of the asset manager’s stock valued at $76,000 after purchasing an additional 9 shares during the period. Finally, FAS Wealth Partners Inc. boosted its holdings in BlackRock by 1.1% during the second quarter. FAS Wealth Partners Inc. now owns 817 shares of the asset manager’s stock worth $857,000 after buying an additional 9 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

BlackRock Price Performance

Shares of BlackRock stock opened at $1,083.30 on Tuesday. The stock has a market capitalization of $168.07 billion, a P/E ratio of 27.86, a PEG ratio of 1.70 and a beta of 1.47. The business has a 50 day simple moving average of $1,090.18 and a two-hundred day simple moving average of $1,089.89. BlackRock has a 12 month low of $773.74 and a 12 month high of $1,219.94. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.33 and a quick ratio of 3.33.

BlackRock (NYSE:BLK) last issued its quarterly earnings results on Tuesday, October 14th. The asset manager reported $11.55 EPS for the quarter, missing the consensus estimate of $11.78 by ($0.23). BlackRock had a return on equity of 14.80% and a net margin of 26.64%.The firm had revenue of $6.51 billion for the quarter, compared to analysts’ expectations of $6.22 billion. During the same quarter in the previous year, the firm posted $11.46 earnings per share. The firm’s revenue for the quarter was up 25.2% compared to the same quarter last year. As a group, analysts predict that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 23rd. Stockholders of record on Friday, December 5th will be issued a dividend of $5.21 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $20.84 dividend on an annualized basis and a dividend yield of 1.9%. BlackRock’s dividend payout ratio is presently 53.59%.

Analysts Set New Price Targets

BLK has been the subject of a number of recent analyst reports. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $1,313.00 price objective on shares of BlackRock in a report on Tuesday, December 9th. BMO Capital Markets lifted their price target on BlackRock from $1,280.00 to $1,300.00 and gave the company an “outperform” rating in a research note on Tuesday, October 21st. Bank of America upped their price target on BlackRock from $1,456.00 to $1,464.00 in a report on Wednesday, December 10th. Argus raised their price objective on BlackRock from $1,165.00 to $1,330.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Finally, Loop Capital set a $1,255.00 price objective on BlackRock in a research report on Tuesday, October 21st. Seventeen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,313.65.

Insider Transactions at BlackRock

In related news, CFO Martin Small sold 1,258 shares of the company’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $1,043.38, for a total transaction of $1,312,572.04. Following the completion of the sale, the chief financial officer owned 6,209 shares of the company’s stock, valued at approximately $6,478,346.42. This represents a 16.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rachel Lord sold 12,000 shares of the 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 completion of 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 position. The disclosure for this sale is available in the SEC filing. 1.98% of the stock is owned by corporate 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.