Perkins Coie Trust Co Sells 103 Shares of BlackRock, Inc. (NYSE:BLK)

Perkins Coie Trust Co lessened its stake in shares of BlackRock, Inc. (NYSE:BLK) by 1.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,192 shares of the asset manager’s stock after selling 103 shares during the quarter. BlackRock comprises approximately 1.3% of Perkins Coie Trust Co’s holdings, making the stock its 19th largest position. Perkins Coie Trust Co’s holdings in BlackRock were worth $5,860,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in BLK. First City Capital Management Inc. lifted its position in shares of BlackRock by 7.5% during the 1st quarter. First City Capital Management Inc. now owns 315 shares of the asset manager’s stock worth $298,000 after purchasing an additional 22 shares during the last quarter. Piscataqua Savings Bank lifted its position in shares of BlackRock by 1.4% during the 1st quarter. Piscataqua Savings Bank now owns 1,836 shares of the asset manager’s stock worth $1,738,000 after purchasing an additional 25 shares during the last quarter. Reliant Investment Management LLC lifted its position in shares of BlackRock by 3.1% during the 1st quarter. Reliant Investment Management LLC now owns 4,636 shares of the asset manager’s stock worth $4,388,000 after purchasing an additional 139 shares during the last quarter. Blue Zone Wealth Advisors LLC lifted its position in shares of BlackRock by 11.5% during the 1st quarter. Blue Zone Wealth Advisors LLC now owns 4,899 shares of the asset manager’s stock worth $4,637,000 after purchasing an additional 504 shares during the last quarter. Finally, Independence Bank of Kentucky acquired a new position in shares of BlackRock during the 1st quarter worth about $2,269,000. Institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on BLK. UBS Group cut their price objective on BlackRock from $1,045.00 to $1,010.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. Citigroup cut their price objective on BlackRock from $1,200.00 to $1,100.00 and set a “buy” rating for the company in a research report on Monday, April 14th. TD Cowen cut their price target on BlackRock from $1,251.00 to $1,032.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. Barclays upped their price target on BlackRock from $950.00 to $990.00 and gave the company an “overweight” rating in a report on Monday, April 14th. Finally, Morgan Stanley cut their price target on BlackRock from $1,275.00 to $1,124.00 and set an “overweight” rating for the company in a report on Monday, April 7th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $1,082.46.

Insider Buying and Selling

In related news, Director J. Richard Kushel sold 10,000 shares of the stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $912.50, for a total transaction of $9,125,000.00. Following the sale, the director now directly owns 66,034 shares in the company, valued at $60,256,025. This represents a 13.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.98% of the stock is owned by corporate insiders.

BlackRock Trading Up 0.5%

BLK stock opened at $990.26 on Friday. BlackRock, Inc. has a 1-year low of $752.30 and a 1-year high of $1,084.22. The firm has a market cap of $153.42 billion, a P/E ratio of 23.58, a P/E/G ratio of 1.90 and a beta of 1.41. The business’s 50 day moving average is $925.28 and its 200-day moving average is $973.54. The company has a current ratio of 5.23, a quick ratio of 5.23 and a debt-to-equity ratio of 0.45.

BlackRock (NYSE:BLK) last released its quarterly earnings data on Friday, April 11th. The asset manager reported $11.30 earnings per share for the quarter, beating the consensus estimate of $10.84 by $0.46. BlackRock had a return on equity of 16.32% and a net margin of 31.21%. The company had revenue of $5.28 billion for the quarter, compared to analyst estimates of $5.47 billion. During the same period in the prior year, the company posted $9.81 EPS. The company’s revenue was up 11.6% compared to the same quarter last year. Equities analysts anticipate that BlackRock, Inc. will post 47.41 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Thursday, June 5th will be paid a $5.21 dividend. The ex-dividend date is Thursday, June 5th. This represents a $20.84 annualized dividend and a dividend yield of 2.10%. BlackRock’s dividend payout ratio is currently 50.63%.

About BlackRock

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.