BlackRock $BLK Shares Sold by RNC Capital Management LLC

RNC Capital Management LLC lowered its stake in shares of BlackRock (NYSE:BLK) by 0.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 59,028 shares of the asset manager’s stock after selling 435 shares during the quarter. BlackRock makes up approximately 3.0% of RNC Capital Management LLC’s holdings, making the stock its 9th largest position. RNC Capital Management LLC’s holdings in BlackRock were worth $61,935,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BLK. Fairway Wealth LLC boosted its position 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 during the period. Game Plan Financial Advisors LLC raised 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 in the last quarter. Garde Capital Inc. raised its stake in BlackRock by 200.0% during the 2nd quarter. Garde Capital Inc. now owns 27 shares of the asset manager’s stock valued at $28,000 after acquiring an additional 18 shares in the last quarter. Cheviot Value Management LLC bought a new stake in BlackRock during the 1st quarter valued at $30,000. Finally, MorganRosel Wealth Management LLC bought a new stake in BlackRock during the 1st quarter valued at $31,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

BlackRock Stock Down 0.2%

Shares of BlackRock stock opened at $1,127.42 on Thursday. The stock’s fifty day moving average is $1,140.24 and its 200-day moving average is $1,047.41. The firm has a market capitalization of $174.58 billion, a PE ratio of 28.99, a price-to-earnings-growth ratio of 1.95 and a beta of 1.45. 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 $1,219.94.

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

Insider Activity

In other news, Director J. Richard Kushel sold 17,142 shares of BlackRock stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total transaction of $19,207,611.00. Following the transaction, the director owned 61,369 shares in the company, valued at approximately $68,763,964.50. The trade was a 21.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Rachel Lord sold 18,036 shares of BlackRock stock in a transaction on Friday, July 25th. The shares were sold at an average price of $1,125.60, for a total value of $20,301,321.60. Following the transaction, the director owned 19,205 shares in the company, valued at $21,617,148. This represents a 48.43% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,232 shares of company stock worth $67,055,346. 1.98% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BLK. Citigroup lifted their target price on BlackRock from $1,200.00 to $1,350.00 and gave the company a “buy” rating in a research note on Monday, September 29th. Cowen reissued a “buy” rating on shares of BlackRock in a research note on Wednesday, October 15th. Deutsche Bank Aktiengesellschaft set a $1,320.00 price objective on BlackRock and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Morgan Stanley boosted their price objective on BlackRock from $1,362.00 to $1,486.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Finally, Jefferies Financial Group boosted their price objective on BlackRock from $1,196.00 to $1,325.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Seventeen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, BlackRock currently has a consensus rating of “Moderate Buy” and an average price target of $1,299.29.

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.