Petros Family Wealth LLC Increases Stock Position in BlackRock $BLK

Petros Family Wealth LLC raised its stake in shares of BlackRock (NYSE:BLK) by 4.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,800 shares of the asset manager’s stock after acquiring an additional 74 shares during the period. BlackRock makes up 1.7% of Petros Family Wealth LLC’s holdings, making the stock its 13th biggest holding. Petros Family Wealth LLC’s holdings in BlackRock were worth $1,889,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in BLK. Joule Financial LLC acquired a new stake in BlackRock in the 2nd quarter valued at approximately $229,000. Merit Financial Group LLC boosted its position in shares of BlackRock by 8.2% during the second quarter. Merit Financial Group LLC now owns 14,110 shares of the asset manager’s stock worth $14,805,000 after buying an additional 1,064 shares during the period. Global Strategic Investment Solutions LLC purchased a new position in shares of BlackRock during the second quarter worth $210,000. Beacon Financial Advisory LLC grew its stake in shares of BlackRock by 5.4% in the second quarter. Beacon Financial Advisory LLC now owns 252 shares of the asset manager’s stock valued at $265,000 after buying an additional 13 shares in the last quarter. Finally, Marietta Wealth Management LLC raised its holdings in shares of BlackRock by 3.2% in the 2nd quarter. Marietta Wealth Management LLC now owns 9,681 shares of the asset manager’s stock valued at $10,158,000 after buying an additional 300 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Insider Activity at BlackRock

In related news, Director Rachel Lord sold 18,036 shares of the 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 directly owned 19,205 shares of the company’s stock, valued at $21,617,148. This trade represents a 48.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Fabrizio Freda sold 4,434 shares of the business’s stock in a transaction on Thursday, July 24th. The shares were 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 of the company’s stock, valued at approximately $3,936,571.86. This trade represents a 55.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,494 shares of company stock valued at $74,694,573. Company insiders own 1.98% of the company’s stock.

BlackRock Price Performance

Shares of BLK opened at $1,160.75 on Monday. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 0.39. The firm’s fifty day simple moving average is $1,129.67 and its 200-day simple moving average is $1,028.70. The firm has a market capitalization of $179.75 billion, a price-to-earnings ratio of 28.06, a PEG ratio of 2.18 and a beta of 1.45. BlackRock has a twelve month low of $773.74 and a twelve month high of $1,183.50.

BlackRock (NYSE:BLK) last posted its earnings results on Tuesday, July 15th. The asset manager reported $12.05 EPS for the quarter, beating the consensus estimate of $10.41 by $1.64. The firm had revenue of $5.42 billion for the quarter, compared to analyst estimates of $5.40 billion. BlackRock had a return on equity of 15.53% and a net margin of 29.68%.BlackRock’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $10.36 earnings per share. Equities analysts forecast that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 5th were issued a $5.21 dividend. This represents a $20.84 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, September 5th. BlackRock’s dividend payout ratio is 50.39%.

Analysts Set New Price Targets

BLK has been the subject of several research reports. Zacks Research downgraded BlackRock from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 14th. Wells Fargo & Company lowered their price objective on shares of BlackRock from $1,180.00 to $1,170.00 and set an “overweight” rating for the company in a research note on Wednesday, July 16th. JPMorgan Chase & Co. upped their target price on shares of BlackRock from $1,093.00 to $1,242.00 and gave the stock a “neutral” rating in a research note on Thursday. Argus reissued a “buy” rating on shares of BlackRock in a research report on Tuesday, July 8th. Finally, Citigroup upped their price objective on BlackRock from $1,200.00 to $1,350.00 and gave the stock a “buy” rating in a research report on Monday, September 29th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,213.67.

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.