Pinnacle Wealth Management Advisory Group LLC Grows Stock Holdings in BlackRock $BLK

Pinnacle Wealth Management Advisory Group LLC raised its stake in BlackRock (NYSE:BLK) by 0.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,654 shares of the asset manager’s stock after buying an additional 61 shares during the period. Pinnacle Wealth Management Advisory Group LLC’s holdings in BlackRock were worth $6,982,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Welch Group LLC raised its holdings in BlackRock by 1.2% during the second quarter. Welch Group LLC now owns 760 shares of the asset manager’s stock worth $797,000 after purchasing an additional 9 shares during the last quarter. Stanley Laman Group Ltd. increased its position in shares of BlackRock by 2.7% in the second quarter. Stanley Laman Group Ltd. now owns 340 shares of the asset manager’s stock valued at $357,000 after buying an additional 9 shares in the last quarter. CNB Bank increased its position in shares of BlackRock by 9.6% in the second quarter. CNB Bank now owns 103 shares of the asset manager’s stock valued at $108,000 after buying an additional 9 shares in the last quarter. Magellan Asset Management Ltd raised its stake in shares of BlackRock by 14.3% during the 2nd quarter. Magellan Asset Management Ltd now owns 72 shares of the asset manager’s stock worth $76,000 after buying an additional 9 shares during the last quarter. Finally, McLean Asset Management Corp boosted its position in shares of BlackRock by 3.9% in the 2nd quarter. McLean Asset Management Corp now owns 266 shares of the asset manager’s stock worth $285,000 after buying an additional 10 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

BlackRock Stock Up 1.1%

Shares of NYSE BLK opened at $1,081.66 on Friday. BlackRock has a 1 year low of $773.74 and a 1 year high of $1,219.94. The firm’s 50 day moving average price is $1,130.62 and its 200 day moving average price is $1,069.28. The firm has a market cap of $167.50 billion, a P/E ratio of 27.81, a price-to-earnings-growth ratio of 1.90 and a beta of 1.48. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04.

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 the consensus estimate 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 during the quarter, compared to analyst estimates of $6.22 billion. During the same quarter last year, the firm posted $11.46 earnings per share. The company’s revenue was up 25.2% on a year-over-year basis. As a group, sell-side analysts anticipate that BlackRock will post 47.41 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on BLK. Barclays raised their target price on shares of BlackRock from $1,310.00 to $1,360.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Wells Fargo & Company lowered their price target on shares of BlackRock from $1,180.00 to $1,170.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 16th. TD Cowen lifted their price objective on BlackRock from $1,301.00 to $1,407.00 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Zacks Research lowered BlackRock from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 14th. Finally, Argus raised their price target on BlackRock from $1,165.00 to $1,330.00 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Seventeen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, BlackRock currently has a consensus rating of “Moderate Buy” and an average target price of $1,303.41.

Insider Buying and Selling

In related news, Director Rachel Lord sold 12,000 shares of the company’s stock in a transaction on Monday, October 20th. The stock was sold at an average price of $1,165.04, for a total value of $13,980,480.00. Following the completion of the transaction, the director directly owned 7,205 shares in the company, valued at approximately $8,394,113.20. This represents a 62.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.98% of the company’s stock.

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.