Smithfield Trust Co. Reduces Stake in BlackRock, Inc. (BLK)
Smithfield Trust Co. lowered its stake in BlackRock, Inc. (NYSE:BLK) by 21.7% in the fourth quarter, Holdings Channel reports. The fund owned 234 shares of the asset manager’s stock after selling 65 shares during the quarter. Smithfield Trust Co.’s holdings in BlackRock were worth $92,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Exchange Capital Management Inc. increased its position in BlackRock by 3.0% during the 3rd quarter. Exchange Capital Management Inc. now owns 12,588 shares of the asset manager’s stock valued at $5,933,000 after purchasing an additional 367 shares during the period. Bristlecone Advisors LLC increased its position in BlackRock by 51.3% during the 3rd quarter. Bristlecone Advisors LLC now owns 6,667 shares of the asset manager’s stock valued at $3,142,000 after purchasing an additional 2,260 shares during the period. New Potomac Partners LLC increased its position in BlackRock by 4.4% during the 3rd quarter. New Potomac Partners LLC now owns 5,332 shares of the asset manager’s stock valued at $2,513,000 after purchasing an additional 225 shares during the period. First Trust Advisors LP increased its position in BlackRock by 8.4% during the 3rd quarter. First Trust Advisors LP now owns 142,435 shares of the asset manager’s stock valued at $67,134,000 after purchasing an additional 11,002 shares during the period. Finally, JGP Wealth Management LLC increased its position in BlackRock by 37.0% during the 4th quarter. JGP Wealth Management LLC now owns 8,887 shares of the asset manager’s stock valued at $3,491,000 after purchasing an additional 2,398 shares during the period. Institutional investors and hedge funds own 86.05% of the company’s stock.
In related news, insider J. Richard Kushel sold 3,077 shares of the stock in a transaction on Tuesday, January 29th. The stock was sold at an average price of $409.29, for a total value of $1,259,385.33. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark Mccombe sold 3,000 shares of the stock in a transaction on Wednesday, February 6th. The stock was sold at an average price of $417.04, for a total value of $1,251,120.00. Following the completion of the transaction, the insider now owns 30,543 shares in the company, valued at $12,737,652.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 86,929 shares of company stock worth $36,214,650. 1.75% of the stock is owned by company insiders.
BlackRock (NYSE:BLK) last announced its quarterly earnings data on Wednesday, January 16th. The asset manager reported $6.08 EPS for the quarter, missing the consensus estimate of $6.35 by ($0.27). BlackRock had a return on equity of 13.53% and a net margin of 30.32%. The company had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same period last year, the business earned $6.24 EPS. The business’s quarterly revenue was down 8.8% compared to the same quarter last year. On average, sell-side analysts expect that BlackRock, Inc. will post 25.88 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 21st. Investors of record on Wednesday, March 6th will be issued a $3.30 dividend. This is a boost from BlackRock’s previous quarterly dividend of $3.13. This represents a $13.20 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date is Tuesday, March 5th. BlackRock’s dividend payout ratio (DPR) is currently 46.49%.
BLK has been the subject of a number of recent analyst reports. Morgan Stanley decreased their target price on shares of BlackRock from $554.00 to $514.00 and set an “overweight” rating for the company in a research report on Wednesday, November 14th. Citigroup decreased their target price on shares of BlackRock to $500.00 and set a “buy” rating for the company in a research report on Wednesday, October 17th. Zacks Investment Research reissued a “sell” rating on shares of BlackRock in a research report on Monday, December 31st. Keefe, Bruyette & Woods reissued a “buy” rating and set a $472.00 target price on shares of BlackRock in a research report on Wednesday, January 9th. Finally, Deutsche Bank downgraded shares of BlackRock from a “buy” rating to a “hold” rating and decreased their target price for the company from $444.00 to $405.00 in a research report on Thursday, January 10th. One analyst has rated the stock with a sell rating, three have given a hold rating and eleven have issued a buy rating to the company’s stock. BlackRock presently has a consensus rating of “Buy” and a consensus target price of $503.03.
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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.
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