Cornerstone Advisors LLC Sells 1,100 Shares of BlackRock, Inc. (NYSE:BLK)

Cornerstone Advisors LLC trimmed its holdings in BlackRock, Inc. (NYSE:BLK) by 13.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,200 shares of the asset manager’s stock after selling 1,100 shares during the period. Cornerstone Advisors LLC’s holdings in BlackRock were worth $5,669,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of BLK. Redmont Wealth Advisors LLC acquired a new position in BlackRock during the first quarter worth $27,000. Pineridge Advisors LLC bought a new position in shares of BlackRock in the 4th quarter valued at approximately $28,000. Lam Group Inc. acquired a new stake in BlackRock in the 1st quarter worth approximately $33,000. Fairman Group LLC bought a new stake in BlackRock during the fourth quarter worth approximately $35,000. Finally, Chilton Capital Management LLC acquired a new position in BlackRock during the first quarter valued at approximately $38,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analysts Set New Price Targets

BLK has been the subject of several recent analyst reports. TD Cowen decreased their price objective on shares of BlackRock from $974.00 to $969.00 and set a “buy” rating for the company in a report on Monday, July 8th. Citigroup raised their price target on BlackRock from $920.00 to $930.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Barclays boosted their price objective on BlackRock from $985.00 to $990.00 and gave the stock an “overweight” rating in a research report on Monday, September 9th. Keefe, Bruyette & Woods lifted their price target on BlackRock from $915.00 to $934.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on BlackRock from $912.00 to $937.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, BlackRock currently has a consensus rating of “Moderate Buy” and an average target price of $902.13.

Insider Buying and Selling at BlackRock

In other news, CEO Laurence Fink sold 29,450 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $843.25, for a total transaction of $24,833,712.50. Following the completion of the sale, the chief executive officer now owns 353,718 shares in the company, valued at $298,272,703.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Laurence Fink sold 29,450 shares of BlackRock stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $843.25, for a total value of $24,833,712.50. Following the completion of the sale, the chief executive officer now directly owns 353,718 shares in the company, valued at $298,272,703.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Mark Wiedman sold 12,000 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $900.00, for a total transaction of $10,800,000.00. Following the transaction, the director now owns 6,480 shares in the company, valued at $5,832,000. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 93,042 shares of company stock worth $79,387,117. Insiders own 0.90% of the company’s stock.

BlackRock Price Performance

BlackRock stock opened at $885.73 on Monday. BlackRock, Inc. has a 52 week low of $596.18 and a 52 week high of $903.46. The firm has a market cap of $131.62 billion, a P/E ratio of 22.51, a P/E/G ratio of 1.92 and a beta of 1.30. The company has a debt-to-equity ratio of 0.37, a quick ratio of 5.06 and a current ratio of 5.06. The business’s fifty day moving average is $857.98 and its two-hundred day moving average is $814.50.

BlackRock (NYSE:BLK) last issued its quarterly earnings data on Monday, July 15th. The asset manager reported $10.36 EPS for the quarter, topping analysts’ consensus estimates of $9.96 by $0.40. BlackRock had a net margin of 32.36% and a return on equity of 15.44%. The firm had revenue of $4.81 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same quarter in the prior year, the firm earned $9.28 EPS. The company’s revenue was up 7.7% on a year-over-year basis. Equities research analysts forecast that BlackRock, Inc. will post 41.34 earnings per share for the current fiscal year.

BlackRock Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Monday, September 9th will be issued a dividend of $5.10 per share. This represents a $20.40 annualized dividend and a yield of 2.30%. The ex-dividend date is Monday, September 9th. BlackRock’s dividend payout ratio is 51.84%.

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.