Cape ANN Savings Bank Lowers Stock Holdings in BlackRock $BLK

Cape ANN Savings Bank trimmed its holdings in BlackRock (NYSE:BLK) by 10.0% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 2,116 shares of the asset manager’s stock after selling 235 shares during the quarter. BlackRock accounts for about 1.3% of Cape ANN Savings Bank’s holdings, making the stock its 17th biggest holding. Cape ANN Savings Bank’s holdings in BlackRock were worth $2,220,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Precedent Wealth Partners LLC increased its holdings in shares of BlackRock by 11.8% in the second quarter. Precedent Wealth Partners LLC now owns 1,946 shares of the asset manager’s stock worth $2,042,000 after buying an additional 206 shares during the period. Jackson Wealth Management LLC grew its position in BlackRock by 1.2% during the 2nd quarter. Jackson Wealth Management LLC now owns 3,514 shares of the asset manager’s stock worth $3,687,000 after acquiring an additional 43 shares during the last quarter. Franklin Street Advisors Inc. NC increased its stake in BlackRock by 0.8% in the 2nd quarter. Franklin Street Advisors Inc. NC now owns 33,535 shares of the asset manager’s stock worth $35,187,000 after purchasing an additional 253 shares during the period. Barrett & Company Inc. lifted its position in BlackRock by 1,500.0% in the second quarter. Barrett & Company Inc. now owns 64 shares of the asset manager’s stock valued at $67,000 after purchasing an additional 60 shares during the last quarter. Finally, New Century Financial Group LLC boosted its stake in shares of BlackRock by 40.4% during the second quarter. New Century Financial Group LLC now owns 337 shares of the asset manager’s stock valued at $354,000 after purchasing an additional 97 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

BlackRock Price Performance

BLK stock opened at $1,160.75 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.04 and a quick ratio of 4.04. BlackRock has a 1 year low of $773.74 and a 1 year high of $1,183.50. The firm has a 50-day moving average of $1,129.67 and a 200 day moving average of $1,027.68. The company has a market cap of $179.74 billion, a P/E ratio of 28.06, a PEG ratio of 2.22 and a beta of 1.45.

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

BlackRock Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a yield of 1.8%. The ex-dividend date was Friday, September 5th. BlackRock’s dividend payout ratio (DPR) is presently 50.39%.

Insider Activity at BlackRock

In related news, Director Fabrizio Freda sold 4,434 shares of the firm’s stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $1,122.81, for a total value of $4,978,539.54. Following the sale, the director owned 3,506 shares in the company, valued at approximately $3,936,571.86. This trade represents a 55.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Laurence Fink sold 14,828 shares of BlackRock stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $1,122.28, for a total value of $16,641,167.84. Following the completion of the sale, the chief executive officer directly owned 263,751 shares of the company’s stock, valued at $296,002,472.28. The trade was a 5.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,494 shares of company stock worth $74,694,573 in the last three months. 1.98% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently commented on BLK. Jefferies Financial Group upped their price target on shares of BlackRock from $959.00 to $1,210.00 in a report on Thursday, July 10th. Weiss Ratings restated a “buy (b-)” rating on shares of BlackRock in a research report on Saturday, September 27th. Keefe, Bruyette & Woods dropped their target price on shares of BlackRock from $1,247.00 to $1,224.00 and set an “outperform” rating for the company in a report on Wednesday, July 16th. Wells Fargo & Company reduced their price target on BlackRock from $1,180.00 to $1,170.00 and set an “overweight” rating on the stock in a report on Wednesday, July 16th. Finally, Telsey Advisory Group reaffirmed an “outperform” rating on shares of BlackRock in a research report on Tuesday, July 8th. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $1,213.67.

BlackRock Company 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.