Bank of New York Mellon Corp Sells 48,779 Shares of BlackRock $BLK

Bank of New York Mellon Corp trimmed its position in BlackRock (NYSE:BLK) by 4.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,044,514 shares of the asset manager’s stock after selling 48,779 shares during the period. Bank of New York Mellon Corp’s holdings in BlackRock were worth $1,095,956,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BLK. Fairway Wealth LLC increased its holdings in BlackRock by 76.5% during the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager’s stock worth $28,000 after purchasing an additional 13 shares in the last quarter. Game Plan Financial Advisors LLC increased its holdings in BlackRock by 100.0% during the 1st quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager’s stock worth $28,000 after purchasing an additional 15 shares in the last quarter. Garde Capital Inc. increased its holdings in BlackRock by 200.0% during the 2nd quarter. Garde Capital Inc. now owns 27 shares of the asset manager’s stock worth $28,000 after purchasing an additional 18 shares in the last quarter. Cheviot Value Management LLC bought a new stake in BlackRock during the 1st quarter worth approximately $30,000. Finally, Whipplewood Advisors LLC increased its holdings in BlackRock by 107.1% during the 2nd quarter. Whipplewood Advisors LLC now owns 29 shares of the asset manager’s stock worth $30,000 after purchasing an additional 15 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

BlackRock Trading Down 1.5%

Shares of BLK stock opened at $1,081.62 on Monday. The company’s fifty day simple moving average is $1,136.93 and its two-hundred day simple moving average is $1,063.71. 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 $1,219.94. The stock has a market capitalization of $167.49 billion, a price-to-earnings ratio of 27.81, a PEG ratio of 1.90 and a beta of 1.45.

BlackRock (NYSE:BLK) last issued its earnings results on Tuesday, October 14th. The asset manager reported $11.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $11.78 by ($0.23). The business had revenue of $6.51 billion for the quarter, compared to the consensus estimate of $6.22 billion. BlackRock had a net margin of 26.64% and a return on equity of 15.36%. The company’s revenue was up 25.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $11.46 EPS. As a group, analysts anticipate that BlackRock will post 47.41 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Rachel Lord sold 12,000 shares of the 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 transaction, the director owned 7,205 shares of the company’s stock, valued at $8,394,113.20. This represents a 62.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.98% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

BLK has been the topic of a number of research analyst reports. Evercore ISI boosted their target price on BlackRock from $1,200.00 to $1,230.00 and gave the stock an “outperform” rating in a research note on Thursday, October 9th. Jefferies Financial Group boosted their target price on BlackRock from $1,196.00 to $1,325.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. JPMorgan Chase & Co. boosted their target price on BlackRock from $1,093.00 to $1,242.00 and gave the stock a “neutral” rating in a research note on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft set a $1,320.00 target price on BlackRock and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Finally, Wells Fargo & Company cut their target price on BlackRock from $1,180.00 to $1,170.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 16th. Seventeen 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 presently has an average rating of “Moderate Buy” and an average target price of $1,299.29.

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.