FineMark National Bank & Trust Reduces Holdings in BlackRock $BLK

FineMark National Bank & Trust reduced its holdings in shares of BlackRock (NYSE:BLK) by 11.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,577 shares of the asset manager’s stock after selling 2,543 shares during the period. FineMark National Bank & Trust’s holdings in BlackRock were worth $20,541,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In other BlackRock news, Director Rachel Lord sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $1,165.04, for a total transaction of $13,980,480.00. Following the completion of the transaction, the director owned 7,205 shares in the company, valued at $8,394,113.20. This trade represents a 62.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.98% of the company’s stock.

BlackRock Stock Performance

Shares of NYSE BLK opened at $1,019.05 on Wednesday. The company has a market cap of $158.11 billion, a P/E ratio of 26.20, a P/E/G ratio of 1.90 and a beta of 1.48. BlackRock has a 52-week low of $773.74 and a 52-week high of $1,219.94. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04. The firm’s fifty day moving average is $1,124.02 and its two-hundred day moving average is $1,077.61.

BlackRock (NYSE:BLK) last released its quarterly earnings data on Tuesday, October 14th. The asset manager reported $11.55 EPS for the quarter, missing the consensus estimate of $11.78 by ($0.23). The company 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 firm’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same period last year, the company earned $11.46 EPS. As a group, analysts anticipate that BlackRock will post 47.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Citigroup raised their target price on shares of BlackRock from $1,200.00 to $1,350.00 and gave the stock a “buy” rating in a research note on Monday, September 29th. Jefferies Financial Group raised their price objective on shares of BlackRock from $1,196.00 to $1,325.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Bank of America upped their target price on shares of BlackRock from $1,394.00 to $1,456.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Barclays increased their price target on BlackRock from $1,310.00 to $1,360.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Finally, Keefe, Bruyette & Woods boosted their price objective on BlackRock from $1,215.00 to $1,300.00 and gave the company an “outperform” rating in a research report on Monday, October 13th. Seventeen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $1,302.53.

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.