Resonant Capital Advisors LLC Sells 153 Shares of BlackRock, Inc. (NYSE:BLK)

Resonant Capital Advisors LLC reduced its holdings in shares of BlackRock, Inc. (NYSE:BLK) by 22.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 525 shares of the asset manager’s stock after selling 153 shares during the quarter. Resonant Capital Advisors LLC’s holdings in BlackRock were worth $413,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. XML Financial LLC grew its stake in shares of BlackRock by 2.6% in the second quarter. XML Financial LLC now owns 473 shares of the asset manager’s stock worth $372,000 after purchasing an additional 12 shares during the last quarter. Hexagon Capital Partners LLC grew its position in shares of BlackRock by 6.1% in the 2nd quarter. Hexagon Capital Partners LLC now owns 226 shares of the asset manager’s stock valued at $177,000 after buying an additional 13 shares during the last quarter. Forza Wealth Management LLC increased its stake in shares of BlackRock by 1.3% in the second quarter. Forza Wealth Management LLC now owns 1,044 shares of the asset manager’s stock valued at $822,000 after buying an additional 13 shares during the period. Rosenberg Matthew Hamilton raised its position in shares of BlackRock by 4.4% during the second quarter. Rosenberg Matthew Hamilton now owns 311 shares of the asset manager’s stock worth $243,000 after acquiring an additional 13 shares during the last quarter. Finally, Magellan Asset Management Ltd lifted its stake in shares of BlackRock by 3.6% in the fourth quarter. Magellan Asset Management Ltd now owns 404 shares of the asset manager’s stock worth $328,000 after acquiring an additional 14 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on BLK shares. Citigroup increased their target price on shares of BlackRock from $920.00 to $930.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. TD Cowen lowered their target price on shares of BlackRock from $974.00 to $969.00 and set a “buy” rating for the company in a research note on Monday, July 8th. Barclays started coverage on shares of BlackRock in a research report on Tuesday, August 27th. They set an “overweight” rating and a $985.00 price target on the stock. UBS Group lowered their price objective on BlackRock from $842.00 to $837.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Finally, Morgan Stanley cut their target price on BlackRock from $1,025.00 to $1,013.00 and set an “overweight” rating on the stock in a research report on Thursday, July 11th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, BlackRock presently has an average rating of “Moderate Buy” and a consensus price target of $881.47.

Insider Transactions at BlackRock

In other BlackRock 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 value of $24,833,712.50. Following 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 accessible through this link. In other news, CEO Laurence Fink sold 29,450 shares of BlackRock stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $843.25, for a total value of $24,833,712.50. Following the completion of the transaction, 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 Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark Wiedman sold 27,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $834.42, for a total transaction of $22,529,340.00. Following the sale, the director now owns 6,480 shares in the company, valued at $5,407,041.60. The disclosure for this sale can be found here. Insiders sold a total of 93,042 shares of company stock worth $79,387,117 in the last quarter. Insiders own 0.90% of the company’s stock.

BlackRock Stock Up 0.8 %

BLK stock opened at $901.81 on Tuesday. The company has a quick ratio of 5.06, a current ratio of 5.06 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $134.01 billion, a PE ratio of 22.92, a P/E/G ratio of 1.97 and a beta of 1.32. The stock’s 50 day moving average is $841.26 and its 200-day moving average is $809.63. BlackRock, Inc. has a twelve month low of $596.18 and a twelve month high of $903.46.

BlackRock (NYSE:BLK) last issued its quarterly earnings results on Monday, July 15th. The asset manager reported $10.36 earnings per share 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 company had revenue of $4.81 billion for the quarter, compared to the consensus estimate of $4.85 billion. During the same period in the previous year, the firm earned $9.28 EPS. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. Sell-side analysts expect that BlackRock, Inc. will post 41.34 EPS for the current fiscal year.

BlackRock Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Monday, September 9th will be given a dividend of $5.10 per share. This represents a $20.40 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend is Monday, September 9th. BlackRock’s dividend payout ratio is currently 51.84%.

About BlackRock

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.