Legacy Financial Advisors Inc. Sells 37 Shares of BlackRock, Inc. (NYSE:BLK)

Legacy Financial Advisors Inc. lessened its position in shares of BlackRock, Inc. (NYSE:BLK) by 5.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 611 shares of the asset manager’s stock after selling 37 shares during the period. Legacy Financial Advisors Inc.’s holdings in BlackRock were worth $481,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BLK. TD Cowen decreased their target price on shares of BlackRock from $974.00 to $969.00 and set a “buy” rating for the company in a research report on Monday, July 8th. Wells Fargo & Company initiated coverage on BlackRock in a report on Thursday, September 12th. They issued an “overweight” rating and a $1,000.00 price objective for the company. Deutsche Bank Aktiengesellschaft upped their target price on BlackRock from $912.00 to $937.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Evercore ISI raised their price target on BlackRock from $920.00 to $945.00 and gave the company an “outperform” rating in a research note on Thursday, September 5th. Finally, Citigroup boosted their price target on BlackRock from $920.00 to $930.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $902.13.

BlackRock Stock Down 0.7 %

BLK opened at $928.79 on Friday. BlackRock, Inc. has a 1-year low of $596.18 and a 1-year high of $942.73. The stock has a market cap of $138.02 billion, a PE ratio of 23.60, a price-to-earnings-growth ratio of 1.92 and a beta of 1.30. The stock’s fifty day simple moving average is $868.55 and its 200 day simple moving average is $817.89. The company has a current ratio of 5.06, a quick ratio of 5.06 and a debt-to-equity ratio of 0.37.

BlackRock (NYSE:BLK) last announced its quarterly earnings results on Monday, July 15th. The asset manager reported $10.36 EPS for the quarter, beating 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 business 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 business earned $9.28 EPS. BlackRock’s quarterly revenue was up 7.7% on a year-over-year basis. As a group, research analysts expect that BlackRock, Inc. will post 41.34 earnings per share for the current year.

BlackRock Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Monday, September 9th will be paid a $5.10 dividend. The ex-dividend date is Monday, September 9th. This represents a $20.40 annualized dividend and a yield of 2.20%. BlackRock’s dividend payout ratio (DPR) is presently 51.84%.

Insider Buying and Selling at BlackRock

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

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.