BlackRock $BLK Stock Holdings Cut by RNC Capital Management LLC

by · The Markets Daily

RNC Capital Management LLC trimmed its position in BlackRock (NYSE:BLK – Free Report) by 1.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 59,463 shares of the asset manager’s stock after selling 796 shares during the period. BlackRock comprises 2.9% of RNC Capital Management LLC’s portfolio, making the stock its 8th biggest holding. RNC Capital Management LLC’s holdings in BlackRock were worth $56,281,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Securian Asset Management Inc. purchased a new position in shares of BlackRock during the 1st quarter valued at about $7,331,000. Prudent Man Advisors LLC purchased a new position in shares of BlackRock during the 1st quarter valued at about $2,018,000. Allianz SE lifted its position in shares of BlackRock by 2.6% during the 1st quarter. Allianz SE now owns 11,025 shares of the asset manager’s stock valued at $10,435,000 after buying an additional 277 shares in the last quarter. Arizona State Retirement System purchased a new position in shares of BlackRock during the 1st quarter valued at about $40,868,000. Finally, Polar Capital Holdings Plc purchased a new position in shares of BlackRock during the 4th quarter valued at about $15,307,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. UBS Group reaffirmed a “neutral” rating and set a $980.00 price objective on shares of BlackRock in a research report on Tuesday, July 8th. Barclays boosted their price target on BlackRock from $990.00 to $1,220.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. Wells Fargo & Company lowered 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. Wall Street Zen raised BlackRock to a “hold” rating in a report on Saturday, May 24th. Finally, Morgan Stanley lowered their price target on BlackRock from $1,247.00 to $1,224.00 and set an “overweight” rating on the stock in a report on Wednesday, July 16th. Twelve equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, BlackRock currently has an average rating of “Moderate Buy” and a consensus price target of $1,154.07.

Read Our Latest Analysis on BlackRock

BlackRock Stock Performance

NYSE:BLK opened at $1,099.21 on Monday. 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 $1,171.89. The stock’s 50 day simple moving average is $1,110.95 and its two-hundred day simple moving average is $1,002.29. The company has a market cap of $170.21 billion, a price-to-earnings ratio of 26.58, a PEG ratio of 2.10 and a beta of 1.45.

BlackRock (NYSE:BLK – Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.41 by $1.64. BlackRock had a return on equity of 15.53% and a net margin of 29.68%.The business had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter in the previous year, the company posted $10.36 EPS. The company’s revenue was up 12.9% compared to the same quarter last year. As a group, equities analysts anticipate that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be paid a $5.21 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $20.84 dividend on an annualized basis and a yield of 1.9%. BlackRock’s payout ratio is presently 50.39%.

Insider Transactions at BlackRock

In other news, Director J. Richard Kushel sold 17,142 shares of the business’s stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total transaction of $19,207,611.00. Following the transaction, the director owned 61,369 shares of the company’s stock, valued at approximately $68,763,964.50. The trade was a 21.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Rachel Lord sold 18,036 shares of the business’s stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $1,125.60, for a total value of $20,301,321.60. Following the transaction, the director directly owned 19,205 shares in the company, valued at approximately $21,617,148. This represents a 48.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,494 shares of company stock worth $74,694,573. 1.98% of the stock is owned by insiders.

BlackRock Company Profile

(Free Report)

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.

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