Central Pacific Bank Trust Division Sells 20 Shares of BlackRock $BLK

by · The Markets Daily

Central Pacific Bank Trust Division lessened its stake in BlackRock (NYSE:BLK – Free Report) by 0.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,658 shares of the asset manager’s stock after selling 20 shares during the quarter. Central Pacific Bank Trust Division’s holdings in BlackRock were worth $3,838,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Securian Asset Management Inc. acquired a new position in BlackRock in the first quarter valued at about $7,331,000. Prudent Man Advisors LLC acquired a new position in BlackRock in the first quarter valued at about $2,018,000. Allianz SE raised its stake in BlackRock by 2.6% in the first quarter. Allianz SE now owns 11,025 shares of the asset manager’s stock valued at $10,435,000 after purchasing an additional 277 shares in the last quarter. Arizona State Retirement System acquired a new position in BlackRock in the first quarter valued at about $40,868,000. Finally, Polar Capital Holdings Plc acquired a new position in BlackRock in the fourth quarter valued at about $15,307,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

BlackRock Stock Performance

BlackRock stock opened at $1,124.34 on Friday. The business has a 50 day moving average of $1,115.88 and a 200-day moving average of $1,007.01. BlackRock has a 1 year low of $773.74 and a 1 year high of $1,171.89. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.04 and a quick ratio of 4.04. The company has a market capitalization of $174.10 billion, a P/E ratio of 27.18, a P/E/G ratio of 2.17 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, beating the consensus estimate of $10.41 by $1.64. BlackRock had a return on equity of 15.53% and a net margin of 29.68%.The company had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter in the prior year, the firm posted $10.36 earnings per share. The firm’s revenue was up 12.9% compared to the same quarter last year. On average, equities research analysts predict that BlackRock will post 47.41 earnings per share for the current year.

BlackRock Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders 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 annualized dividend and a dividend yield of 1.9%. BlackRock’s dividend payout ratio is currently 50.39%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BLK. Wall Street Zen raised BlackRock to a “hold” rating in a research note on Saturday, May 24th. Wells Fargo & Company lowered their target price on BlackRock from $1,180.00 to $1,170.00 and set an “overweight” rating for the company in a research note on Wednesday, July 16th. Jefferies Financial Group boosted their target price on BlackRock from $959.00 to $1,210.00 in a research note on Thursday, July 10th. Zacks Research downgraded BlackRock from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 14th. Finally, Bank of America boosted their target price on BlackRock from $1,214.00 to $1,224.00 and gave the stock a “buy” rating in a research note on Wednesday, July 16th. Twelve equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $1,154.07.

Get Our Latest Report on BLK

Insider Transactions at BlackRock

In other news, Director Rachel Lord sold 18,036 shares of the company’s stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $1,125.60, for a total transaction of $20,301,321.60. Following the transaction, the director directly owned 19,205 shares of the company’s stock, valued at $21,617,148. This represents a 48.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Laurence Fink sold 14,828 shares of the stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $1,122.28, for a total value of $16,641,167.84. Following the completion of the sale, the chief executive officer directly owned 263,751 shares of the company’s stock, valued at $296,002,472.28. The trade was a 5.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,494 shares of company stock worth $74,694,573. 1.98% of the stock is owned by corporate insiders.

BlackRock 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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