Berkshire Bank Sells 76 Shares of BlackRock, Inc. (NYSE:BLK)

Berkshire Bank lessened its position in BlackRock, Inc. (NYSE:BLK) by 1.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,699 shares of the asset manager’s stock after selling 76 shares during the period. BlackRock makes up about 1.4% of Berkshire Bank’s investment portfolio, making the stock its 18th biggest holding. Berkshire Bank’s holdings in BlackRock were worth $5,619,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Moser Wealth Advisors LLC acquired a new position in shares of BlackRock in the second quarter valued at approximately $26,000. Atlas Private Wealth Advisors boosted its holdings in BlackRock by 130.8% during the second quarter. Atlas Private Wealth Advisors now owns 30 shares of the asset manager’s stock worth $26,000 after purchasing an additional 17 shares during the last quarter. Exchange Traded Concepts LLC acquired a new position in BlackRock during the second quarter worth $31,000. Clean Yield Group acquired a new position in BlackRock during the second quarter worth $35,000. Finally, KB Financial Partners LLC acquired a new position in BlackRock during the first quarter worth $35,000. Institutional investors own 77.75% of the company’s stock.

NYSE:BLK traded down $4.71 during mid-day trading on Thursday, reaching $930.72. 438,906 shares of the company’s stock were exchanged, compared to its average volume of 570,358. BlackRock, Inc. has a one year low of $670.28 and a one year high of $973.16. The firm has a market capitalization of $141.39 billion, a PE ratio of 24.75, a price-to-earnings-growth ratio of 2.14 and a beta of 1.19. The business’s fifty day simple moving average is $901.59 and its two-hundred day simple moving average is $892.90. The company has a debt-to-equity ratio of 0.56, a quick ratio of 3.04 and a current ratio of 3.04.

BlackRock (NYSE:BLK) last released its earnings results on Wednesday, October 13th. The asset manager reported $10.95 EPS for the quarter, beating the consensus estimate of $9.81 by $1.14. BlackRock had a net margin of 30.97% and a return on equity of 16.72%. The firm had revenue of $5.05 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same period last year, the firm earned $9.22 EPS. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. As a group, equities research analysts forecast that BlackRock, Inc. will post 38.92 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 23rd. Shareholders of record on Tuesday, December 7th will be issued a $4.13 dividend. This represents a $16.52 annualized dividend and a yield of 1.77%. The ex-dividend date is Monday, December 6th. BlackRock’s dividend payout ratio is currently 43.94%.

In related news, CEO Laurence Fink sold 22,247 shares of BlackRock stock in a transaction that occurred on Monday, October 25th. The shares were sold at an average price of $925.68, for a total transaction of $20,593,602.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director J. Richard Kushel sold 405 shares of BlackRock stock in a transaction that occurred on Monday, November 8th. The stock was sold at an average price of $964.45, for a total transaction of $390,602.25. The disclosure for this sale can be found here. 1.16% of the stock is owned by company insiders.

Several research analysts recently commented on BLK shares. Citigroup increased their target price on shares of BlackRock from $1,030.00 to $1,035.00 and gave the stock a “buy” rating in a report on Thursday, October 14th. BMO Capital Markets cut their price target on shares of BlackRock from $797.00 to $794.00 and set a “market perform” rating for the company in a research note on Thursday, October 14th. Deutsche Bank Aktiengesellschaft cut their price target on shares of BlackRock from $1,039.00 to $1,008.00 and set a “buy” rating for the company in a research note on Thursday, October 14th. Bank of America began coverage on shares of BlackRock in a research note on Wednesday, November 3rd. They issued a “buy” rating and a $1,080.00 price target for the company. Finally, Jefferies Financial Group increased their price target on shares of BlackRock from $1,001.00 to $1,075.00 and gave the company a “buy” rating in a research note on Tuesday, August 31st. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $961.40.

BlackRock Profile

BlackRock, Inc engages in providing investment management, risk management, and advisory services for institutional and retail clients worldwide. Its products include single and multi-asset class portfolios investing in equities, fixed income, alternatives, and money market instruments. The company was founded by Ralph L.

See Also: Capital Gains

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Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

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