PNC Financial Services Group Inc. Decreases Stock Position in BlackRock (NYSE:BLK)

PNC Financial Services Group Inc. cut its position in BlackRock (NYSE:BLK) by 0.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 324,431 shares of the asset manager’s stock after selling 111 shares during the quarter. PNC Financial Services Group Inc.’s holdings in BlackRock were worth $307,068,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Securian Asset Management Inc. purchased a new position in shares of BlackRock in the first quarter valued at $7,331,000. Prudent Man Advisors LLC purchased a new position in shares of BlackRock in the first quarter valued at $2,018,000. Arizona State Retirement System purchased a new position in shares of BlackRock in the first quarter valued at $40,868,000. Polar Capital Holdings Plc purchased a new position in shares of BlackRock in the fourth quarter valued at $15,307,000. Finally, Community Financial Services Group LLC boosted its stake in shares of BlackRock by 17.2% in the first quarter. Community Financial Services Group LLC now owns 5,702 shares of the asset manager’s stock valued at $5,397,000 after purchasing an additional 836 shares during the period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

BlackRock Stock Down 1.3%

Shares of NYSE:BLK opened at $1,091.29 on Friday. The stock has a market capitalization of $169.07 billion, a price-to-earnings ratio of 26.39, a price-to-earnings-growth ratio of 2.24 and a beta of 1.42. BlackRock has a 1-year low of $773.74 and a 1-year high of $1,130.66. The company’s fifty day moving average is $1,040.67 and its two-hundred day moving average is $981.66. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.34 and a current ratio of 4.34.

BlackRock (NYSE:BLK) last issued its earnings results on Tuesday, July 15th. The asset manager reported $12.05 earnings per share for the quarter, topping analysts’ consensus estimates of $10.41 by $1.64. The company had revenue of $5.42 billion for the quarter, compared to analysts’ expectations of $5.40 billion. BlackRock had a net margin of 29.68% and a return on equity of 15.83%. The firm’s revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the company earned $10.36 earnings per share. Equities analysts anticipate that BlackRock will post 47.41 EPS for the current year.

BlackRock Announces Dividend

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

Insider Buying and Selling at BlackRock

In related news, Director J. Richard Kushel sold 17,142 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $1,120.50, for a total value of $19,207,611.00. Following the sale, the director owned 61,369 shares of the company’s stock, valued at $68,763,964.50. This trade represents a 21.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rachel Lord sold 18,036 shares of the stock in a transaction dated 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 completion of the sale, the director directly owned 19,205 shares in the company, valued at approximately $21,617,148. This trade represents a 48.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,494 shares of company stock valued at $74,694,573 over the last three months. 1.98% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. TD Cowen reduced their price objective on shares of BlackRock from $1,251.00 to $1,032.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. UBS Group reiterated a “neutral” rating and set a $980.00 price objective on shares of BlackRock in a research note on Tuesday, July 8th. Barclays increased their price objective on shares of BlackRock from $990.00 to $1,220.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. JPMorgan Chase & Co. increased their price objective on shares of BlackRock from $1,018.00 to $1,093.00 and gave the company a “neutral” rating in a research note on Wednesday, July 16th. Finally, Citigroup reduced their price objective on shares of BlackRock from $1,200.00 to $1,100.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,151.21.

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.