RNC Capital Management LLC Sells 435 Shares of BlackRock $BLK

RNC Capital Management LLC cut its holdings in shares of BlackRock (NYSE:BLK) by 0.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 59,028 shares of the asset manager’s stock after selling 435 shares during the quarter. BlackRock comprises approximately 3.0% of RNC Capital Management LLC’s portfolio, making the stock its 9th biggest holding. RNC Capital Management LLC’s holdings in BlackRock were worth $61,935,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Garde Capital Inc. lifted its position in BlackRock by 200.0% during the second quarter. Garde Capital Inc. now owns 27 shares of the asset manager’s stock worth $28,000 after buying an additional 18 shares during the period. Fairway Wealth LLC lifted its position in BlackRock by 76.5% during the first quarter. Fairway Wealth LLC now owns 30 shares of the asset manager’s stock worth $28,000 after buying an additional 13 shares during the period. Game Plan Financial Advisors LLC lifted its position in BlackRock by 100.0% during the first quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager’s stock worth $28,000 after buying an additional 15 shares during the period. Mid American Wealth Advisory Group Inc. purchased a new position in BlackRock during the second quarter worth about $34,000. Finally, MorganRosel Wealth Management LLC purchased a new position in BlackRock during the first quarter worth about $31,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Zacks Research downgraded BlackRock from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 14th. Bank of America raised their price objective on BlackRock from $1,394.00 to $1,456.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. UBS Group restated a “hold” rating on shares of BlackRock in a report on Tuesday. Keefe, Bruyette & Woods increased their target price on BlackRock from $1,215.00 to $1,300.00 and gave the company an “outperform” rating in a research note on Monday, October 13th. Finally, Loop Capital set a $1,255.00 price target on BlackRock in a research report on Tuesday. Seventeen 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 an average price target of $1,299.29.

BlackRock Trading Down 0.2%

NYSE BLK opened at $1,127.42 on Thursday. BlackRock has a 52 week low of $773.74 and a 52 week high of $1,219.94. The company’s fifty day simple moving average is $1,140.24 and its 200-day simple moving average is $1,047.41. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 0.39. The stock has a market cap of $174.58 billion, a P/E ratio of 28.99, a PEG ratio of 1.95 and a beta of 1.45.

BlackRock (NYSE:BLK) last issued its quarterly earnings data on Tuesday, October 14th. The asset manager reported $11.55 earnings per share for the quarter, missing analysts’ consensus estimates of $11.78 by ($0.23). BlackRock had a net margin of 26.64% and a return on equity of 15.36%. The business had revenue of $6.51 billion for the quarter, compared to analyst estimates of $6.22 billion. During the same quarter last year, the business earned $11.46 EPS. BlackRock’s revenue for the quarter was up 25.2% compared to the same quarter last year. Equities research analysts predict that BlackRock will post 47.41 EPS for the current fiscal year.

Insider Transactions at BlackRock

In other news, Director J. Richard Kushel sold 17,142 shares of BlackRock 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 value of $19,207,611.00. Following the completion of the transaction, the director owned 61,369 shares in the company, valued at approximately $68,763,964.50. This trade represents a 21.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Laurence Fink sold 12,054 shares of BlackRock stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $1,125.43, for a total value of $13,565,933.22. Following the completion of the transaction, the chief executive officer owned 251,697 shares of the company’s stock, valued at approximately $283,267,354.71. The trade was a 4.57% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,232 shares of company stock worth $67,055,346. 1.98% 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.