Arbor Wealth Management LLC Sells 5,155 Shares of BlackRock, Inc. (NYSE:BLK)

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Arbor Wealth Management LLC reduced its position in BlackRock, Inc. (NYSE:BLK) by 98.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 104 shares of the asset manager’s stock after selling 5,155 shares during the period. Arbor Wealth Management LLC’s holdings in BlackRock were worth $49,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of BLK. Oregon Public Employees Retirement Fund boosted its stake in BlackRock by 1.1% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 12,944 shares of the asset manager’s stock valued at $6,075,000 after purchasing an additional 136 shares during the period. Edge Wealth Management LLC lifted its position in shares of BlackRock by 0.7% in the 2nd quarter. Edge Wealth Management LLC now owns 14,447 shares of the asset manager’s stock worth $6,766,000 after acquiring an additional 101 shares during the period. JGP Wealth Management LLC lifted its position in shares of BlackRock by 1.8% in the 2nd quarter. JGP Wealth Management LLC now owns 10,143 shares of the asset manager’s stock worth $4,760,000 after acquiring an additional 181 shares during the period. Beech Hill Advisors Inc. lifted its position in shares of BlackRock by 9.8% in the 2nd quarter. Beech Hill Advisors Inc. now owns 9,735 shares of the asset manager’s stock worth $4,569,000 after acquiring an additional 865 shares during the period. Finally, Raymond James Trust N.A. lifted its position in shares of BlackRock by 1.9% in the 2nd quarter. Raymond James Trust N.A. now owns 23,990 shares of the asset manager’s stock worth $11,259,000 after acquiring an additional 454 shares during the period. 81.77% of the stock is currently owned by institutional investors.

BLK stock opened at $409.30 on Friday. The firm has a market cap of $64.33 billion, a PE ratio of 15.20, a P/E/G ratio of 1.54 and a beta of 1.51. The business’s 50-day moving average price is $462.13 and its two-hundred day moving average price is $447.03. BlackRock, Inc. has a 1-year low of $360.79 and a 1-year high of $492.00. The company has a current ratio of 3.49, a quick ratio of 3.49 and a debt-to-equity ratio of 0.83.

BlackRock (NYSE:BLK) last issued its quarterly earnings results on Friday, July 19th. The asset manager reported $6.41 EPS for the quarter, missing analysts’ consensus estimates of $6.52 by ($0.11). The firm had revenue of $3.52 billion during the quarter, compared to the consensus estimate of $3.57 billion. BlackRock had a net margin of 30.25% and a return on equity of 13.23%. The business’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter last year, the firm earned $6.66 earnings per share. On average, analysts forecast that BlackRock, Inc. will post 27.6 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 24th. Investors of record on Thursday, September 5th will be given a $3.30 dividend. This represents a $13.20 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend is Wednesday, September 4th. BlackRock’s dividend payout ratio is currently 49.02%.

A number of equities analysts have recently issued reports on the company. UBS Group increased their target price on BlackRock from $515.00 to $525.00 and gave the stock a “buy” rating in a report on Monday, July 8th. Morgan Stanley raised their price target on BlackRock from $550.00 to $553.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Barclays raised their price target on BlackRock from $515.00 to $540.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. Finally, JPMorgan Chase & Co. lowered their target price on BlackRock from $527.00 to $525.00 and set an “overweight” rating for the company in a research note on Monday, July 22nd. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $499.03.

About BlackRock

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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Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

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