Burke & Herbert Bank & Trust Co. Decreases Stock Position in BlackRock, Inc. (NYSE:BLK)

Burke & Herbert Bank & Trust Co. lowered its position in shares of BlackRock, Inc. (NYSE:BLK) by 6.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 702 shares of the asset manager’s stock after selling 46 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in BlackRock were worth $667,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Axxcess Wealth Management LLC increased its stake in BlackRock by 35.8% during the 1st quarter. Axxcess Wealth Management LLC now owns 4,732 shares of the asset manager’s stock worth $3,945,000 after buying an additional 1,248 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of BlackRock by 3.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 387,202 shares of the asset manager’s stock worth $322,810,000 after acquiring an additional 14,477 shares in the last quarter. Oak Harvest Investment Services purchased a new position in BlackRock in the first quarter valued at about $6,735,000. Cetera Investment Advisers grew its stake in BlackRock by 219.5% during the 1st quarter. Cetera Investment Advisers now owns 44,065 shares of the asset manager’s stock valued at $36,737,000 after purchasing an additional 30,274 shares in the last quarter. Finally, M&G Plc acquired a new position in shares of BlackRock in the 1st quarter valued at approximately $161,918,000. 80.69% of the stock is owned by institutional investors and hedge funds.

BlackRock Price Performance

Shares of BLK traded up $0.02 during midday trading on Friday, reaching $984.02. The stock had a trading volume of 42,426 shares, compared to its average volume of 571,883. The firm’s 50 day moving average price is $924.23 and its 200-day moving average price is $841.60. BlackRock, Inc. has a 52 week low of $596.18 and a 52 week high of $1,032.00. The company has a market capitalization of $146.23 billion, a P/E ratio of 25.01, a P/E/G ratio of 1.94 and a beta of 1.30. The company has a debt-to-equity ratio of 0.37, a current ratio of 5.06 and a quick ratio of 5.06.

BlackRock (NYSE:BLK) last posted its quarterly earnings data on Friday, October 11th. The asset manager reported $11.46 earnings per share for the quarter, beating the consensus estimate of $10.42 by $1.04. The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.03 billion. BlackRock had a net margin of 32.36% and a return on equity of 15.44%. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same quarter last year, the firm posted $10.91 EPS. On average, analysts forecast that BlackRock, Inc. will post 41.73 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Pamela Daley sold 1,531 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $842.08, for a total transaction of $1,289,224.48. Following the sale, the director now owns 5,732 shares in the company, valued at $4,826,802.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Laurence Fink sold 29,450 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $843.25, for a total value of $24,833,712.50. Following the completion of the sale, the chief executive officer now directly owns 353,718 shares of the company’s stock, valued at $298,272,703.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Pamela Daley sold 1,531 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $842.08, for a total transaction of $1,289,224.48. Following the transaction, the director now directly owns 5,732 shares in the company, valued at $4,826,802.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,042 shares of company stock valued at $56,857,777 over the last three months. Insiders own 0.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BLK shares. Barclays raised their price target on shares of BlackRock from $1,010.00 to $1,120.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Keefe, Bruyette & Woods boosted their target price on shares of BlackRock from $915.00 to $934.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 16th. Argus lifted their price target on BlackRock from $880.00 to $910.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. Evercore ISI upped their price objective on BlackRock from $995.00 to $1,040.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on BlackRock from $912.00 to $937.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $995.31.

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.