Exchange Capital Management Inc. Cuts Holdings in BlackRock, Inc. (NYSE:BLK)

Exchange Capital Management Inc. lowered its stake in shares of BlackRock, Inc. (NYSE:BLK) by 1.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 12,636 shares of the asset manager’s stock after selling 239 shares during the period. BlackRock comprises about 2.1% of Exchange Capital Management Inc.’s portfolio, making the stock its 8th largest holding. Exchange Capital Management Inc.’s holdings in BlackRock were worth $12,953,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the business. FSA Wealth Management LLC acquired a new position in shares of BlackRock during the third quarter worth about $26,000. Collier Financial acquired a new stake in shares of BlackRock in the fourth quarter valued at about $32,000. Compass Planning Associates Inc purchased a new stake in shares of BlackRock in the fourth quarter valued at $33,000. Atwood & Palmer Inc. acquired a new stake in BlackRock in the 4th quarter worth about $36,000. Finally, Reston Wealth Management LLC purchased a new stake in shares of BlackRock during the 3rd quarter valued at $37,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

BlackRock Price Performance

NYSE BLK opened at $951.45 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 5.23 and a quick ratio of 5.23. The firm has a market capitalization of $147.36 billion, a price-to-earnings ratio of 22.65, a price-to-earnings-growth ratio of 1.90 and a beta of 1.28. BlackRock, Inc. has a 52-week low of $745.55 and a 52-week high of $1,084.22. The company has a 50 day simple moving average of $1,009.33 and a 200-day simple moving average of $979.66.

BlackRock (NYSE:BLK) last released its quarterly earnings data on Wednesday, January 15th. The asset manager reported $11.93 EPS for the quarter, topping analysts’ consensus estimates of $11.52 by $0.41. BlackRock had a net margin of 31.21% and a return on equity of 16.32%. The company had revenue of $5.68 billion during the quarter, compared to the consensus estimate of $5.57 billion. During the same period last year, the firm earned $9.66 EPS. The firm’s revenue for the quarter was up 22.6% compared to the same quarter last year. Equities research analysts predict that BlackRock, Inc. will post 47.41 earnings per share for the current fiscal year.

BlackRock Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be given a dividend of $5.21 per share. The ex-dividend date is Friday, March 7th. This is an increase from BlackRock’s previous quarterly dividend of $5.10. This represents a $20.84 dividend on an annualized basis and a yield of 2.19%. BlackRock’s dividend payout ratio is presently 48.57%.

Analysts Set New Price Targets

BLK has been the subject of a number of analyst reports. UBS Group upped their price objective on shares of BlackRock from $1,017.00 to $1,045.00 and gave the company a “neutral” rating in a research report on Tuesday, January 21st. Citigroup lifted their price objective on BlackRock from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a report on Monday, December 23rd. Evercore ISI boosted their target price on shares of BlackRock from $1,040.00 to $1,160.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Barclays reduced their target price on shares of BlackRock from $1,220.00 to $1,160.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Finally, Keefe, Bruyette & Woods cut their price target on BlackRock from $1,225.00 to $1,160.00 and set an “outperform” rating on the stock in a report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, BlackRock currently has a consensus rating of “Moderate Buy” and an average target price of $1,120.67.

Insider Buying and Selling at BlackRock

In other news, Director J. Richard Kushel sold 10,000 shares of BlackRock stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $1,072.64, for a total value of $10,726,400.00. Following the sale, the director now directly owns 68,433 shares in the company, valued at $73,403,973.12. This trade represents a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Robert L. Goldstein sold 54,000 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $1,046.03, for a total value of $56,485,620.00. Following the transaction, the chief operating officer now directly owns 41,916 shares in the company, valued at $43,845,393.48. The trade was a 56.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,190 shares of company stock valued at $115,163,141. 0.90% of the stock is currently owned by company insiders.

BlackRock Company 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.