Chemung Canal Trust Co. Lowers Stock Holdings in BlackRock, Inc. (NYSE:BLK)

Chemung Canal Trust Co. lessened its position in BlackRock, Inc. (NYSE:BLK) by 2.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 589 shares of the asset manager’s stock after selling 16 shares during the quarter. Chemung Canal Trust Co.’s holdings in BlackRock were worth $604,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BLK. AQR Capital Management LLC boosted its position in BlackRock by 176.9% in the 2nd quarter. AQR Capital Management LLC now owns 78,797 shares of the asset manager’s stock valued at $62,026,000 after buying an additional 50,342 shares during the period. MBB Public Markets I LLC grew its stake in BlackRock by 1,880.2% during the 2nd quarter. MBB Public Markets I LLC now owns 10,614 shares of the asset manager’s stock worth $8,357,000 after purchasing an additional 10,078 shares in the last quarter. Mackenzie Financial Corp increased its holdings in BlackRock by 4.5% during the 2nd quarter. Mackenzie Financial Corp now owns 114,596 shares of the asset manager’s stock worth $90,224,000 after purchasing an additional 4,917 shares during the period. Legal & General Group Plc raised its position in BlackRock by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 1,197,274 shares of the asset manager’s stock valued at $942,640,000 after purchasing an additional 22,311 shares in the last quarter. Finally, Ninepoint Partners LP acquired a new position in shares of BlackRock during the second quarter worth about $716,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Mark Wiedman sold 36,190 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $1,045.90, for a total transaction of $37,851,121.00. Following the completion of the transaction, the director now directly owns 6,480 shares of the company’s stock, valued at $6,777,432. This trade represents a 84.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Robert L. Goldstein sold 54,000 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $1,046.03, for a total value of $56,485,620.00. Following the completion of the sale, the chief operating officer now directly owns 41,916 shares in the company, valued at approximately $43,845,393.48. The trade was a 56.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 100,190 shares of company stock worth $104,436,741 in the last quarter. Company insiders own 0.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on BLK shares. UBS Group increased their target price 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. Deutsche Bank Aktiengesellschaft lifted their target price on BlackRock from $1,215.00 to $1,275.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Keefe, Bruyette & Woods decreased their target price on BlackRock from $1,225.00 to $1,160.00 and set an “outperform” rating for the company in a research report on Monday, January 13th. JPMorgan Chase & Co. lifted their price target on BlackRock from $914.00 to $971.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Finally, Evercore ISI increased their price target on shares of BlackRock from $1,040.00 to $1,160.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $1,120.67.

BlackRock Stock Up 0.2 %

BLK opened at $1,020.19 on Friday. The business has a 50 day simple moving average of $1,024.77 and a 200-day simple moving average of $952.31. BlackRock, Inc. has a 12 month low of $745.55 and a 12 month high of $1,082.45. The stock has a market capitalization of $158.01 billion, a P/E ratio of 24.29, a P/E/G ratio of 1.82 and a beta of 1.28. The company has a debt-to-equity ratio of 0.45, a current ratio of 5.23 and a quick ratio of 5.23.

BlackRock (NYSE:BLK) last posted its quarterly earnings results on Wednesday, January 15th. The asset manager reported $11.93 earnings per share 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 business had revenue of $5.68 billion for the quarter, compared to analysts’ expectations of $5.57 billion. During the same period in the prior year, the company posted $9.66 EPS. The business’s revenue for the quarter was up 22.6% on a year-over-year basis. On average, equities analysts anticipate that BlackRock, Inc. will post 47.43 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Thursday, December 5th were paid a dividend of $5.10 per share. This represents a $20.40 annualized dividend and a dividend yield of 2.00%. The ex-dividend date was Thursday, December 5th. BlackRock’s dividend payout ratio (DPR) is 48.57%.

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.