Community Bank N.A. Grows Position in BlackRock, Inc. (NYSE:BLK)

Community Bank N.A. lifted its holdings in shares of BlackRock, Inc. (NYSE:BLK) by 2,266.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 710 shares of the asset manager’s stock after acquiring an additional 680 shares during the period. Community Bank N.A.’s holdings in BlackRock were worth $386,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in BLK. Community Capital Management Inc. grew its position in BlackRock by 73.0% during the 2nd quarter. Community Capital Management Inc. now owns 2,500 shares of the asset manager’s stock worth $1,360,000 after purchasing an additional 1,055 shares during the last quarter. Sage Rhino Capital LLC boosted its stake in shares of BlackRock by 8.6% during the second quarter. Sage Rhino Capital LLC now owns 1,371 shares of the asset manager’s stock worth $746,000 after buying an additional 109 shares during the period. Huntington National Bank grew its holdings in shares of BlackRock by 76.6% during the second quarter. Huntington National Bank now owns 69,571 shares of the asset manager’s stock worth $37,853,000 after buying an additional 30,179 shares during the last quarter. Lyell Wealth Management LP grew its holdings in shares of BlackRock by 2.7% during the second quarter. Lyell Wealth Management LP now owns 683 shares of the asset manager’s stock worth $372,000 after buying an additional 18 shares during the last quarter. Finally, Mitchell Capital Management Co. increased its position in BlackRock by 53.4% in the 2nd quarter. Mitchell Capital Management Co. now owns 2,013 shares of the asset manager’s stock valued at $1,095,000 after acquiring an additional 701 shares during the period. 82.79% of the stock is currently owned by institutional investors and hedge funds.

BLK traded up $1.92 on Friday, hitting $575.01. 375,919 shares of the company were exchanged, compared to its average volume of 569,521. BlackRock, Inc. has a fifty-two week low of $323.98 and a fifty-two week high of $592.48. The company has a debt-to-equity ratio of 0.63, a quick ratio of 4.08 and a current ratio of 4.08. The firm has a market capitalization of $88.70 billion, a P/E ratio of 20.22, a price-to-earnings-growth ratio of 1.97 and a beta of 1.27. The business’s fifty day moving average is $556.48 and its 200 day moving average is $509.32.

BlackRock (NYSE:BLK) last announced its quarterly earnings results on Friday, July 17th. The asset manager reported $7.85 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $6.90 by $0.95. BlackRock had a return on equity of 14.14% and a net margin of 29.55%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the previous year, the company earned $6.41 EPS. The company’s quarterly revenue was up 2.3% on a year-over-year basis. Analysts forecast that BlackRock, Inc. will post 29.24 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Friday, September 4th will be issued a $3.63 dividend. This represents a $14.52 annualized dividend and a yield of 2.53%. The ex-dividend date is Thursday, September 3rd. BlackRock’s dividend payout ratio (DPR) is 50.98%.

BLK has been the topic of several analyst reports. BMO Capital Markets lifted their target price on BlackRock from $560.00 to $620.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Bank of America boosted their price objective on shares of BlackRock from $633.00 to $675.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Zacks Investment Research downgraded shares of BlackRock from a “strong-buy” rating to a “hold” rating and set a $609.00 price objective for the company. in a research report on Tuesday, July 21st. Credit Suisse Group reaffirmed a “buy” rating and issued a $552.00 target price on shares of BlackRock in a report on Thursday, May 28th. Finally, JPMorgan Chase & Co. cut their price target on shares of BlackRock from $526.00 to $524.00 and set an “overweight” rating for the company in a report on Thursday, May 14th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. BlackRock presently has an average rating of “Buy” and a consensus price target of $600.17.

In other BlackRock news, Director Rachel Lord sold 3,000 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $499.31, for a total value of $1,497,930.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Laurence Fink sold 41,706 shares of the stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $580.29, for a total transaction of $24,201,574.74. The disclosure for this sale can be found here. In the last 90 days, insiders sold 53,388 shares of company stock valued at $30,536,679. Company insiders own 1.42% of the company’s stock.

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.

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Institutional Ownership by Quarter for BlackRock (NYSE:BLK)

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