Tower Bridge Advisors Reduces Stock Position in BlackRock, Inc. (NYSE:BLK)

Tower Bridge Advisors reduced its holdings in shares of BlackRock, Inc. (NYSE:BLK) by 5.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 882 shares of the asset manager’s stock after selling 55 shares during the quarter. Tower Bridge Advisors’ holdings in BlackRock were worth $837,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of BLK. Marino Stram & Associates LLC lifted its position in shares of BlackRock by 0.3% in the 3rd quarter. Marino Stram & Associates LLC now owns 3,399 shares of the asset manager’s stock worth $3,227,000 after purchasing an additional 10 shares during the period. Onyx Bridge Wealth Group LLC lifted its position in shares of BlackRock by 3.5% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 328 shares of the asset manager’s stock worth $312,000 after purchasing an additional 11 shares during the period. Ballentine Partners LLC lifted its position in shares of BlackRock by 0.3% in the 3rd quarter. Ballentine Partners LLC now owns 3,424 shares of the asset manager’s stock worth $3,251,000 after purchasing an additional 11 shares during the period. Harbor Capital Advisors Inc. lifted its position in shares of BlackRock by 0.4% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 2,979 shares of the asset manager’s stock worth $2,829,000 after purchasing an additional 11 shares during the period. Finally, Venturi Wealth Management LLC lifted its position in shares of BlackRock by 0.7% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,524 shares of the asset manager’s stock worth $1,447,000 after purchasing an additional 11 shares during the period. Institutional investors own 80.69% of the company’s stock.

BlackRock Stock Performance

Shares of BLK stock opened at $1,047.37 on Friday. The company has a 50 day moving average price of $969.04 and a 200-day moving average price of $870.78. BlackRock, Inc. has a 52 week low of $708.75 and a 52 week high of $1,068.34. The firm has a market capitalization of $162.22 billion, a PE ratio of 25.85, a P/E/G ratio of 1.87 and a beta of 1.30. The company has a quick ratio of 5.06, a current ratio of 5.06 and a debt-to-equity ratio of 0.37.

BlackRock (NYSE:BLK) last announced its quarterly earnings results on Friday, October 11th. The asset manager reported $11.46 EPS for the quarter, topping analysts’ consensus estimates of $10.42 by $1.04. BlackRock had a net margin of 31.37% and a return on equity of 15.52%. The firm had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.03 billion. During the same period in the previous year, the business posted $10.91 earnings per share. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. As a group, equities research analysts expect that BlackRock, Inc. will post 43.17 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently commented on BLK shares. Evercore ISI raised 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. The Goldman Sachs Group increased their price target on shares of BlackRock from $960.00 to $1,040.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Wells Fargo & Company increased their price target on shares of BlackRock from $1,000.00 to $1,070.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Morgan Stanley increased their price target on shares of BlackRock from $1,150.00 to $1,245.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Finally, StockNews.com began coverage on shares of BlackRock in a research note on Wednesday. They issued a “hold” rating for the company. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, BlackRock currently has an average rating of “Moderate Buy” and an average price target of $1,019.62.

Insider Transactions at BlackRock

In related news, Director Mark Wiedman sold 12,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $900.00, for a total value of $10,800,000.00. Following the transaction, the director now owns 6,480 shares of the company’s stock, valued at approximately $5,832,000. This trade represents a 64.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.90% of the company’s stock.

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.