Spinnaker Trust Grows Stake in BlackRock, Inc. (NYSE:BLK)

Spinnaker Trust grew its holdings in shares of BlackRock, Inc. (NYSE:BLK) by 1.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,052 shares of the asset manager’s stock after purchasing an additional 179 shares during the period. Spinnaker Trust’s holdings in BlackRock were worth $8,160,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Abacus Planning Group Inc. increased its position in shares of BlackRock by 4.0% during the 4th quarter. Abacus Planning Group Inc. now owns 334 shares of the asset manager’s stock worth $271,000 after purchasing an additional 13 shares during the last quarter. Everhart Financial Group Inc. boosted its holdings in BlackRock by 3.2% during the 4th quarter. Everhart Financial Group Inc. now owns 450 shares of the asset manager’s stock valued at $365,000 after acquiring an additional 14 shares during the period. Spreng Capital Management Inc. increased its stake in BlackRock by 1.1% during the fourth quarter. Spreng Capital Management Inc. now owns 1,329 shares of the asset manager’s stock worth $1,079,000 after purchasing an additional 14 shares during the period. Inscription Capital LLC increased its stake in BlackRock by 1.2% during the fourth quarter. Inscription Capital LLC now owns 1,274 shares of the asset manager’s stock worth $1,034,000 after purchasing an additional 15 shares during the period. Finally, ERTS Wealth Advisors LLC boosted its stake in shares of BlackRock by 2.9% in the fourth quarter. ERTS Wealth Advisors LLC now owns 538 shares of the asset manager’s stock valued at $437,000 after purchasing an additional 15 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

BlackRock Stock Up 0.7 %

Shares of BLK traded up $5.18 during mid-day trading on Friday, reaching $762.83. The company’s stock had a trading volume of 447,925 shares, compared to its average volume of 625,928. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.48 and a quick ratio of 3.48. BlackRock, Inc. has a 12-month low of $596.18 and a 12-month high of $845.00. The stock has a market cap of $113.62 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 1.58 and a beta of 1.37. The company’s 50 day moving average is $802.08 and its 200 day moving average is $760.15.

BlackRock (NYSE:BLK) last announced its quarterly earnings results on Friday, April 12th. The asset manager reported $9.81 EPS for the quarter, beating the consensus estimate of $9.42 by $0.39. BlackRock had a net margin of 32.26% and a return on equity of 15.34%. The company had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.65 billion. During the same period in the prior year, the firm posted $7.93 earnings per share. The firm’s revenue was up 11.4% on a year-over-year basis. Equities analysts anticipate that BlackRock, Inc. will post 41.19 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Laurence Fink sold 30,978 shares of the business’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $809.92, for a total value of $25,089,701.76. Following the completion of the sale, the chief executive officer now directly owns 414,146 shares of the company’s stock, valued at approximately $335,425,128.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Laurence Fink sold 30,978 shares of BlackRock stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $809.92, for a total value of $25,089,701.76. Following the transaction, the chief executive officer now directly owns 414,146 shares of the company’s stock, valued at approximately $335,425,128.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Christopher J. Meade sold 3,100 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $793.86, for a total transaction of $2,460,966.00. Following the completion of the sale, the general counsel now owns 8,628 shares of the company’s stock, valued at approximately $6,849,424.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 82,511 shares of company stock valued at $66,778,367. 0.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on BLK shares. Morgan Stanley upped their target price on shares of BlackRock from $1,013.00 to $1,025.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $930.00 price objective (up previously from $918.00) on shares of BlackRock in a research report on Friday, April 5th. TD Cowen upgraded BlackRock from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $819.00 to $938.00 in a report on Tuesday, January 16th. JPMorgan Chase & Co. upped their price target on BlackRock from $742.00 to $767.00 and gave the stock a “neutral” rating in a report on Tuesday, April 2nd. Finally, UBS Group increased their price target on BlackRock from $818.00 to $850.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $845.42.

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.