Arrow Financial Corp Decreases Position in BlackRock, Inc. (NYSE:BLK)

Arrow Financial Corp lowered its stake in shares of BlackRock, Inc. (NYSE:BLK) by 11.2% during the third quarter, Holdings Channel reports. The fund owned 5,780 shares of the asset manager’s stock after selling 726 shares during the period. Arrow Financial Corp’s holdings in BlackRock were worth $5,488,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of BLK. Marino Stram & Associates LLC lifted its stake in BlackRock by 0.3% during the third 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 last quarter. Onyx Bridge Wealth Group LLC raised its holdings in BlackRock by 3.5% during the third 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 in the last quarter. Ballentine Partners LLC lifted its position in shares of BlackRock by 0.3% during the 3rd quarter. Ballentine Partners LLC now owns 3,424 shares of the asset manager’s stock worth $3,251,000 after buying an additional 11 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings 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 valued at $2,829,000 after buying an additional 11 shares in the last quarter. Finally, XML Financial LLC grew its position in shares of BlackRock by 2.6% in the 2nd quarter. XML Financial LLC now owns 473 shares of the asset manager’s stock valued at $372,000 after buying an additional 12 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have issued reports on BLK shares. The Goldman Sachs Group upped their price objective on shares of BlackRock from $960.00 to $1,040.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. TD Cowen increased their price objective on BlackRock from $960.00 to $1,077.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods upped their price target on shares of BlackRock from $915.00 to $934.00 and gave the company an “outperform” rating in a research report on Tuesday, July 16th. JPMorgan Chase & Co. upped their target price on shares of BlackRock from $864.00 to $914.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Finally, Wells Fargo & Company raised their price target on BlackRock from $1,000.00 to $1,070.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,004.54.

BlackRock Stock Up 0.3 %

BlackRock stock opened at $1,039.28 on Friday. The stock’s 50 day moving average price is $953.10 and its 200 day moving average price is $860.23. BlackRock, Inc. has a 1-year low of $650.63 and a 1-year high of $1,057.51. The company has a market cap of $153.95 billion, a PE ratio of 25.65, a price-to-earnings-growth ratio of 1.85 and a beta of 1.30. The company has a debt-to-equity ratio of 0.37, a current ratio of 5.06 and a quick ratio of 5.06.

BlackRock (NYSE:BLK) last issued its earnings results on Friday, October 11th. The asset manager reported $11.46 EPS for the quarter, topping the consensus estimate of $10.42 by $1.04. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.03 billion. BlackRock had a net margin of 31.37% and a return on equity of 15.52%. The business’s revenue was up 14.9% on a year-over-year basis. During the same period in the previous year, the firm earned $10.91 EPS. On average, sell-side analysts predict that BlackRock, Inc. will post 42.94 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Mark Wiedman sold 11,061 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $852.95, for a total value of $9,434,479.95. Following the sale, the director now owns 6,480 shares in the company, valued at $5,527,116. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 35,061 shares of company stock worth $30,734,840. 0.90% of the stock is owned by company insiders.

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.