Corebridge Financial Inc. Cuts Stock Position in BlackRock, Inc. (NYSE:BLK)

Corebridge Financial Inc. decreased its holdings in shares of BlackRock, Inc. (NYSE:BLK) by 0.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 41,243 shares of the asset manager’s stock after selling 76 shares during the quarter. Corebridge Financial Inc.’s holdings in BlackRock were worth $42,279,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Fidelity D & D Bancorp Inc. grew its holdings in shares of BlackRock by 3.7% during the third quarter. Fidelity D & D Bancorp Inc. now owns 277 shares of the asset manager’s stock valued at $263,000 after buying an additional 10 shares during the last quarter. Princeton Global Asset Management LLC lifted its position in BlackRock by 8.7% during the 4th quarter. Princeton Global Asset Management LLC now owns 125 shares of the asset manager’s stock worth $128,000 after acquiring an additional 10 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA grew its stake in BlackRock by 0.8% during the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,279 shares of the asset manager’s stock valued at $1,311,000 after purchasing an additional 10 shares during the last quarter. Legacy Capital Group California Inc. increased its holdings in shares of BlackRock by 2.8% in the fourth quarter. Legacy Capital Group California Inc. now owns 368 shares of the asset manager’s stock valued at $377,000 after purchasing an additional 10 shares during the period. Finally, Noesis Capital Mangement Corp raised its stake in shares of BlackRock by 0.9% in the third quarter. Noesis Capital Mangement Corp now owns 1,236 shares of the asset manager’s stock worth $1,174,000 after purchasing an additional 11 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BLK. Barclays cut their price target on shares of BlackRock from $1,220.00 to $1,160.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of BlackRock from $1,215.00 to $1,275.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Wells Fargo & Company boosted their target price on shares of BlackRock from $1,155.00 to $1,175.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. JPMorgan Chase & Co. increased 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, Citigroup boosted their price objective on BlackRock from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a report on Monday, December 23rd. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, BlackRock has a consensus rating of “Moderate Buy” and a consensus price target of $1,120.67.

Insider Activity

In other news, Director J. Richard Kushel sold 430 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $949.37, for a total transaction of $408,229.10. Following the completion of the transaction, the director now directly owns 3,720 shares of the company’s stock, valued at approximately $3,531,656.40. This represents a 10.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last three months, insiders have sold 20,430 shares of company stock worth $21,234,629. 0.90% of the stock is currently owned by corporate insiders.

BlackRock Stock Down 0.4 %

NYSE:BLK opened at $950.43 on Monday. BlackRock, Inc. has a 52 week low of $745.55 and a 52 week high of $1,084.22. The stock’s fifty day moving average is $980.77 and its two-hundred day moving average is $989.13. The stock has a market capitalization of $147.56 billion, a price-to-earnings ratio of 22.63, a price-to-earnings-growth ratio of 1.90 and a beta of 1.28. The company has a quick ratio of 5.23, a current ratio of 5.23 and a debt-to-equity ratio of 0.45.

BlackRock (NYSE:BLK) last announced its quarterly earnings data on Wednesday, January 15th. The asset manager reported $11.93 earnings per share for the quarter, beating 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 firm had revenue of $5.68 billion during the quarter, compared to analysts’ expectations of $5.57 billion. During the same quarter in the previous year, the business posted $9.66 earnings per share. The business’s quarterly revenue was up 22.6% compared to the same quarter last year. Research analysts anticipate that BlackRock, Inc. will post 47.41 EPS for the current year.

BlackRock Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be given a $5.21 dividend. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from BlackRock’s previous quarterly dividend of $5.10. This represents a $20.84 dividend on an annualized basis and a dividend yield of 2.19%. BlackRock’s dividend payout ratio is currently 49.62%.

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.