Integrated Wealth Concepts LLC Reduces Holdings in BlackRock, Inc. (NYSE:BLK)

Posted by Defense World Staff on Jun 10th, 2023

Integrated Wealth Concepts LLC decreased its position in BlackRock, Inc. (NYSE:BLK – Get Rating) by 10.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 865 shares of the asset manager’s stock after selling 98 shares during the period. Integrated Wealth Concepts LLC’s holdings in BlackRock were worth $613,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Israel Discount Bank of New York grew its position in BlackRock by 2.4% in the third quarter. Israel Discount Bank of New York now owns 594 shares of the asset manager’s stock valued at $327,000 after acquiring an additional 14 shares during the last quarter. First Community Trust NA grew its position in BlackRock by 18.4% in the fourth quarter. First Community Trust NA now owns 90 shares of the asset manager’s stock valued at $64,000 after acquiring an additional 14 shares during the last quarter. Nicolet Bankshares Inc. grew its position in BlackRock by 1.4% in the fourth quarter. Nicolet Bankshares Inc. now owns 1,047 shares of the asset manager’s stock valued at $441,000 after acquiring an additional 14 shares during the last quarter. HBC Financial Services PLLC grew its position in BlackRock by 55.6% in the fourth quarter. HBC Financial Services PLLC now owns 42 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 15 shares during the last quarter. Finally, Evermay Wealth Management LLC grew its position in BlackRock by 2.8% in the fourth quarter. Evermay Wealth Management LLC now owns 544 shares of the asset manager’s stock valued at $386,000 after acquiring an additional 15 shares during the last quarter. Hedge funds and other institutional investors own 77.69% of the company’s stock.

Analyst Ratings Changes

BLK has been the topic of a number of recent research reports. Wells Fargo & Company cut their price target on BlackRock from $840.00 to $780.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 5th. BMO Capital Markets cut their price target on BlackRock from $583.00 to $542.00 and set a “market perform” rating on the stock in a research note on Monday, April 17th. Evercore ISI cut their price objective on BlackRock from $760.00 to $740.00 and set an “outperform” rating on the stock in a research note on Thursday, April 13th. JPMorgan Chase & Co. dropped their price target on BlackRock from $800.00 to $779.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 29th. Finally, Bank of America boosted their price objective on BlackRock from $868.00 to $920.00 and gave the company a “buy” rating in a report on Monday, April 17th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $755.92.

BlackRock Price Performance

Shares of NYSE:BLK opened at $684.40 on Friday. The firm has a fifty day moving average price of $664.16 and a 200 day moving average price of $692.45. BlackRock, Inc. has a fifty-two week low of $503.12 and a fifty-two week high of $785.65. The firm has a market cap of $102.50 billion, a price-to-earnings ratio of 21.23, a P/E/G ratio of 2.06 and a beta of 1.27. The company has a debt-to-equity ratio of 0.35, a quick ratio of 4.20 and a current ratio of 4.20.

BlackRock (NYSE:BLK – Get Rating) last released its quarterly earnings results on Friday, April 14th. The asset manager reported $7.93 EPS for the quarter, topping analysts’ consensus estimates of $7.71 by $0.22. BlackRock had a net margin of 28.13% and a return on equity of 13.66%. The firm had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the previous year, the company earned $9.52 EPS. The firm’s revenue for the quarter was down 9.7% compared to the same quarter last year. As a group, sell-side analysts expect that BlackRock, Inc. will post 34.43 earnings per share for the current fiscal year.

BlackRock Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 23rd. Shareholders of record on Thursday, June 8th will be paid a dividend of $5.00 per share. The ex-dividend date of this dividend is Wednesday, June 7th. This represents a $20.00 dividend on an annualized basis and a yield of 2.92%. BlackRock’s payout ratio is 62.03%.

Insider Activity

In related news, CEO Laurence Fink sold 35,799 shares of the stock in a transaction on Tuesday, April 18th. The shares were sold at an average price of $694.50, for a total transaction of $24,862,405.50. Following the sale, the chief executive officer now directly owns 484,325 shares of the company’s stock, valued at $336,363,712.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Laurence Fink sold 35,799 shares of the stock in a transaction on Tuesday, April 18th. The shares were sold at an average price of $694.50, for a total transaction of $24,862,405.50. Following the sale, the chief executive officer now directly owns 484,325 shares of the company’s stock, valued at $336,363,712.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director J. Richard Kushel sold 3,000 shares of the stock in a transaction on Monday, April 17th. The shares were sold at an average price of $696.00, for a total transaction of $2,088,000.00. Following the transaction, the director now directly owns 71,307 shares in the company, valued at $49,629,672. The disclosure for this sale can be found here. Insiders own 0.96% of the company’s stock.

About BlackRock

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BlackRock, Inc engages in providing investment management, risk management, and advisory services for institutional and retail clients worldwide. Its products include single and multi-asset class portfolios investing in equities, fixed income, alternatives, and money market instruments. The company was founded by Susan L.