Summit Investment Advisors Inc. Cuts Stock Holdings in BlackRock $BLK

Summit Investment Advisors Inc. cut its stake in shares of BlackRock (NYSE:BLK) by 2.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,016 shares of the asset manager’s stock after selling 84 shares during the period. Summit Investment Advisors Inc.’s holdings in BlackRock were worth $3,801,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Securian Asset Management Inc. bought a new position in shares of BlackRock in the 1st quarter valued at approximately $7,331,000. Prudent Man Advisors LLC acquired a new stake in shares of BlackRock in the first quarter worth $2,018,000. Allianz SE grew its stake in BlackRock by 2.6% in the 1st quarter. Allianz SE now owns 11,025 shares of the asset manager’s stock valued at $10,435,000 after buying an additional 277 shares during the last quarter. Arizona State Retirement System bought a new position in BlackRock in the 1st quarter worth $40,868,000. Finally, Opus Investment Management Inc. acquired a new position in BlackRock during the 1st quarter worth $1,420,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BLK has been the topic of a number of recent analyst reports. Zacks Research lowered BlackRock from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 14th. Keefe, Bruyette & Woods increased their price objective on BlackRock from $1,215.00 to $1,300.00 and gave the company an “outperform” rating in a research report on Monday, October 13th. Jefferies Financial Group increased their price target on shares of BlackRock from $1,196.00 to $1,325.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Loop Capital set a $1,255.00 price objective on BlackRock in a report on Tuesday, October 21st. Finally, Citigroup boosted their price target on shares of BlackRock from $1,200.00 to $1,350.00 and gave the company a “buy” rating in a report on Monday, September 29th. Seventeen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,303.41.

Insider Activity at BlackRock

In related news, Director Rachel Lord sold 12,000 shares of the stock in a transaction on Monday, October 20th. The shares were sold at an average price of $1,165.04, for a total transaction of $13,980,480.00. Following the completion of the transaction, the director owned 7,205 shares in the company, valued at approximately $8,394,113.20. This represents a 62.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.98% of the stock is currently owned by corporate insiders.

BlackRock Trading Up 1.1%

NYSE:BLK opened at $1,081.66 on Friday. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 0.39. BlackRock has a 1-year low of $773.74 and a 1-year high of $1,219.94. The firm has a market capitalization of $167.50 billion, a price-to-earnings ratio of 27.81, a PEG ratio of 1.90 and a beta of 1.48. The business’s 50-day moving average price is $1,130.62 and its two-hundred day moving average price is $1,069.28.

BlackRock (NYSE:BLK) last released its quarterly earnings data on Tuesday, October 14th. The asset manager reported $11.55 earnings per share for the quarter, missing the consensus estimate of $11.78 by ($0.23). BlackRock had a net margin of 26.64% and a return on equity of 15.36%. The business had revenue of $6.51 billion for the quarter, compared to the consensus estimate of $6.22 billion. During the same quarter last year, the firm earned $11.46 EPS. The company’s revenue for the quarter was up 25.2% on a year-over-year basis. On average, equities analysts expect that BlackRock will post 47.41 earnings per share for the current year.

BlackRock 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.