BlackRock $BLK Shares Sold by Citizens & Northern Corp

Citizens & Northern Corp reduced its position in BlackRock (NYSE:BLK) by 2.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,402 shares of the asset manager’s stock after selling 41 shares during the quarter. Citizens & Northern Corp’s holdings in BlackRock were worth $1,471,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Garde Capital Inc. boosted its holdings in BlackRock by 200.0% in the 2nd quarter. Garde Capital Inc. now owns 27 shares of the asset manager’s stock valued at $28,000 after purchasing an additional 18 shares during the last quarter. Fairway Wealth LLC increased its holdings in shares of BlackRock by 76.5% during the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager’s stock worth $28,000 after buying an additional 13 shares during the last quarter. Game Plan Financial Advisors LLC raised its position in shares of BlackRock by 100.0% during the 1st quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager’s stock valued at $28,000 after buying an additional 15 shares during the period. Mid American Wealth Advisory Group Inc. acquired a new position in BlackRock in the second quarter valued at approximately $34,000. Finally, MorganRosel Wealth Management LLC purchased a new position in BlackRock in the first quarter worth approximately $31,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Loop Capital set a $1,255.00 price target on BlackRock in a research note on Tuesday. Wells Fargo & Company decreased their target price on shares of BlackRock from $1,180.00 to $1,170.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 16th. Zacks Research downgraded shares of 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 shares of BlackRock from $1,215.00 to $1,300.00 and gave the stock an “outperform” rating in a research report on Monday, October 13th. Finally, Jefferies Financial Group upped their price target on BlackRock from $1,196.00 to $1,325.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Seventeen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,299.29.

BlackRock Stock Performance

Shares of BLK opened at $1,130.70 on Wednesday. BlackRock has a 1 year low of $773.74 and a 1 year high of $1,219.94. The stock has a market capitalization of $175.09 billion, a PE ratio of 29.07, a PEG ratio of 2.01 and a beta of 1.45. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.04 and a current ratio of 4.04. The stock has a 50-day simple moving average of $1,140.89 and a 200-day simple moving average of $1,046.85.

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

Insider Activity

In other news, Director J. Richard Kushel sold 17,142 shares of the firm’s stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $1,120.50, for a total value of $19,207,611.00. Following the sale, the director directly owned 61,369 shares in the company, valued at approximately $68,763,964.50. This trade represents a 21.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rachel Lord sold 18,036 shares of the business’s stock in a transaction on Friday, July 25th. The stock was sold at an average price of $1,125.60, for a total transaction of $20,301,321.60. Following the transaction, the director owned 19,205 shares of the company’s stock, valued at approximately $21,617,148. The trade was a 48.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,494 shares of company stock valued at $74,694,573 over the last quarter. Company insiders own 1.98% of the company’s stock.

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.