Pinnacle West Asset Management Inc. Purchases 40 Shares of BlackRock, Inc. (NYSE:BLK)

by · The Markets Daily

Pinnacle West Asset Management Inc. grew its position in shares of BlackRock, Inc. (NYSE:BLK – Free Report) by 1.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,536 shares of the asset manager’s stock after buying an additional 40 shares during the period. BlackRock makes up 1.7% of Pinnacle West Asset Management Inc.’s holdings, making the stock its 14th biggest position. Pinnacle West Asset Management Inc.’s holdings in BlackRock were worth $2,408,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Redmont Wealth Advisors LLC bought a new stake in shares of BlackRock during the 1st quarter valued at $27,000. Fairscale Capital LLC bought a new stake in BlackRock during the second quarter worth about $31,000. MFA Wealth Advisors LLC grew its stake in BlackRock by 100.0% during the third quarter. MFA Wealth Advisors LLC now owns 40 shares of the asset manager’s stock worth $38,000 after buying an additional 20 shares in the last quarter. Chilton Capital Management LLC bought a new position in BlackRock in the 1st quarter valued at about $38,000. Finally, City Holding Co. acquired a new position in shares of BlackRock in the 3rd quarter valued at approximately $55,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Activity

In related news, CEO Laurence Fink sold 29,450 shares of BlackRock stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $843.25, for a total value of $24,833,712.50. Following the completion of the sale, the chief executive officer now owns 353,718 shares of the company’s stock, valued at approximately $298,272,703.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Pamela Daley sold 1,531 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $842.08, for a total value of $1,289,224.48. Following the sale, the director now owns 5,732 shares in the company, valued at $4,826,802.56. 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 link. Also, CEO Laurence Fink sold 29,450 shares of BlackRock stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $843.25, for a total value of $24,833,712.50. Following the transaction, the chief executive officer now owns 353,718 shares of the company’s stock, valued at $298,272,703.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,042 shares of company stock worth $56,857,777 over the last quarter. 0.90% of the stock is currently owned by corporate insiders.

BlackRock Stock Down 0.1 %

NYSE:BLK traded down $1.48 during trading hours on Thursday, reaching $986.68. The company had a trading volume of 114,884 shares, compared to its average volume of 573,294. The business’s 50-day simple moving average is $924.23 and its two-hundred day simple moving average is $841.60. BlackRock, Inc. has a twelve month low of $596.18 and a twelve month high of $1,032.00. The firm has a market cap of $146.62 billion, a price-to-earnings ratio of 25.11, a P/E/G ratio of 1.94 and a beta of 1.30. The company has a quick ratio of 5.06, a current ratio of 5.06 and a debt-to-equity ratio of 0.37.

BlackRock (NYSE:BLK – Get Free Report) last issued its earnings results on Friday, October 11th. The asset manager reported $11.46 EPS for the quarter, beating the consensus estimate of $10.42 by $1.04. BlackRock had a return on equity of 15.44% and a net margin of 32.36%. The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.03 billion. During the same period last year, the business posted $10.91 EPS. The firm’s revenue for the quarter was up 14.9% compared to the same quarter last year. On average, equities analysts expect that BlackRock, Inc. will post 41.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BLK. TD Cowen lifted their price objective on shares of BlackRock from $960.00 to $1,077.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Deutsche Bank Aktiengesellschaft upped their price target on shares of BlackRock from $912.00 to $937.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. StockNews.com initiated coverage on BlackRock in a research report on Sunday. They issued a “hold” rating on the stock. Morgan Stanley upped their target price on BlackRock from $1,150.00 to $1,245.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Finally, Evercore ISI boosted their price target on shares of BlackRock from $995.00 to $1,040.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $995.31.

View Our Latest Analysis on BlackRock

BlackRock Profile

(Free Report)

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.

Further Reading

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