Heritage Investors Management Corp lowered its stake in shares of BlackRock (NYSE:BLK – Free Report) by 2.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 39,096 shares of the asset manager’s stock after selling 1,006 shares during the period. BlackRock accounts for 1.2% of Heritage Investors Management Corp’s investment portfolio, making the stock its 22nd biggest holding. Heritage Investors Management Corp’s holdings in BlackRock were worth $41,375,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently modified their holdings of the stock. Columbia Bank lifted its holdings in BlackRock by 4.7% during the third quarter. Columbia Bank now owns 4,275 shares of the asset manager’s stock valued at $4,524,000 after purchasing an additional 190 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in BlackRock in the 3rd quarter worth about $40,875,000. Aviance Capital Partners LLC increased its position in shares of BlackRock by 1.5% in the third quarter. Aviance Capital Partners LLC now owns 8,329 shares of the asset manager’s stock worth $8,814,000 after purchasing an additional 123 shares during the last quarter. Stevens Capital Partners bought a new position in shares of BlackRock in the 3rd quarter worth $234,000. Finally, Profund Advisors LLC increased its holdings in shares of BlackRock by 11.0% in the 3rd quarter. Profund Advisors LLC now owns 1,342 shares of the asset manager’s stock worth $1,420,000 after buying an additional 133 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.
Key BlackRock News
Here are the key news stories impacting BlackRock this week:
- Positive Sentiment: Private-market assets are projected to exceed $34 trillion by 2031, supporting BlackRock’s long-term growth opportunity in private equity, private credit and other alternative investments. Private markets assets forecast to exceed $34tn by 2031, says Preqin
- Positive Sentiment: BlackRock disclosed that its ownership of OMV rose above 5%, indicating increased exposure to the energy company, although the investment’s direct effect on BlackRock’s earnings is likely limited. BlackRock Lifts OMV Stake Above 5% Threshold
- Neutral Sentiment: BlackRock’s closed-end funds announced estimated distribution sources. The disclosure is routine and mainly provides investors with information about income, capital gains and potential return of capital. Certain BlackRock Closed-End Funds Announce Estimated Sources of Distributions
- Neutral Sentiment: The SEC is reviewing whether existing ETF rules adequately cover newer crypto products beyond bitcoin and ether. Clearer regulation could benefit BlackRock over time, but uncertainty may slow product development in the near term. Crypto ETFs Already Go Far Beyond Bitcoin. The SEC Wants to Know If Its Rules Have Kept Up
- Negative Sentiment: A reported $6.3 billion Binance security breach triggered a crypto-market shock, sending BlackRock’s iShares Bitcoin Trust (IBIT) lower. Falling crypto prices can reduce ETF assets under management and fee revenue while damaging sentiment toward BlackRock’s digital-asset expansion. Binance’s $6.3B Hack Sends Bitcoin ETF Tumbling 5%
BlackRock Trading Up 0.0%
NYSE BLK opened at $1,147.61 on Monday. The firm has a market cap of $177.73 billion, a PE ratio of 26.09, a price-to-earnings-growth ratio of 1.19 and a beta of 1.37. BlackRock has a 1-year low of $917.39 and a 1-year high of $1,187.17. The stock has a 50-day moving average of $1,103.88 and a 200-day moving average of $1,064.04. The company has a current ratio of 3.59, a quick ratio of 3.59 and a debt-to-equity ratio of 0.33.
BlackRock (NYSE:BLK – Get Free Report) last posted its quarterly earnings results on Wednesday, October 14th. The asset manager reported $15.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $14.32 by $1.61. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.42 billion. BlackRock had a return on equity of 16.08% and a net margin of 24.22%. BlackRock’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same period last year, the company earned $8.43 EPS. As a group, sell-side analysts forecast that BlackRock will post 57.82 EPS for the current year.
Analyst Upgrades and Downgrades
Several research analysts recently issued reports on BLK shares. Weiss Ratings lowered shares of BlackRock from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Keefe, Bruyette & Woods lifted their price target on BlackRock from $1,290.00 to $1,310.00 and gave the stock an “outperform” rating in a research note on Thursday, October 15th. JPMorgan Chase & Co. upped their price objective on BlackRock from $1,435.00 to $1,449.00 and gave the stock an “overweight” rating in a report on Thursday, October 15th. BNP Paribas Exane increased their price objective on BlackRock from $1,370.00 to $1,430.00 and gave the company an “outperform” rating in a research report on Thursday, October 15th. Finally, Wells Fargo & Company raised their price objective on BlackRock from $1,230.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,342.25.
View Our Latest Research Report on BLK
BlackRock Profile
BlackRock, Inc is a global investment management and financial technology company headquartered in New York. Founded in 1988, the company provides investment, technology and advisory services to institutional and individual investors, governments, foundations and other clients worldwide.
BlackRock offers a broad range of investment products and strategies, including equity and fixed-income funds, index funds, exchange-traded funds through its iShares business, multi-asset portfolios, cash-management products and alternative investments.
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