Basswood Capital Management L.L.C. boosted its position in BlackRock (NYSE:BLK – Free Report) by 62.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 26,016 shares of the asset manager’s stock after buying an additional 9,964 shares during the period. BlackRock makes up approximately 1.1% of Basswood Capital Management L.L.C.’s portfolio, making the stock its 25th largest holding. Basswood Capital Management L.L.C.’s holdings in BlackRock were worth $27,846,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Evolution Wealth Management Inc. purchased a new position in BlackRock in the 4th quarter valued at $26,000. Birchbrook Inc. purchased a new position in BlackRock in the 4th quarter valued at $31,000. LFA Lugano Financial Advisors SA purchased a new position in BlackRock in the 4th quarter valued at $32,000. Basepoint Wealth LLC purchased a new position in BlackRock in the 4th quarter valued at $32,000. Finally, Swiss RE Ltd. purchased a new position in BlackRock in the 4th quarter valued at $33,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
BLK has been the topic of a number of analyst reports. BMO Capital Markets lifted their price objective on shares of BlackRock from $1,200.00 to $1,250.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Jefferies Financial Group lowered their price objective on shares of BlackRock from $1,351.00 to $1,199.00 and set a “buy” rating on the stock in a research report on Wednesday, April 8th. JPMorgan Chase & Co. lowered their price objective on shares of BlackRock from $1,269.00 to $1,128.00 and set a “neutral” rating on the stock in a research report on Monday, April 13th. Barclays raised their target price on BlackRock from $1,290.00 to $1,310.00 and gave the company an “overweight” rating in a report on Wednesday, April 15th. Finally, The Goldman Sachs Group raised their target price on BlackRock from $1,181.00 to $1,313.00 and gave the company a “buy” rating in a report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, BlackRock has an average rating of “Moderate Buy” and an average target price of $1,264.61.
BlackRock Price Performance
BlackRock stock opened at $1,031.45 on Friday. BlackRock has a one year low of $917.39 and a one year high of $1,219.94. The company has a debt-to-equity ratio of 0.34, a quick ratio of 4.09 and a current ratio of 4.09. The business has a fifty day moving average of $1,039.86 and a two-hundred day moving average of $1,051.37. The company has a market cap of $160.11 billion, a P/E ratio of 25.89, a price-to-earnings-growth ratio of 1.34 and a beta of 1.42.
BlackRock (NYSE:BLK – Get Free Report) last released its earnings results on Tuesday, April 14th. The asset manager reported $12.53 EPS for the quarter, beating analysts’ consensus estimates of $12.40 by $0.13. BlackRock had a return on equity of 14.74% and a net margin of 24.40%.The company had revenue of $6.70 billion during the quarter, compared to the consensus estimate of $6.56 billion. During the same quarter last year, the company earned $9.64 earnings per share. BlackRock’s quarterly revenue was up 27.0% compared to the same quarter last year. As a group, analysts predict that BlackRock will post 52.8 earnings per share for the current fiscal year.
BlackRock Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th will be paid a dividend of $5.73 per share. This represents a $22.92 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. BlackRock’s payout ratio is 57.53%.
Insider Buying and Selling at BlackRock
In other news, CEO Laurence Fink sold 33,900 shares of BlackRock stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $1,050.55, for a total transaction of $35,613,645.00. Following the completion of the transaction, the chief executive officer owned 230,516 shares of the company’s stock, valued at $242,168,583.80. The trade was a 12.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Robert Kapito sold 8,739 shares of BlackRock stock in a transaction on Monday, April 27th. The stock was sold at an average price of $1,056.60, for a total value of $9,233,627.40. Following the transaction, the president directly owned 210,186 shares of the company’s stock, valued at $222,082,527.60. This trade represents a 3.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.92% of the company’s stock.
BlackRock News Summary
Here are the key news stories impacting BlackRock this week:
- Negative Sentiment: BlackRock’s private-credit funds saw redemption requests far above the cap, and the firm is again limiting withdrawals, which could weigh on sentiment around its alternatives business. Reuters article
- Negative Sentiment: Bloomberg and other reports said BlackRock’s HPS/HLEND private-credit vehicles capped redemptions after investors sought to withdraw more than 5%, underscoring continued pressure in the funds. Bloomberg article
- Neutral Sentiment: BlackRock also reported buying additional Bitcoin and Ethereum holdings, and it is preparing an income-focused Bitcoin ETF, highlighting continued growth in its digital-asset franchise. Finbold article
- Neutral Sentiment: Reports that BlackRock may seek about $5 billion of SpaceX IPO shares point to strong client demand and product breadth, but this is not as immediate a driver as the redemption headlines. Reuters article
BlackRock Profile
BlackRock, Inc is a global investment management firm that provides a broad range of products and services to institutional, intermediary and individual investors. Its core activities include portfolio management across active and index strategies, exchange-traded funds (ETFs) under the iShares brand, fixed income, equity and multi-asset solutions, as well as alternatives such as private equity, real estate and infrastructure. The firm also offers cash management and liquidity solutions and retirement-focused products designed for defined contribution and defined benefit investors.
In addition to traditional investment management, BlackRock is known for its technology and risk management capabilities, most prominently its Aladdin platform, which combines portfolio management, trading and risk analytics and is used both internally and licensed to external clients.
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