Kestra Advisory Services LLC cut its holdings in shares of BlackRock (NYSE:BLK – Free Report) by 8.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,986 shares of the asset manager’s stock after selling 1,820 shares during the quarter. Kestra Advisory Services LLC’s holdings in BlackRock were worth $20,183,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the business. Shum Financial Group Inc. grew its position in BlackRock by 0.4% during the fourth quarter. Shum Financial Group Inc. now owns 2,183 shares of the asset manager’s stock valued at $2,336,000 after buying an additional 9 shares during the period. First Bancorp Inc ME raised its position in BlackRock by 2.9% in the fourth quarter. First Bancorp Inc ME now owns 321 shares of the asset manager’s stock worth $344,000 after acquiring an additional 9 shares during the period. Rather & Kittrell Inc. boosted its stake in BlackRock by 2.1% in the fourth quarter. Rather & Kittrell Inc. now owns 430 shares of the asset manager’s stock valued at $461,000 after acquiring an additional 9 shares during the last quarter. Oakworth Capital Inc. boosted its stake in BlackRock by 1.2% in the fourth quarter. Oakworth Capital Inc. now owns 755 shares of the asset manager’s stock valued at $808,000 after acquiring an additional 9 shares during the last quarter. Finally, Mechanics Financial Corp grew its position in shares of BlackRock by 0.5% during the 4th quarter. Mechanics Financial Corp now owns 1,900 shares of the asset manager’s stock valued at $2,034,000 after acquiring an additional 10 shares during the period. 80.69% of the stock is currently owned by institutional investors.
BlackRock News Summary
Here are the key news stories impacting BlackRock this week:
- Positive Sentiment: Keefe, Bruyette & Woods raised its price target on BlackRock and maintained an outperform rating, signaling confidence ahead of earnings.
- Positive Sentiment: Barclays lifted its price target on BlackRock to $1,340 and kept an overweight rating, reflecting expectations for continued business momentum.
- Positive Sentiment: Analysts expect Q2 results to benefit from ETF inflows, higher market levels, and growth in assets under management, which could support earnings and revenue.
- Neutral Sentiment: BlackRock’s newer crypto-related products, including its Bitcoin income ETF and BUIDL tokenized treasury fund, are attracting attention but are not yet a major earnings driver.
- Neutral Sentiment: Broad crypto ETF outflows were reported, though BlackRock’s IBIT was flat, limiting direct negative impact on the company.
Analyst Ratings Changes
View Our Latest Stock Report on BLK
BlackRock Stock Performance
Shares of NYSE:BLK traded up $16.50 during trading on Friday, hitting $1,036.18. 595,032 shares of the company were exchanged, compared to its average volume of 794,052. BlackRock has a 52-week low of $917.39 and a 52-week high of $1,219.94. The stock has a 50 day moving average of $1,034.39 and a 200 day moving average of $1,044.04. The company has a debt-to-equity ratio of 0.34, a current ratio of 4.09 and a quick ratio of 4.09. The company has a market cap of $160.85 billion, a PE ratio of 26.01, a P/E/G ratio of 1.32 and a beta of 1.43.
BlackRock (NYSE:BLK – Get Free Report) last issued its quarterly earnings data on Tuesday, April 14th. The asset manager reported $12.53 earnings per share (EPS) for the quarter, topping 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 business had revenue of $6.70 billion for the quarter, compared to analysts’ expectations of $6.56 billion. During the same quarter in the prior year, the firm posted $9.64 EPS. The firm’s quarterly revenue was up 27.0% on a year-over-year basis. As a group, equities research analysts predict that BlackRock will post 53.96 EPS for the current year.
BlackRock Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 5th were paid a $5.73 dividend. The ex-dividend date was Friday, June 5th. This represents a $22.92 annualized dividend and a yield of 2.2%. BlackRock’s dividend payout ratio is currently 57.53%.
Insider Buying and Selling at BlackRock
In other BlackRock news, President Robert Kapito sold 8,739 shares of the firm’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $1,056.60, for a total value of $9,233,627.40. Following the completion of 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Laurence Fink sold 33,900 shares of the company’s 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 directly owned 230,516 shares in the company, valued at approximately $242,168,583.80. The trade was a 12.82% decrease in their position. The SEC filing for this sale provides additional information. 1.92% of the stock is owned by company insiders.
About BlackRock
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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