Proficio Capital Partners LLC bought a new position in shares of BlackRock (NYSE:BLK – Free Report) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 786 shares of the asset manager’s stock, valued at approximately $755,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of BlackRock in the 2nd quarter valued at $9,747,857,000. Corient Private Wealth LLC grew its stake in BlackRock by 5,190.3% during the 4th quarter. Corient Private Wealth LLC now owns 5,490,422 shares of the asset manager’s stock worth $5,876,618,000 after buying an additional 5,386,640 shares during the last quarter. Bank of America Corp DE acquired a new position in BlackRock during the second quarter worth approximately $4,409,095,000. Norges Bank purchased a new stake in BlackRock in the fourth quarter valued at approximately $2,742,680,000. Finally, Santa Clara Valley Transportation Authority purchased a new position in shares of BlackRock during the second quarter worth approximately $129,138,253,000. 80.69% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several analysts recently commented on the stock. Zacks Research downgraded shares of BlackRock from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Evercore reiterated an “outperform” rating and set a $1,260.00 target price on shares of BlackRock in a research note on Monday, August 10th. Morgan Stanley boosted their price target on BlackRock from $1,383.00 to $1,488.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Barclays increased their price objective on BlackRock from $1,340.00 to $1,450.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Finally, BMO Capital Markets boosted their target price on BlackRock from $1,250.00 to $1,300.00 and gave the company an “outperform” rating in a report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, BlackRock has an average rating of “Moderate Buy” and an average price target of $1,311.06.
BlackRock Stock Performance
NYSE BLK opened at $1,174.17 on Thursday. The company has a current ratio of 3.59, a quick ratio of 3.59 and a debt-to-equity ratio of 0.33. The business’s 50 day moving average is $1,075.18 and its two-hundred day moving average is $1,045.98. The stock has a market capitalization of $181.84 billion, a price-to-earnings ratio of 28.06, a PEG ratio of 1.30 and a beta of 1.42. BlackRock has a 12-month low of $917.39 and a 12-month high of $1,219.94.
BlackRock (NYSE:BLK – Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The asset manager reported $13.91 earnings per share for the quarter, topping analysts’ consensus estimates of $12.69 by $1.22. The business had revenue of $7.08 billion for the quarter, compared to analysts’ expectations of $6.73 billion. BlackRock had a net margin of 24.09% and a return on equity of 14.90%. The business’s revenue for the quarter was up 30.6% on a year-over-year basis. During the same period in the prior year, the company posted $12.05 EPS. Research analysts expect that BlackRock will post 55.86 EPS for the current year.
BlackRock Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be paid a $5.73 dividend. This represents a $22.92 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 8th. BlackRock’s dividend payout ratio (DPR) is presently 54.78%.
Trending Headlines about BlackRock
Here are the key news stories impacting BlackRock this week:
- Positive Sentiment: BlackRock’s iShares Bitcoin Trust (IBIT) has processed more than $5 billion in tax-deferred conversions from directly held Bitcoin. Reducing the minimum conversion size from $25 million to $1 million could make the product accessible to more wealthy investors and institutions, potentially supporting assets under management and fee revenue. However, these transactions transfer existing Bitcoin into the ETF rather than representing equivalent new cash inflows. Bitcoin to $100K? BlackRock’s $5B ETF Shift Pulls More BTC Into Wall Street
- Positive Sentiment: Wall Street analysts remain broadly optimistic about BlackRock’s growth prospects and target price, despite the shares’ strong multiyear advance. What Are Wall Street Analysts’ Target Price for BlackRock Stock?
- Neutral Sentiment: BlackRock named Jessica Tan to lead its global product unit, a management change that could influence future product development and distribution but whose financial impact is not yet clear. BlackRock names Jessica Tan to head global product unit
- Neutral Sentiment: The company announced final August cash distributions for the iShares Premium Money Market ETF. The announcement is routine and primarily affects fund investors rather than BlackRock’s corporate earnings. BlackRock Canada Announces Final August Cash Distributions
- Negative Sentiment: Rosen Law Firm said it is investigating potential securities claims involving BlackRock mutual funds, alleging that the company may have issued materially misleading business information. The announcement does not establish wrongdoing, but it introduces potential legal, reputational and financial risk. BlackRock Investor News: Rosen Law Firm Investigation
- Negative Sentiment: One valuation review says BlackRock now trades near fair value on intrinsic estimates and looks expensive on earnings multiples after an approximately 82% three-year return, limiting near-term upside unless earnings and fee growth accelerate. BlackRock Stock Looks Fully Valued After an 82% Run
BlackRock Company 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.
Featured Articles
- Five stocks we like better than BlackRock
- Williams-Sonoma’s Quarter Gave Bulls More Than Just a Beat-and-Raise
- Alcoa’s Gallium Project Opens a New Door Beyond Aluminum
- Oura’s $16 Billion IPO Could Put a New Price on Wearable Tech
- Can Tesla’s Flying Roadster Distract From Its Real Risks?
Want to see what other hedge funds are holding BLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BlackRock (NYSE:BLK – Free Report).
Receive News & Ratings for BlackRock Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BlackRock and related companies with MarketBeat.com's FREE daily email newsletter.
