Clearbridge Investments LLC Trims Holdings in BlackRock $BLK

Clearbridge Investments LLC reduced its position in BlackRock (NYSE:BLK) by 25.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 41,597 shares of the asset manager’s stock after selling 13,978 shares during the period. Clearbridge Investments LLC’s holdings in BlackRock were worth $44,523,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Evolution Wealth Management Inc. purchased a new position in shares of BlackRock in the fourth quarter worth $26,000. Birchbrook Inc. purchased a new position in shares of BlackRock in the fourth quarter worth $31,000. LFA Lugano Financial Advisors SA purchased a new position in shares of BlackRock in the fourth quarter worth $32,000. Basepoint Wealth LLC purchased a new position in shares of BlackRock in the fourth quarter worth $32,000. Finally, Hopwood Financial Services Inc. lifted its holdings in shares of BlackRock by 866.7% in the third quarter. Hopwood Financial Services Inc. now owns 29 shares of the asset manager’s stock worth $34,000 after buying an additional 26 shares in the last quarter. 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: BlackRock launched a new space-focused ETF for European investors, the iShares Space Technologies UCITS ETF (STAR), with a fast-track IPO inclusion feature that could help attract demand for exposure to newly public space companies. Article Title
• Positive Sentiment: The new STAR ETF and related coverage highlight BlackRock’s ability to keep expanding its lineup in high-growth thematic investing, which supports the company’s fee-generating asset-gathering story. Article Title
• Positive Sentiment: Interactive Brokers began offering BlackRock ETFs in European savings plans, which broadens distribution and could help drive additional inflows into BlackRock funds. Article Title
• Positive Sentiment: BlackRock continues to be highlighted as a leading ETF provider with multiple funds showing upside potential, reinforcing the firm’s strong franchise in the ETF market. Article Title
• Neutral Sentiment: BlackRock’s commentary on “mega forces” and its market outlook adds to investor attention, but this is more about long-term strategy than an immediate earnings catalyst. Article Title
• Negative Sentiment: Bitcoin ETF outflows remain a headwind, and BlackRock’s IBIT reportedly led exits during a week of heavy redemptions, which could weigh on sentiment around its crypto-related ETF business. Article Title
• Negative Sentiment: Evercore trimmed its price target on BlackRock, which may slightly temper enthusiasm even though the firm kept an outperform rating. Article Title

BlackRock Price Performance

BlackRock stock opened at $1,011.46 on Wednesday. The company has a market cap of $157.01 billion, a price-to-earnings ratio of 25.39, a PEG ratio of 1.29 and a beta of 1.42. The firm’s fifty day moving average is $1,035.68 and its 200 day moving average is $1,051.35. The company has a quick ratio of 4.09, a current ratio of 4.09 and a debt-to-equity ratio of 0.34. BlackRock has a 52-week low of $917.39 and a 52-week high of $1,219.94.

BlackRock (NYSE:BLK) last posted its quarterly earnings data on Tuesday, April 14th. The asset manager reported $12.53 earnings per share for the quarter, beating analysts’ consensus estimates of $12.40 by $0.13. BlackRock had a net margin of 24.40% and a return on equity of 14.74%. 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 previous year, the business posted $9.64 earnings per share. The business’s revenue was up 27.0% compared to the same quarter last year. Sell-side analysts forecast that BlackRock will post 52.8 EPS for the current fiscal year.

BlackRock Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th will be issued a $5.73 dividend. The ex-dividend date is Friday, June 5th. This represents a $22.92 dividend on an annualized basis and a dividend yield of 2.3%. BlackRock’s dividend payout ratio is presently 57.53%.

Insider Activity

In other news, CEO Laurence Fink sold 33,900 shares of BlackRock stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $1,050.55, for a total value of $35,613,645.00. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Robert Kapito sold 8,739 shares of BlackRock stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $1,056.60, for a total transaction of $9,233,627.40. Following the completion of the transaction, the president directly owned 210,186 shares in the company, valued at approximately $222,082,527.60. The trade was a 3.99% decrease in their position. The SEC filing for this sale provides additional information. 1.92% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

BLK has been the topic of several research analyst reports. Jefferies Financial Group lowered their target price on shares of BlackRock from $1,351.00 to $1,199.00 and set a “buy” rating on the stock in a report on Wednesday, April 8th. BMO Capital Markets boosted their target price on shares of BlackRock from $1,200.00 to $1,250.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. The Goldman Sachs Group upped their price target on shares of BlackRock from $1,181.00 to $1,313.00 and gave the company a “buy” rating in a research note on Wednesday, April 15th. JPMorgan Chase & Co. decreased their price target on shares of BlackRock from $1,269.00 to $1,128.00 and set a “neutral” rating on the stock in a research note on Monday, April 13th. Finally, Morgan Stanley upped their price target on shares of BlackRock from $1,368.00 to $1,393.00 and gave the company an “overweight” rating in a research note on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1,264.61.

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.