BlackRock $BLK Stock Sold by Parr Mcknight Wealth Management Group LLC

Parr Mcknight Wealth Management Group LLC cut its position in BlackRock (NYSE:BLK) by 40.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 4,216 shares of the asset manager’s stock after selling 2,854 shares during the period. Parr Mcknight Wealth Management Group LLC’s holdings in BlackRock were worth $4,462,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Summit Wealth Group LLC Co. boosted its holdings in BlackRock by 2.8% during the 3rd quarter. Summit Wealth Group LLC Co. now owns 331 shares of the asset manager’s stock valued at $350,000 after acquiring an additional 9 shares during the period. Stronghold Wealth Management L.L.C. grew its position in BlackRock by 2.9% in the 1st quarter. Stronghold Wealth Management L.L.C. now owns 359 shares of the asset manager’s stock valued at $345,000 after acquiring an additional 10 shares in the last quarter. Financial Management Professionals Inc. increased its stake in BlackRock by 1.8% during the second quarter. Financial Management Professionals Inc. now owns 564 shares of the asset manager’s stock worth $542,000 after purchasing an additional 10 shares during the period. JNBA Financial Advisors increased its stake in BlackRock by 1.4% during the second quarter. JNBA Financial Advisors now owns 706 shares of the asset manager’s stock worth $679,000 after purchasing an additional 10 shares during the period. Finally, McGlone Suttner Wealth Management Inc. lifted its position in shares of BlackRock by 0.8% during the third quarter. McGlone Suttner Wealth Management Inc. now owns 1,205 shares of the asset manager’s stock worth $1,275,000 after purchasing an additional 10 shares in the last quarter. Hedge funds and other 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: BlackRock launched an actively managed iShares ETF focused on robotics and related technologies, adding to its product lineup and giving it a potential avenue to attract assets in a growing investment theme. BlackRock Could Be 13% Overvalued As Robotics ETF Launch Tests Valuation
• Positive Sentiment: BlackRock and Premialab are integrating quantitative-strategy data and analytics into Aladdin, potentially strengthening the platform’s usefulness to institutional clients. BlackRock Brings Quantitative Strategy Analytics Into Aladdin
• Neutral Sentiment: A valuation analysis suggested BLK could be about 13% overvalued, tempering the positive product-launch news. This is an analyst/model assessment rather than a company announcement. BlackRock Could Be 13% Overvalued As Robotics ETF Launch Tests Valuation
• Negative Sentiment: Crypto-fund withdrawals are the clearest near-term concern: BlackRock’s iShares Bitcoin Trust (IBIT) saw about $405 million leave on Monday, while U.S. spot Bitcoin ETFs recorded roughly $399 million in net outflows. Separate reports also point to substantial sales of Bitcoin and Ethereum holdings. Continued redemptions could weigh on crypto-related assets under management and investor sentiment toward BLK. BlackRock’s IBIT Sees Biggest Bitcoin ETF Outflows Since June

BlackRock Price Performance

Shares of NYSE BLK opened at $1,160.28 on Wednesday. The stock’s 50-day moving average is $1,103.81 and its two-hundred day moving average is $1,064.77. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.59 and a quick ratio of 3.59. BlackRock has a 1-year low of $917.39 and a 1-year high of $1,187.17. The company has a market cap of $179.69 billion, a price-to-earnings ratio of 26.38, a price-to-earnings-growth ratio of 1.21 and a beta of 1.37.

BlackRock (NYSE:BLK) last announced its quarterly earnings data on Wednesday, October 14th. The asset manager reported $15.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $14.32 by $1.61. The business had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.42 billion. BlackRock had a return on equity of 16.08% and a net margin of 24.22%. The business’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter last year, the business posted $8.43 EPS. Analysts forecast that BlackRock will post 57.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on BLK shares. JPMorgan Chase & Co. raised their price objective on shares of BlackRock from $1,435.00 to $1,449.00 and gave the company an “overweight” rating in a research note on Thursday, October 15th. Jefferies Financial Group reaffirmed a “buy” rating and set a $1,341.00 target price on shares of BlackRock in a research note on Wednesday, October 28th. Evercore reiterated an “outperform” rating and set a $1,275.00 target price (down from $1,300.00) on shares of BlackRock in a report on Friday, October 9th. Truist Financial set a $1,310.00 price target on shares of BlackRock in a research report on Thursday, October 15th. Finally, Wells Fargo & Company raised their price target on shares of BlackRock from $1,230.00 to $1,250.00 and gave the company an “overweight” rating in a research 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 assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $1,342.25.

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.