BlackRock $BLK Stock Holdings Trimmed by Keybank National Association OH

Keybank National Association OH cut its stake in shares of BlackRock (NYSE:BLK) by 2.1% in the third quarter, HoldingsChannel.com reports. The fund owned 35,551 shares of the asset manager’s stock after selling 770 shares during the period. Keybank National Association OH’s holdings in BlackRock were worth $37,623,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BLK. Narwhal Capital Management grew its position in shares of BlackRock by 2.1% in the third quarter. Narwhal Capital Management now owns 19,179 shares of the asset manager’s stock valued at $20,296,000 after purchasing an additional 391 shares during the period. Csenge Advisory Group raised its position in shares of BlackRock by 10.5% during the 3rd quarter. Csenge Advisory Group now owns 473 shares of the asset manager’s stock worth $501,000 after purchasing an additional 45 shares during the last quarter. 71 West Capital Partners raised its position in shares of BlackRock by 1.2% during the 3rd quarter. 71 West Capital Partners now owns 23,437 shares of the asset manager’s stock worth $24,803,000 after purchasing an additional 289 shares during the last quarter. AlphaCore Capital LLC raised its position in shares of BlackRock by 11.6% during the 3rd quarter. AlphaCore Capital LLC now owns 7,636 shares of the asset manager’s stock worth $8,081,000 after purchasing an additional 792 shares during the last quarter. Finally, Clear Wave Wealth Management LLC purchased a new position in BlackRock in the 3rd quarter valued at about $210,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

BlackRock Price Performance

BlackRock stock opened at $1,226.72 on Thursday. The company has a fifty day simple moving average of $1,109.30 and a 200-day simple moving average of $1,066.82. The firm has a market capitalization of $189.98 billion, a price-to-earnings ratio of 27.89, a PEG ratio of 1.27 and a beta of 1.37. The company has a quick ratio of 3.44, a current ratio of 3.44 and a debt-to-equity ratio of 0.28. BlackRock has a 52-week low of $917.39 and a 52-week high of $1,242.12.

BlackRock (NYSE:BLK) last posted its quarterly earnings results on Wednesday, October 14th. The asset manager reported $15.93 earnings per share for the quarter, topping the consensus estimate of $14.32 by $1.61. The firm had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.42 billion. BlackRock had a net margin of 24.22% and a return on equity of 15.60%. The company’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same period last year, the firm posted $8.43 earnings per share. On average, equities analysts anticipate that BlackRock will post 57.82 EPS for the current fiscal year.

Key BlackRock News

Here’s some of the latest news about BLK:

• Positive Sentiment: Barclays increased its stake in BlackRock’s iShares Bitcoin Trust (IBIT) by 48% in the third quarter, to about $187 million. The larger position suggests continued institutional participation in the fund, despite recent market-wide outflows. Article: Barclays boosts BlackRock Bitcoin ETF stake
• Neutral Sentiment: The House passed a bill that could broaden investment options in 403(b) retirement plans, potentially creating opportunities for asset managers such as BlackRock. The impact depends on further legislative steps and how plan providers implement the changes. Article: House passes retirement fairness bill
• Negative Sentiment: IBIT recorded seven consecutive sessions of net withdrawals, totaling about $1.66 billion, including roughly $213 million on Nov. 9. BlackRock’s Ether ETF also saw substantial withdrawals. Persistent redemptions could weigh on crypto-related assets under management, fee revenue and investor sentiment, although these funds are only part of BlackRock’s broader business. Article: BlackRock Bitcoin ETF outflows Article: Ether ETFs see outflows

Wall Street Analysts Forecast Growth

BLK has been the topic of several research analyst reports. JPMorgan Chase & Co. lifted their price objective on BlackRock from $1,435.00 to $1,449.00 and gave the stock an “overweight” rating in a report on Thursday, October 15th. UBS Group increased their target price on BlackRock from $1,277.00 to $1,300.00 and gave the company a “buy” rating in a report on Thursday, October 15th. TD Cowen upgraded BlackRock from a “hold” rating to a “buy” rating and raised their target price for the company from $1,212.00 to $1,405.00 in a research report on Tuesday, October 20th. Evercore restated an “outperform” rating and issued a $1,275.00 target price (down from $1,300.00) on shares of BlackRock in a research report on Friday, October 9th. Finally, Keefe, Bruyette & Woods lifted their price target on BlackRock from $1,290.00 to $1,310.00 and gave the stock an “outperform” rating in a research note on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, BlackRock presently has an average rating of “Moderate Buy” and an average price target of $1,342.25.

BlackRock Company Profile

BlackRock, Inc. is a global investment management and financial technology company serving individuals, institutions, governments and other organizations. Founded in 1988, the company is headquartered in New York City and operates in markets around the world. BlackRock offers investment products and services across asset classes, including equities, fixed income, cash management and alternative investments. Its offerings include exchange-traded funds and other funds under the iShares brand, as well as portfolio management, investment advisory and risk management services.