NEOS Investment Management LLC Raises Stake in BlackRock $BLK

NEOS Investment Management LLC increased its stake in BlackRock (NYSE:BLK) by 10.8% in the second quarter, HoldingsChannel.com reports. The firm owned 23,402 shares of the asset manager’s stock after acquiring an additional 2,273 shares during the quarter. NEOS Investment Management LLC’s holdings in BlackRock were worth $22,502,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. RMG Wealth Management LLC acquired a new position in BlackRock during the first quarter worth $25,000. Addison Advisors LLC purchased a new position in shares of BlackRock in the second quarter valued at $25,000. Kelly Lawrence W & Associates Inc. CA acquired a new position in shares of BlackRock during the 2nd quarter worth $25,000. Evolution Wealth Management Inc. acquired a new position in shares of BlackRock during the 4th quarter worth $26,000. Finally, Meeder Asset Management Inc. purchased a new stake in shares of BlackRock in the 2nd quarter worth about $30,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Key Stories Impacting BlackRock

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock’s iShares Bitcoin Trust (IBIT) attracted approximately $454 million in a single day, accounting for most of the $731 million flowing into U.S. spot Bitcoin ETFs. Continued institutional demand could increase BlackRock’s digital-asset assets under management and fee revenue. Bitcoin Spot ETFs See Huge Inflows as BlackRock Takes Lead
• Positive Sentiment: An updated valuation model raised BlackRock’s estimated fair value to $1,320.81 per share from $1,314.44, reinforcing the view that the company’s earnings beat, inflows and margins support additional upside. BlackRock Stock Gets Fair Value Bump
• Positive Sentiment: BlackRock is seeking to allocate roughly 5% to 20% of target-date funds to private assets, potentially opening a large distribution channel for private equity and private credit products. BlackRock Wants Private Assets in Target-Date Funds
• Positive Sentiment: BlackRock’s support for corporate reincorporation in Texas and its broader tokenization expansion through Securitize could strengthen its positioning in business-friendly and digital-finance markets. BlackRock Casts a Vote of Confidence in Texas

BlackRock Stock Performance

Shares of BLK opened at $1,121.85 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 3.59 and a current ratio of 3.59. The company has a market capitalization of $173.74 billion, a price-to-earnings ratio of 26.81, a PEG ratio of 1.24 and a beta of 1.41. The company’s 50 day simple moving average is $1,092.75 and its 200 day simple moving average is $1,049.39. BlackRock has a 1 year low of $917.39 and a 1 year high of $1,219.94.

BlackRock (NYSE:BLK) last released its earnings results on Wednesday, July 15th. The asset manager reported $13.91 EPS for the quarter, topping the consensus estimate of $12.69 by $1.22. The firm had revenue of $7.08 billion during 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%. BlackRock’s revenue for the quarter was up 30.6% on a year-over-year basis. During the same period in the previous year, the company earned $12.05 EPS. On average, sell-side analysts predict that BlackRock will post 55.86 EPS for the current year.

BlackRock Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be given a $5.73 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $22.92 dividend on an annualized basis and a dividend yield of 2.0%. BlackRock’s payout ratio is currently 54.78%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on BLK shares. The Goldman Sachs Group restated a “buy” rating and set a $1,389.00 target price on shares of BlackRock in a report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $1,258.00 price target on shares of BlackRock in a research report on Thursday, July 16th. BMO Capital Markets lifted their price objective on BlackRock from $1,250.00 to $1,300.00 and gave the stock an “outperform” rating in a research report on Friday, July 17th. Weiss Ratings cut BlackRock from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Finally, Morgan Stanley boosted their price target on BlackRock from $1,383.00 to $1,488.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,311.06.

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.