BlackRock $BLK Stock: Fifth Third Bancorp Trims Position

Fifth Third Bancorp trimmed its holdings in BlackRock (NYSE:BLK) by 0.7% during the third quarter, Holdings Channel reports. The institutional investor owned 111,632 shares of the asset manager’s stock after selling 782 shares during the period. Fifth Third Bancorp’s holdings in BlackRock were worth $118,139,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in BLK. RMG Wealth Management LLC acquired a new position in shares of BlackRock during the 1st quarter valued at about $25,000. Addison Advisors LLC acquired a new stake in shares of BlackRock in the second quarter worth approximately $25,000. Kelly Lawrence W & Associates Inc. CA purchased a new stake in BlackRock in the second quarter valued at approximately $25,000. Putney Financial Group LLC purchased a new stake in BlackRock in the third quarter valued at approximately $32,000. Finally, Meeder Asset Management Inc. acquired a new position in BlackRock during the second quarter worth approximately $30,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Barclays cut their price target on shares of BlackRock from $1,420.00 to $1,410.00 and set an “overweight” rating on the stock in a research note on Thursday, October 15th. Weiss Ratings upgraded shares of BlackRock from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, November 2nd. Wells Fargo & Company boosted their price objective on shares of BlackRock from $1,230.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Thursday, October 15th. Zacks Research lowered BlackRock from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. Finally, Keefe, Bruyette & Woods lifted their target price on BlackRock from $1,290.00 to $1,310.00 and gave the company an “outperform” rating in a report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,342.25.

Latest BlackRock News

Investors following BLK have been watching these news items:

• 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

BlackRock Trading Up 0.4%

Shares of BLK opened at $1,226.72 on Thursday. The stock’s 50-day moving average is $1,109.30 and its two-hundred day moving average is $1,066.82. The stock has a market cap of $189.98 billion, a PE ratio of 22.01, a P/E/G ratio of 1.27 and a beta of 1.37. BlackRock has a 12 month low of $917.39 and a 12 month high of $1,242.12. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.44 and a quick ratio of 3.44.

BlackRock (NYSE:BLK) last posted its earnings results on Wednesday, October 14th. The asset manager reported $15.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $14.32 by $1.61. BlackRock had a return on equity of 15.60% and a net margin of 24.22%. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.42 billion. During the same quarter last year, the firm earned $8.43 earnings per share. The company’s revenue for the quarter was up 19.1% compared to the same quarter last year. Equities analysts forecast that BlackRock will post 57.82 earnings per share for the current fiscal year.

About BlackRock

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.