BlackRock $BLK Stock: Covenant Asset Management LLC Boosts Stake

Covenant Asset Management LLC grew its position in shares of BlackRock (NYSE:BLK) by 99.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,328 shares of the asset manager’s stock after purchasing an additional 2,660 shares during the quarter. Covenant Asset Management LLC’s holdings in BlackRock were worth $5,639,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in BLK. Viking Fund Management LLC grew its holdings in shares of BlackRock by 60.0% during the third quarter. Viking Fund Management LLC now owns 8,000 shares of the asset manager’s stock worth $8,466,000 after purchasing an additional 3,000 shares during the last quarter. Fort Washington Investment Advisors Inc. OH raised its holdings in BlackRock by 0.6% in the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 69,326 shares of the asset manager’s stock valued at $73,367,000 after buying an additional 423 shares during the last quarter. Nolet Wealth Management LLC bought a new position in BlackRock in the 3rd quarter valued at approximately $210,000. Howard Financial Services LTD. boosted its position in BlackRock by 18.3% during the 3rd quarter. Howard Financial Services LTD. now owns 310 shares of the asset manager’s stock worth $328,000 after buying an additional 48 shares during the period. Finally, Mather Group LLC. boosted its position in BlackRock by 106.4% during the 3rd quarter. Mather Group LLC. now owns 10,958 shares of the asset manager’s stock worth $11,597,000 after buying an additional 5,649 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Key BlackRock News

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: Quarterly beat and strong inflows: BlackRock reported adjusted EPS of $15.93, above the $14.32 consensus estimate, while revenue rose 19.1% year over year to $7.75 billion. Net inflows reached $205 billion, including $135 billion into ETFs, helping push assets under management to a record $15.49 trillion. BlackRock profit jumps as resilient markets boost fees
• Positive Sentiment: Growth outlook remains constructive: Management pointed to continued momentum in iShares ETFs, private-markets fundraising, technology revenue and performance fees. BlackRock’s crypto ETF assets also reportedly climbed 63% to approximately $80 billion, adding to fee-growth potential. BlackRock expects strong fourth quarter
• Positive Sentiment: Analyst price target raised: Bank of America reiterated a Buy rating and increased its price target from $1,287 to $1,313, citing strong third-quarter results and surging ETF inflows. BlackRock earns Buy rating and higher price target
• Neutral Sentiment: Strategic expansion: BlackRock is deploying capital across private markets, including a $2.8 billion CenterWell clinic joint venture with Humana and investments in technology and infrastructure. These moves broaden long-term fee opportunities but may require significant capital and execution. Humana forms joint venture with BlackRock
• Negative Sentiment: Rate and valuation risks: BlackRock has reduced U.S. stock exposure and favored Treasuries, warning that markets may be pricing in too many Federal Reserve rate hikes. Other commentary highlights emerging yield risks, while the stock’s elevated valuation could limit upside if markets weaken. BlackRock cuts U.S. stock exposure

BlackRock Stock Up 0.8%

BlackRock stock opened at $1,075.09 on Thursday. The firm has a market cap of $166.50 billion, a price-to-earnings ratio of 25.70, a PEG ratio of 1.20 and a beta of 1.41. BlackRock has a 52-week low of $917.39 and a 52-week high of $1,219.94. 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 firm has a 50 day moving average price of $1,106.43 and a two-hundred day moving average price of $1,061.02.

BlackRock (NYSE:BLK) last posted its quarterly earnings data on Wednesday, October 14th. The asset manager reported $15.93 EPS for the quarter, beating analysts’ consensus estimates of $14.32 by $1.61. BlackRock had a net margin of 24.09% and a return on equity of 14.90%. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.42 billion. During the same period in the prior year, the firm posted $8.43 EPS. The company’s quarterly revenue was up 19.1% on a year-over-year basis. Equities analysts predict that BlackRock will post 55.70 EPS for the current year.

BlackRock Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th were given a dividend of $5.73 per share. The ex-dividend date of this dividend was Tuesday, September 8th. This represents a $22.92 dividend on an annualized basis and a yield of 2.1%. BlackRock’s dividend payout ratio is 54.78%.

Wall Street Analyst Weigh In

BLK has been the topic of a number of research reports. Wells Fargo & Company reduced their target price on shares of BlackRock from $1,245.00 to $1,230.00 and set an “overweight” rating on the stock in a report on Thursday, October 8th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $1,389.00 price target on shares of BlackRock in a research note on Thursday, July 16th. TD Cowen increased their price objective on BlackRock from $1,190.00 to $1,212.00 and gave the company a “hold” rating in a report on Monday. Morgan Stanley lowered their target price on BlackRock from $1,479.00 to $1,468.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Evercore reaffirmed an “outperform” rating and set a $1,275.00 target price on shares of BlackRock in a report on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, BlackRock currently has an average rating of “Moderate Buy” and a consensus price target of $1,308.62.

About BlackRock

BlackRock, Inc is a global investment management and financial technology company serving individual investors, institutions, governments and financial professionals. The company provides investment management, risk management and advisory services across a broad range of asset classes, including equities, fixed income, multi-asset strategies, alternatives and cash management.

BlackRock offers investment products through mutual funds, exchange-traded funds and other vehicles. Its iShares brand is one of the company’s principal platforms for exchange-traded funds, providing access to domestic and international markets, industry sectors, bonds, commodities and specialized investment strategies.

The company also provides technology and analytical solutions through its Aladdin platform, which is used by asset managers, institutional investors and other financial organizations for portfolio management, risk analysis, trading and operational support.