BlackRock $BLK Stock Position Lessened by Russell Investments Group Ltd.

Russell Investments Group Ltd. reduced its position in shares of BlackRock (NYSE:BLK) by 24.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 74,212 shares of the asset manager’s stock after selling 23,726 shares during the period. Russell Investments Group Ltd.’s holdings in BlackRock were worth $78,691,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BLK. BlackRock Inc. acquired a new stake in shares of BlackRock during the second quarter worth approximately $9,747,857,000. Temasek Holdings Private Ltd grew its position in BlackRock by 4.7% during the 1st quarter. Temasek Holdings Private Ltd now owns 5,330,492 shares of the asset manager’s stock worth $5,126,387,000 after acquiring an additional 237,667 shares during the last quarter. Bank of America Corp DE increased its holdings in BlackRock by 0.7% during the 1st quarter. Bank of America Corp DE now owns 5,232,973 shares of the asset manager’s stock valued at $5,032,603,000 after purchasing an additional 35,069 shares in the last quarter. Wellington Management Group LLP increased its holdings in BlackRock by 23.3% during the 2nd quarter. Wellington Management Group LLP now owns 4,495,074 shares of the asset manager’s stock valued at $4,322,283,000 after purchasing an additional 850,406 shares in the last quarter. Finally, Santa Clara Valley Transportation Authority bought a new position in BlackRock in the 2nd quarter valued at $129,138,253,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

BlackRock Trading Up 0.4%

BLK stock traded up $5.21 during trading on Friday, hitting $1,221.82. The company had a trading volume of 415,883 shares, compared to its average volume of 703,448. The firm has a 50-day moving average price of $1,113.42 and a 200-day moving average price of $1,067.86. BlackRock has a 12 month low of $917.39 and a 12 month high of $1,242.12. The company has a quick ratio of 3.44, a current ratio of 3.44 and a debt-to-equity ratio of 0.28. The stock has a market cap of $188.67 billion, a price-to-earnings ratio of 27.78, a PEG ratio of 1.26 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 EPS for the quarter, beating analysts’ consensus estimates of $14.32 by $1.61. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.42 billion. BlackRock had a return on equity of 15.60% 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 period last year, the company earned $8.43 EPS. As a group, analysts predict that BlackRock will post 57.82 earnings per share for the current year.

Insider Activity

In related news, Director Rachel Lord sold 7,000 shares of the firm’s stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $1,219.55, for a total value of $8,536,850.00. Following the transaction, the director owned 6,065 shares in the company, valued at $7,396,570.75. This trade represents a 53.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.92% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

BLK has been the topic of a number of recent analyst reports. The Goldman Sachs Group reduced their price objective on BlackRock from $1,389.00 to $1,346.00 and set a “buy” rating on the stock in a research note on Friday, October 2nd. JPMorgan Chase & Co. raised their target price on BlackRock from $1,435.00 to $1,449.00 and gave the company an “overweight” rating in a research note on Thursday, October 15th. Morgan Stanley lifted their price target on BlackRock from $1,468.00 to $1,531.00 and gave the company an “overweight” rating in a report on Thursday, October 15th. Keefe, Bruyette & Woods upped their price target on shares of BlackRock from $1,290.00 to $1,310.00 and gave the stock an “outperform” rating in a research report on Thursday, October 15th. Finally, Deutsche Bank increased their price objective on shares of BlackRock from $1,315.00 to $1,355.00 and gave the stock a “buy” rating in a report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,342.25.

BlackRock News Roundup

These are some of the BLK news items that stood out recently:

• Positive Sentiment: BlackRock beat quarterly earnings and revenue estimates, with revenue up 19.1% year over year. Shares have gained 8.6% since that report, indicating a favorable market response. Article: Why Is BlackRock Up Since Last Earnings Report?
• Negative Sentiment: Investors pulled $269.7 million from BlackRock’s iShares Bitcoin Trust (IBIT) on Wednesday, bringing outflows to more than $2 billion over nine sessions. Sustained redemptions could weigh on the fund’s assets and related fee revenue. Article: BlackRock Bitcoin ETF outflows hit $2B
• Negative Sentiment: Director Rachel Lord sold 7,000 shares, cutting her reported stake by 53.58%. The filing does not explain the reason for the sale, but insider selling can weigh on sentiment. SEC filing: BlackRock Form 4

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.