Payden & Rygel Acquires 800 Shares of BlackRock $BLK

Payden & Rygel grew its holdings in shares of BlackRock (NYSE:BLK) by 3.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,500 shares of the asset manager’s stock after purchasing an additional 800 shares during the quarter. BlackRock comprises about 1.7% of Payden & Rygel’s investment portfolio, making the stock its 12th biggest position. Payden & Rygel’s holdings in BlackRock were worth $24,083,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BLK. Shum Financial Group Inc. raised its stake in shares of BlackRock by 0.4% in the 4th quarter. Shum Financial Group Inc. now owns 2,183 shares of the asset manager’s stock valued at $2,336,000 after acquiring an additional 9 shares in the last quarter. First Bancorp Inc ME raised its stake in shares of BlackRock by 2.9% in the 4th quarter. First Bancorp Inc ME now owns 321 shares of the asset manager’s stock valued at $344,000 after acquiring an additional 9 shares in the last quarter. Rather & Kittrell Inc. raised its stake in shares of BlackRock by 2.1% in the 4th quarter. Rather & Kittrell Inc. now owns 430 shares of the asset manager’s stock valued at $461,000 after acquiring an additional 9 shares in the last quarter. Oakworth Capital Inc. raised its stake in shares of BlackRock by 1.2% in the 4th quarter. Oakworth Capital Inc. now owns 755 shares of the asset manager’s stock valued at $808,000 after acquiring an additional 9 shares in the last quarter. Finally, Colton Groome Financial Advisors LLC raised its stake in shares of BlackRock by 0.9% in the 3rd quarter. Colton Groome Financial Advisors LLC now owns 1,097 shares of the asset manager’s stock valued at $1,279,000 after acquiring an additional 10 shares in the last quarter. Institutional investors 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 reportedly struck a €15 billion partnership with Citi to expand private European lending, which could deepen its presence in private credit and generate more fee revenue. Citi strikes €15bn partnership with BlackRock for private European lending
• Positive Sentiment: A wealth manager bought $5.8 million of BlackRock’s Active Country Rotation ETF, a small but favorable signal for continued demand for BlackRock-managed products. This Wealth Manager Just Bet $5.8 Million on BlackRock’s Active Country Rotation ETF
• Positive Sentiment: BlackRock is also being linked to a potential multi-billion-dollar investment in SpaceX’s IPO, which highlights its ability to participate in marquee capital-markets opportunities. BlackRock is said to weigh investing billions in SpaceX IPO
• Neutral Sentiment: BlackRock disclosed it crossed above a 3% stake in Fagron, reflecting active portfolio positioning but not a major stock-moving event by itself. Disclosure of transparency notifications from BlackRock, Inc.
• Neutral Sentiment: Commentary around BlackRock ETFs and long-term valuation suggests ongoing investor debate about the stock’s upside, but nothing conclusive enough to move shares on its own. Vanguard’s VOO vs. BlackRock’s DGRO: One ETF Offers Better Upside, Says Investor
• Negative Sentiment: BlackRock’s private credit fund is facing DOJ scrutiny over valuation practices, adding regulatory and reputational risk to an important growth area. BlackRock’s Troubled Private Credit Fund Draws DOJ Scrutiny
• Negative Sentiment: Separate reports said the Manhattan U.S. Attorney’s office is seeking information on BlackRock TCP Capital Corp., reinforcing concern that private-credit oversight could become a larger issue. BlackRock private credit fund’s valuations are probed by DOJ
• Negative Sentiment: BlackRock’s Bitcoin ETF saw accelerated selling after weeks of inflows, which may weigh on sentiment around its crypto-linked assets under management. BlackRock accelerates Bitcoin selloff amid bearish sentiment
• Negative Sentiment: BlackRock reportedly capped withdrawals from one of its private credit funds, a sign of stress in the asset class that may raise investor caution. The Asset Manager Whose Private Credit Fund Just Capped Withdrawals. Should BlackRock Investors Worry?
• Negative Sentiment: Harvard reportedly sold its entire Ethereum stake after previously buying BlackRock’s Ethereum ETF, a data point that could suggest softer enthusiasm for the product category. Harvard sold off its entire $87 million Ethereum stake just one quarter after buying it

Insider Buying and Selling at BlackRock

In related news, Director J. Richard Kushel sold 385 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $1,084.91, for a total value of $417,690.35. Following the sale, the director owned 3,335 shares of the company’s stock, valued at $3,618,174.85. The trade was a 10.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Stephen Cohen sold 225 shares of the company’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $1,069.56, for a total transaction of $240,651.00. Following the completion of the sale, the director directly owned 5,661 shares in the company, valued at approximately $6,054,779.16. The trade was a 3.82% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 45,249 shares of company stock worth $47,671,714. Insiders own 1.92% of the company’s stock.

Analysts Set New Price Targets

BLK has been the topic of several recent analyst reports. TD Cowen dropped their target price on shares of BlackRock from $1,238.00 to $1,105.00 and set a “hold” rating on the stock in a report on Thursday, April 9th. The Goldman Sachs Group lifted their target price on shares of BlackRock from $1,181.00 to $1,313.00 and gave the stock a “buy” rating in a report on Wednesday, April 15th. Freedom Capital upgraded shares of BlackRock from a “hold” rating to a “strong-buy” rating in a report on Friday, January 23rd. BMO Capital Markets lifted their target price on shares of BlackRock from $1,200.00 to $1,250.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Finally, Morgan Stanley lifted their target price on shares of BlackRock from $1,368.00 to $1,393.00 and gave the stock an “overweight” rating in a report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,269.06.

BlackRock Stock Performance

BLK opened at $1,085.60 on Tuesday. The stock has a market cap of $168.52 billion, a PE ratio of 27.25, a P/E/G ratio of 1.41 and a beta of 1.44. The company has a current ratio of 4.09, a quick ratio of 4.09 and a debt-to-equity ratio of 0.34. BlackRock has a 1 year low of $917.39 and a 1 year high of $1,219.94. The stock’s 50 day simple moving average is $1,010.27 and its 200-day simple moving average is $1,054.76.

BlackRock (NYSE:BLK) last released its quarterly earnings data on Tuesday, April 14th. The asset manager reported $12.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $12.40 by $0.13. The business had revenue of $6.70 billion for the quarter, compared to analysts’ expectations of $6.56 billion. BlackRock had a return on equity of 14.74% and a net margin of 24.40%.BlackRock’s quarterly revenue was up 27.0% on a year-over-year basis. During the same period in the previous year, the business posted $9.64 earnings per share. Sell-side analysts forecast that BlackRock will post 52.77 EPS for the current year.

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.