Resources Management Corp CT ADV Cuts Holdings in BlackRock $BLK

Resources Management Corp CT ADV decreased its stake in shares of BlackRock (NYSE:BLK) by 60.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 13,819 shares of the asset manager’s stock after selling 21,164 shares during the period. BlackRock accounts for approximately 1.9% of Resources Management Corp CT ADV’s portfolio, making the stock its 12th biggest position. Resources Management Corp CT ADV’s holdings in BlackRock were worth $14,791,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of BLK. Norges Bank purchased a new stake in BlackRock during the 4th quarter worth about $2,742,680,000. Oak Harvest Investment Services increased its holdings in BlackRock by 12,176.1% during the 4th quarter. Oak Harvest Investment Services now owns 1,595,153 shares of the asset manager’s stock worth $1,707,356,000 after purchasing an additional 1,582,159 shares during the period. Blue Owl Capital Holdings LP purchased a new stake in BlackRock during the 4th quarter worth about $1,012,487,000. Viking Global Investors LP increased its holdings in BlackRock by 217.5% during the 3rd quarter. Viking Global Investors LP now owns 619,492 shares of the asset manager’s stock worth $722,247,000 after purchasing an additional 424,388 shares during the period. Finally, Franklin Resources Inc. increased its holdings in BlackRock by 13.9% during the 4th quarter. Franklin Resources Inc. now owns 2,070,468 shares of the asset manager’s stock worth $2,216,105,000 after purchasing an additional 253,314 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Trending Headlines about BlackRock

Here are the key news stories impacting BlackRock this week:

• Negative Sentiment: BlackRock’s private-credit funds saw redemption requests far above the cap, and the firm is again limiting withdrawals, which could weigh on sentiment around its alternatives business. Reuters article
• Negative Sentiment: Bloomberg and other reports said BlackRock’s HPS/HLEND private-credit vehicles capped redemptions after investors sought to withdraw more than 5%, underscoring continued pressure in the funds. Bloomberg article
• Neutral Sentiment: BlackRock also reported buying additional Bitcoin and Ethereum holdings, and it is preparing an income-focused Bitcoin ETF, highlighting continued growth in its digital-asset franchise. Finbold article
• Neutral Sentiment: Reports that BlackRock may seek about $5 billion of SpaceX IPO shares point to strong client demand and product breadth, but this is not as immediate a driver as the redemption headlines. Reuters article

Analyst Ratings Changes

Several equities research analysts have weighed in on BLK shares. Weiss Ratings upgraded BlackRock from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 13th. BMO Capital Markets upped their price target on BlackRock from $1,200.00 to $1,250.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. The Goldman Sachs Group upped their price target on BlackRock from $1,181.00 to $1,313.00 and gave the stock a “buy” rating in a report on Wednesday, April 15th. UBS Group upped their price target on BlackRock from $1,235.00 to $1,270.00 and gave the stock a “buy” rating in a report on Wednesday, April 15th. Finally, Keefe, Bruyette & Woods upped their price target on BlackRock from $1,150.00 to $1,240.00 and gave the stock an “outperform” rating in a report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $1,264.61.

BlackRock Trading Down 0.1%

NYSE:BLK opened at $1,031.45 on Monday. The stock has a 50-day simple moving average of $1,039.86 and a 200-day simple moving average of $1,051.60. The stock has a market cap of $160.12 billion, a P/E ratio of 25.89, a P/E/G ratio of 1.34 and a beta of 1.42. BlackRock has a 1 year low of $917.39 and a 1 year high of $1,219.94. The company has a debt-to-equity ratio of 0.34, a quick ratio of 4.09 and a current ratio of 4.09.

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, topping the consensus estimate of $12.40 by $0.13. The business had revenue of $6.70 billion during 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%.The business’s quarterly revenue was up 27.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $9.64 EPS. As a group, analysts anticipate that BlackRock will post 52.8 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th will be given a dividend of $5.73 per share. This represents a $22.92 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. BlackRock’s dividend payout ratio is currently 57.53%.

Insider Activity

In other news, CEO Laurence Fink sold 33,900 shares of the company’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $1,050.55, for a total transaction of $35,613,645.00. Following the completion of the transaction, the chief executive officer directly owned 230,516 shares of the company’s stock, valued at approximately $242,168,583.80. This represents a 12.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Robert Kapito sold 8,739 shares of the company’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $1,056.60, for a total value of $9,233,627.40. Following the transaction, the president directly owned 210,186 shares of the company’s stock, valued at approximately $222,082,527.60. This represents a 3.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.92% of the company’s stock.

BlackRock Profile

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.