Modera Wealth Management LLC Sells 1,201 Shares of BlackRock $BLK

Modera Wealth Management LLC cut its holdings in shares of BlackRock (NYSE:BLK) by 2.2% during the third quarter, Holdings Channel reports. The firm owned 52,987 shares of the asset manager’s stock after selling 1,201 shares during the quarter. Modera Wealth Management LLC’s holdings in BlackRock were worth $56,075,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of BlackRock in the second quarter valued at approximately $9,747,857,000. Temasek Holdings Private Ltd increased its stake 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 buying an additional 237,667 shares during the period. Bank of America Corp DE lifted 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 worth $5,032,603,000 after buying an additional 35,069 shares in the last quarter. Wellington Management Group LLP lifted 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 worth $4,322,283,000 after buying an additional 850,406 shares in the last quarter. Finally, Santa Clara Valley Transportation Authority purchased a new position in BlackRock in the 2nd quarter valued at approximately $129,138,253,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analysts Set New Price Targets

BLK has been the subject of several research reports. TD Cowen upgraded shares of BlackRock from a “hold” rating to a “buy” rating and boosted their price target for the stock from $1,212.00 to $1,405.00 in a research note on Tuesday, October 20th. Jefferies Financial Group reiterated a “buy” rating and issued a $1,341.00 price objective on shares of BlackRock in a research note on Wednesday. Weiss Ratings lowered BlackRock from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. JPMorgan Chase & Co. boosted their target price on BlackRock from $1,435.00 to $1,449.00 and gave the stock an “overweight” rating in a research note on Thursday, October 15th. Finally, BMO Capital Markets boosted their target price on BlackRock from $1,300.00 to $1,350.00 and gave the stock an “outperform” rating in a research note on Monday, October 19th. One research 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 presently has an average rating of “Moderate Buy” and an average price target of $1,342.25.

BlackRock Price Performance

Shares of BLK opened at $1,147.61 on Friday. BlackRock has a twelve month low of $917.39 and a twelve month high of $1,187.17. The firm’s fifty day simple moving average is $1,103.88 and its 200-day simple moving average is $1,064.04. The firm has a market capitalization of $177.73 billion, a price-to-earnings ratio of 26.09, a PEG ratio of 1.22 and a beta of 1.41. The company has a current ratio of 3.59, a quick ratio of 3.59 and a debt-to-equity ratio of 0.33.

BlackRock (NYSE:BLK) last released its quarterly earnings data on Wednesday, October 14th. The asset manager reported $15.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $14.32 by $1.61. The business had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.42 billion. BlackRock had a net margin of 24.22% and a return on equity of 16.08%. The company’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same period in the previous year, the company earned $8.43 EPS. Equities analysts forecast that BlackRock will post 57.82 EPS for the current fiscal year.

More BlackRock News

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: Private-market assets are projected to exceed $34 trillion by 2031, supporting BlackRock’s long-term growth opportunity in private equity, private credit and other alternative investments. Private markets assets forecast to exceed $34tn by 2031, says Preqin
• Positive Sentiment: BlackRock disclosed that its ownership of OMV rose above 5%, indicating increased exposure to the energy company, although the investment’s direct effect on BlackRock’s earnings is likely limited. BlackRock Lifts OMV Stake Above 5% Threshold
• Neutral Sentiment: BlackRock’s closed-end funds announced estimated distribution sources. The disclosure is routine and mainly provides investors with information about income, capital gains and potential return of capital. Certain BlackRock Closed-End Funds Announce Estimated Sources of Distributions
• Neutral Sentiment: The SEC is reviewing whether existing ETF rules adequately cover newer crypto products beyond bitcoin and ether. Clearer regulation could benefit BlackRock over time, but uncertainty may slow product development in the near term. Crypto ETFs Already Go Far Beyond Bitcoin. The SEC Wants to Know If Its Rules Have Kept Up
• Negative Sentiment: A reported $6.3 billion Binance security breach triggered a crypto-market shock, sending BlackRock’s iShares Bitcoin Trust (IBIT) lower. Falling crypto prices can reduce ETF assets under management and fee revenue while damaging sentiment toward BlackRock’s digital-asset expansion. Binance’s $6.3B Hack Sends Bitcoin ETF Tumbling 5%

BlackRock Profile

BlackRock, Inc is a global investment management and financial technology company headquartered in New York. Founded in 1988, the company provides investment, technology and advisory services to institutional and individual investors, governments, foundations and other clients worldwide.

BlackRock offers a broad range of investment products and strategies, including equity and fixed-income funds, index funds, exchange-traded funds through its iShares business, multi-asset portfolios, cash-management products and alternative investments.