BlackRock $BLK Stock Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of BlackRock (NYSE:BLK) by 2.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 323,300 shares of the asset manager’s stock after selling 8,881 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in BlackRock were worth $342,145,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of BLK. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of BlackRock during the 3rd quarter worth $40,875,000. Aviance Capital Partners LLC grew its position in BlackRock by 1.5% in the third quarter. Aviance Capital Partners LLC now owns 8,329 shares of the asset manager’s stock worth $8,814,000 after acquiring an additional 123 shares in the last quarter. Stevens Capital Partners bought a new position in BlackRock in the third quarter valued at $234,000. Profund Advisors LLC increased its stake in BlackRock by 11.0% in the third quarter. Profund Advisors LLC now owns 1,342 shares of the asset manager’s stock valued at $1,420,000 after acquiring an additional 133 shares during the last quarter. Finally, Vise Technologies Inc. increased its stake in BlackRock by 11.9% in the third quarter. Vise Technologies Inc. now owns 14,233 shares of the asset manager’s stock valued at $15,062,000 after acquiring an additional 1,513 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

BlackRock Price Performance

BLK stock opened at $1,147.61 on Friday. The firm has a market cap of $177.73 billion, a P/E ratio of 26.09, a P/E/G ratio of 1.19 and a beta of 1.41. The firm’s fifty day moving average is $1,103.88 and its 200 day moving average is $1,064.04. BlackRock has a 52 week low of $917.39 and a 52 week high of $1,187.17. The company has a debt-to-equity ratio of 0.33, a quick ratio of 3.59 and a current ratio of 3.59.

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

BlackRock News Summary

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%

Analyst Ratings Changes

BLK has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft raised their price target on BlackRock from $1,315.00 to $1,355.00 and gave the company a “buy” rating in a research report on Thursday, October 15th. The Goldman Sachs Group cut their price objective on BlackRock from $1,389.00 to $1,346.00 and set a “buy” rating for the company in a report on Friday, October 2nd. BNP Paribas Exane increased their price objective on BlackRock from $1,370.00 to $1,430.00 and gave the company an “outperform” rating in a research report on Thursday, October 15th. TD Cowen upgraded BlackRock from a “hold” rating to a “buy” rating and increased their price objective for the company from $1,212.00 to $1,405.00 in a research report on Tuesday, October 20th. Finally, JPMorgan Chase & Co. raised their price objective on BlackRock from $1,435.00 to $1,449.00 and gave the company an “overweight” rating in a report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,342.25.

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.