BlackRock $BLK Shares Sold by Provident Investment Management Inc.

Provident Investment Management Inc. reduced its holdings in BlackRock (NYSE:BLK) by 6.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,641 shares of the asset manager’s stock after selling 2,859 shares during the period. BlackRock comprises about 4.7% of Provident Investment Management Inc.’s holdings, making the stock its 7th largest holding. Provident Investment Management Inc.’s holdings in BlackRock were worth $47,243,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Compass Ion Advisors LLC grew its stake in BlackRock by 39.5% during the 3rd quarter. Compass Ion Advisors LLC now owns 540 shares of the asset manager’s stock valued at $571,000 after acquiring an additional 153 shares in the last quarter. Code Waechter LLC increased its holdings in shares of BlackRock by 7.6% in the 3rd quarter. Code Waechter LLC now owns 242 shares of the asset manager’s stock valued at $256,000 after purchasing an additional 17 shares during the period. Signaturefd LLC increased its holdings in shares of BlackRock by 4.6% in the 3rd quarter. Signaturefd LLC now owns 1,581 shares of the asset manager’s stock valued at $1,673,000 after purchasing an additional 69 shares during the period. McGuire Investment Group LLC lifted its position in shares of BlackRock by 0.5% in the third quarter. McGuire Investment Group LLC now owns 10,747 shares of the asset manager’s stock worth $11,373,000 after purchasing an additional 53 shares in the last quarter. Finally, Citizens Financial Group Inc. RI lifted its position in shares of BlackRock by 12.9% in the third quarter. Citizens Financial Group Inc. RI now owns 5,944 shares of the asset manager’s stock worth $6,291,000 after purchasing an additional 679 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

BlackRock Stock Down 0.1%

BLK opened at $1,117.12 on Monday. BlackRock has a fifty-two week low of $917.39 and a fifty-two week high of $1,187.17. The business has a 50-day moving average of $1,103.45 and a 200-day moving average of $1,069.70. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.59 and a quick ratio of 3.59. The company has a market capitalization of $173.01 billion, a PE ratio of 25.40, a price-to-earnings-growth ratio of 1.16 and a beta of 1.41.

BlackRock (NYSE:BLK) last announced its quarterly earnings results on Wednesday, October 14th. The asset manager reported $15.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $14.32 by $1.61. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.42 billion. BlackRock had a return on equity of 16.08% and a net margin of 24.22%. The firm’s revenue 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 research analysts forecast that BlackRock will post 57.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

BLK has been the subject of several research reports. JPMorgan Chase & Co. raised their price target on shares of BlackRock from $1,435.00 to $1,449.00 and gave the stock an “overweight” rating in a report on Thursday, October 15th. Jefferies Financial Group upped their price objective on shares of BlackRock from $1,222.00 to $1,260.00 and gave the company a “buy” rating in a research note on Tuesday, October 6th. Truist Financial set a $1,310.00 price objective on shares of BlackRock in a research note on Thursday, October 15th. UBS Group increased their target price on shares of BlackRock from $1,277.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Thursday, October 15th. Finally, Morgan Stanley lifted their target price on shares of BlackRock from $1,468.00 to $1,531.00 and gave the company an “overweight” rating in a research note on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, BlackRock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,337.19.

Key BlackRock News

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock’s spot Bitcoin ETFs were among the leading beneficiaries of a three-day buying streak, with U.S. Bitcoin ETFs attracting $524.8 million on October 21. Sustained inflows can increase assets under management and fee revenue for BlackRock. Bitcoin ETFs Draw $524.8 Million As BlackRock And Fidelity Lead
• Positive Sentiment: The company filed for the iShares Bitcoin Managed Protection ETF, designed to provide Bitcoin exposure with downside-management features, and launched an actively managed robotics ETF. The products broaden BlackRock’s crypto, artificial-intelligence, and thematic ETF lineup and could support future asset gathering. BlackRock Files Bitcoin Protection ETF And Launches Active Robotics Fund
• Positive Sentiment: BlackRock’s HPS Investment Partners plans to invest up to $434.6 million in TBS Energi Utama, highlighting continued expansion of its private-markets and alternative-investment platform. BlackRock’s HPS Investment Partners to Invest Up to $434.6 million in TBS Energi Utama
• Neutral Sentiment: BlackRock joined the Depository Trust & Clearing Corporation’s tokenization initiative with Ripple Prime and JPMorgan. The move strengthens BlackRock’s institutional digital-asset positioning, although its effect on fee revenue and earnings remains uncertain. Ripple Joined DTCC’s Tokenization Push
• Negative Sentiment: CEO Larry Fink warned that a slowdown in data-center construction could raise inflation and contribute to a U.S. recession, adding to macroeconomic concerns for asset managers and markets. Larry Fink Warns Data Center Slowdown Could Push US Into Recession
• Negative Sentiment: The reported transfer of crypto assets to Coinbase Prime may be viewed as a possible liquidation signal, even though there is no confirmation that BlackRock or its ETF investors are selling. BlackRock Moved $262 Million in Bitcoin to Coinbase

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.