BlackRock $BLK Shares Bought by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC boosted its position in shares of BlackRock (NYSE:BLK) by 6,410.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,255 shares of the asset manager’s stock after acquiring an additional 3,205 shares during the quarter. Provenance Wealth Advisors LLC’s holdings in BlackRock were worth $3,445,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Hughes Financial Services LLC lifted its stake in shares of BlackRock by 22.2% in the 3rd quarter. Hughes Financial Services LLC now owns 55 shares of the asset manager’s stock worth $58,000 after purchasing an additional 10 shares during the period. Associated Banc Corp bought a new stake in BlackRock during the third quarter valued at approximately $30,089,000. Putney Financial Group LLC purchased a new stake in BlackRock during the third quarter valued at approximately $32,000. Richwood Investment Advisors LLC bought a new position in BlackRock in the third quarter worth approximately $202,000. Finally, Integrity Alliance LLC. raised its position in BlackRock by 5.4% in the third quarter. Integrity Alliance LLC. now owns 1,511 shares of the asset manager’s stock worth $1,599,000 after acquiring an additional 78 shares during the period. Institutional investors own 80.69% of the company’s stock.

Key Headlines Impacting BlackRock

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock launched an actively managed iShares ETF focused on robotics and related technologies, adding to its product lineup and giving it a potential avenue to attract assets in a growing investment theme. BlackRock Could Be 13% Overvalued As Robotics ETF Launch Tests Valuation
• Positive Sentiment: BlackRock and Premialab are integrating quantitative-strategy data and analytics into Aladdin, potentially strengthening the platform’s usefulness to institutional clients. BlackRock Brings Quantitative Strategy Analytics Into Aladdin
• Neutral Sentiment: A valuation analysis suggested BLK could be about 13% overvalued, tempering the positive product-launch news. This is an analyst/model assessment rather than a company announcement. BlackRock Could Be 13% Overvalued As Robotics ETF Launch Tests Valuation
• Negative Sentiment: Crypto-fund withdrawals are the clearest near-term concern: BlackRock’s iShares Bitcoin Trust (IBIT) saw about $405 million leave on Monday, while U.S. spot Bitcoin ETFs recorded roughly $399 million in net outflows. Separate reports also point to substantial sales of Bitcoin and Ethereum holdings. Continued redemptions could weigh on crypto-related assets under management and investor sentiment toward BLK. BlackRock’s IBIT Sees Biggest Bitcoin ETF Outflows Since June

Analysts Set New Price Targets

Several research analysts have recently weighed in on BLK shares. Truist Financial set a $1,310.00 price target on shares of BlackRock in a research note on Thursday, October 15th. Deutsche Bank Aktiengesellschaft upped their price objective on BlackRock from $1,315.00 to $1,355.00 and gave the stock a “buy” rating in a research note on Thursday, October 15th. Wells Fargo & Company raised their target price on BlackRock from $1,230.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, October 15th. UBS Group lifted their target price on BlackRock from $1,277.00 to $1,300.00 and gave the company a “buy” rating in a research report on Thursday, October 15th. Finally, Bank of America cut their price target on BlackRock from $1,320.00 to $1,287.00 in a report on Monday, October 5th. 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. Based on data from MarketBeat, BlackRock has a consensus rating of “Moderate Buy” and a consensus target price of $1,342.25.

BlackRock Price Performance

Shares of BlackRock stock opened at $1,160.28 on Wednesday. The stock has a 50 day moving average of $1,103.81 and a 200 day moving average of $1,064.77. BlackRock has a 12 month low of $917.39 and a 12 month high of $1,187.17. The firm has a market cap of $179.69 billion, a PE ratio of 26.38, a PEG ratio of 1.21 and a beta of 1.37. 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 results on Wednesday, October 14th. The asset manager reported $15.93 earnings per share for the quarter, beating the consensus estimate of $14.32 by $1.61. BlackRock had a return on equity of 16.08% and a net margin of 24.22%. The business had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.42 billion. During the same quarter last year, the business posted $8.43 EPS. The firm’s revenue for the quarter was up 19.1% compared to the same quarter last year. On average, research analysts expect that BlackRock will post 57.82 EPS for the current fiscal year.

About BlackRock

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.