SVB Wealth LLC Sells 668 Shares of BlackRock $BLK

SVB Wealth LLC cut its position in BlackRock (NYSE:BLK) by 20.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,549 shares of the asset manager’s stock after selling 668 shares during the quarter. SVB Wealth LLC’s holdings in BlackRock were worth $2,698,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Summit Wealth Group LLC Co. lifted its stake in BlackRock by 2.8% during the 3rd quarter. Summit Wealth Group LLC Co. now owns 331 shares of the asset manager’s stock worth $350,000 after acquiring an additional 9 shares in the last quarter. Financial Management Professionals Inc. boosted its holdings in BlackRock by 1.8% during the 2nd quarter. Financial Management Professionals Inc. now owns 564 shares of the asset manager’s stock valued at $542,000 after acquiring an additional 10 shares during the period. JNBA Financial Advisors boosted its holdings in BlackRock by 1.4% during the 2nd quarter. JNBA Financial Advisors now owns 706 shares of the asset manager’s stock valued at $679,000 after acquiring an additional 10 shares during the period. McGlone Suttner Wealth Management Inc. grew its position in BlackRock by 0.8% in the 3rd quarter. McGlone Suttner Wealth Management Inc. now owns 1,205 shares of the asset manager’s stock valued at $1,275,000 after acquiring an additional 10 shares in the last quarter. Finally, Revolve Wealth Partners LLC grew its position in BlackRock by 2.9% in the 3rd quarter. Revolve Wealth Partners LLC now owns 360 shares of the asset manager’s stock valued at $381,000 after acquiring an additional 10 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Insider Activity

In related news, Director Rachel Lord sold 7,000 shares of BlackRock stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $1,219.55, for a total value of $8,536,850.00. Following the completion of the transaction, the director owned 6,065 shares in the company, valued at $7,396,570.75. The trade was a 53.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.92% of the company’s stock.

More BlackRock News

These are some of the BLK news items that stood out recently:

• Positive Sentiment: BlackRock’s expansion in private markets, strategic acquisitions and record $15.49 trillion in assets under management are cited as potential long-term growth drivers, though rising expenses could temper the benefit. Article: BlackRock’s Private Markets Expansion: A Key Long-Term Growth Driver?
• Neutral Sentiment: BlackRock executives discussed liquid alternative strategies, product launches and AI-managed portfolios, highlighting areas of product development without a specific financial impact reported. Article: ETF Prime: BlackRock on Liquid Alts & the Rise of AI-Managed Portfolios
• Negative Sentiment: Director Rachel Lord sold 7,000 shares, reducing her reported ownership by 53.58%. Insider sales can raise concern, although the filing does not establish the reason for the transaction. SEC filing: BlackRock Form 4

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on BLK shares. 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. Truist Financial set a $1,310.00 price objective on shares of BlackRock in a research note on Thursday, October 15th. Zacks Research cut shares of BlackRock from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 25th. UBS Group lifted their price objective on shares of BlackRock from $1,277.00 to $1,300.00 and gave the company a “buy” rating in a report on Thursday, October 15th. Finally, The Goldman Sachs Group cut their target price on shares of BlackRock from $1,389.00 to $1,346.00 and set a “buy” rating on the stock in a research note on Friday, October 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,342.25.

BlackRock Trading Down 0.8%

NYSE:BLK opened at $1,216.48 on Friday. The firm has a market cap of $188.40 billion, a PE ratio of 27.66, a price-to-earnings-growth ratio of 1.27 and a beta of 1.37. The stock has a fifty day moving average price of $1,111.47 and a 200 day moving average price of $1,067.29. BlackRock has a 12-month low of $917.39 and a 12-month high of $1,242.12. The company has a current ratio of 3.44, a quick ratio of 3.44 and a debt-to-equity ratio of 0.28.

BlackRock (NYSE:BLK) last released its earnings results on Wednesday, October 14th. The asset manager reported $15.93 EPS for the quarter, topping the consensus estimate of $14.32 by $1.61. BlackRock had a return on equity of 15.60% and a net margin of 24.22%. The firm had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.42 billion. During the same period in the previous year, the firm posted $8.43 EPS. BlackRock’s revenue for the quarter was up 19.1% on a year-over-year basis. Sell-side analysts anticipate that BlackRock will post 57.82 earnings per share for the current fiscal year.

BlackRock Profile

BlackRock, Inc. is a global investment management and financial technology company serving individuals, institutions, governments and other organizations. Founded in 1988, the company is headquartered in New York City and operates in markets around the world. BlackRock offers investment products and services across asset classes, including equities, fixed income, cash management and alternative investments. Its offerings include exchange-traded funds and other funds under the iShares brand, as well as portfolio management, investment advisory and risk management services.