Corient Private Wealth LP Purchases New Shares in BlackRock $BLK

Corient Private Wealth LP purchased a new position in shares of BlackRock (NYSE:BLK) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 101,646 shares of the asset manager’s stock, valued at approximately $97,739,000. Corient Private Wealth LP owned 0.07% of BlackRock at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BLK. BlackRock Inc. acquired a new stake in shares of BlackRock during the second quarter valued at about $9,747,857,000. Corient Private Wealth LLC lifted its stake in shares of BlackRock by 5,190.3% in the fourth quarter. Corient Private Wealth LLC now owns 5,490,422 shares of the asset manager’s stock worth $5,876,618,000 after acquiring an additional 5,386,640 shares in the last quarter. Bank of America Corp DE purchased a new position in BlackRock in the second quarter valued at about $4,409,095,000. Norges Bank purchased a new position in BlackRock in the fourth quarter valued at about $2,742,680,000. Finally, Santa Clara Valley Transportation Authority acquired a new stake in BlackRock during the 2nd quarter valued at approximately $129,138,253,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about BlackRock

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock’s iShares Bitcoin Trust (IBIT) has processed more than $5 billion in tax-deferred conversions from directly held Bitcoin. Reducing the minimum conversion size from $25 million to $1 million could make the product accessible to more wealthy investors and institutions, potentially supporting assets under management and fee revenue. However, these transactions transfer existing Bitcoin into the ETF rather than representing equivalent new cash inflows. Bitcoin to $100K? BlackRock’s $5B ETF Shift Pulls More BTC Into Wall Street
• Positive Sentiment: Wall Street analysts remain broadly optimistic about BlackRock’s growth prospects and target price, despite the shares’ strong multiyear advance. What Are Wall Street Analysts’ Target Price for BlackRock Stock?
• Neutral Sentiment: BlackRock named Jessica Tan to lead its global product unit, a management change that could influence future product development and distribution but whose financial impact is not yet clear. BlackRock names Jessica Tan to head global product unit
• Neutral Sentiment: The company announced final August cash distributions for the iShares Premium Money Market ETF. The announcement is routine and primarily affects fund investors rather than BlackRock’s corporate earnings. BlackRock Canada Announces Final August Cash Distributions
• Negative Sentiment: Rosen Law Firm said it is investigating potential securities claims involving BlackRock mutual funds, alleging that the company may have issued materially misleading business information. The announcement does not establish wrongdoing, but it introduces potential legal, reputational and financial risk. BlackRock Investor News: Rosen Law Firm Investigation
• Negative Sentiment: One valuation review says BlackRock now trades near fair value on intrinsic estimates and looks expensive on earnings multiples after an approximately 82% three-year return, limiting near-term upside unless earnings and fee growth accelerate. BlackRock Stock Looks Fully Valued After an 82% Run

BlackRock Price Performance

Shares of NYSE BLK opened at $1,174.17 on Thursday. The company has a current ratio of 3.59, a quick ratio of 3.59 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $181.84 billion, a price-to-earnings ratio of 28.06, a price-to-earnings-growth ratio of 1.30 and a beta of 1.42. BlackRock has a twelve month low of $917.39 and a twelve month high of $1,219.94. The business has a 50 day simple moving average of $1,075.18 and a 200-day simple moving average of $1,045.98.

BlackRock (NYSE:BLK) last announced its quarterly earnings data on Wednesday, July 15th. The asset manager reported $13.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $12.69 by $1.22. The firm had revenue of $7.08 billion for the quarter, compared to analysts’ expectations of $6.73 billion. BlackRock had a return on equity of 14.90% and a net margin of 24.09%.The firm’s revenue for the quarter was up 30.6% on a year-over-year basis. During the same period last year, the business posted $12.05 earnings per share. As a group, equities research analysts expect that BlackRock will post 55.86 earnings per share for the current year.

BlackRock Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be issued a dividend of $5.73 per share. This represents a $22.92 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 8th. BlackRock’s dividend payout ratio is 54.78%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on BLK shares. BMO Capital Markets lifted their price objective on BlackRock from $1,250.00 to $1,300.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. Bank of America increased their target price on BlackRock from $1,298.00 to $1,320.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. The Goldman Sachs Group restated a “buy” rating and issued a $1,389.00 price target on shares of BlackRock in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $1,258.00 price objective on shares of BlackRock in a research note on Thursday, July 16th. Finally, BNP Paribas Exane boosted their target price on shares of BlackRock from $1,300.00 to $1,350.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $1,311.06.

About BlackRock

BlackRock, Inc is a global investment management firm that provides a broad range of products and services to institutional, intermediary and individual investors. Its core activities include portfolio management across active and index strategies, exchange-traded funds (ETFs) under the iShares brand, fixed income, equity and multi-asset solutions, as well as alternatives such as private equity, real estate and infrastructure. The firm also offers cash management and liquidity solutions and retirement-focused products designed for defined contribution and defined benefit investors.

In addition to traditional investment management, BlackRock is known for its technology and risk management capabilities, most prominently its Aladdin platform, which combines portfolio management, trading and risk analytics and is used both internally and licensed to external clients.