Waycross Partners LLC Acquires New Position in BlackRock $BLK

Waycross Partners LLC bought a new position in BlackRock (NYSE:BLK) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,853 shares of the asset manager’s stock, valued at approximately $1,961,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in BlackRock in the second quarter worth approximately $9,747,857,000. Bank of America Corp DE acquired a new stake in shares of BlackRock during the 2nd quarter valued at $4,409,095,000. Santa Clara Valley Transportation Authority acquired a new stake in shares of BlackRock during the 2nd quarter valued at $129,138,253,000. Wellington Management Group LLP boosted its stake in shares of BlackRock by 23.3% during the 2nd quarter. Wellington Management Group LLP now owns 4,495,074 shares of the asset manager’s stock worth $4,322,283,000 after acquiring an additional 850,406 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of BlackRock in the 2nd quarter worth $807,039,000. 80.69% of the stock is owned by institutional investors and hedge funds.

BlackRock News Roundup

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock executives described potential shifts in equity markets and opportunities in AI-related debt financing. The company also said political changes following the U.S. midterms will not alter its crypto strategy, signaling continuity in its digital-asset plans. Rieder on equity rebalancing BlackRock’s crypto strategy
• Positive Sentiment: Preqin, BlackRock’s private-markets data business, is partnering with an AI-powered capital-introduction platform. The collaboration may extend the reach of its institutional data offering, though the financial impact is not specified. Preqin and iConnections collaboration
• Neutral Sentiment: Larry Fink argued that workers have fallen behind investors, prompting discussion of pay, investment returns and market ownership. This is a broader economic commentary rather than a direct update on BlackRock’s earnings or outlook. Larry Fink on workers and investors
• Negative Sentiment: BlackRock’s iShares Bitcoin Trust (IBIT) continued to see withdrawals even as some reports described a rebound in overall crypto ETF flows. Further outflows could pressure fund assets and related fee revenue, although the reports do not quantify a material effect on BlackRock’s overall results. BlackRock ETF withdrawals

BlackRock Stock Up 0.7%

Shares of BlackRock stock traded up $7.65 during midday trading on Friday, hitting $1,178.32. The company’s stock had a trading volume of 521,271 shares, compared to its average volume of 691,463. The firm has a market capitalization of $182.49 billion, a P/E ratio of 26.79, a PEG ratio of 1.21 and a beta of 1.37. The stock has a 50-day simple moving average of $1,104.90 and a 200-day simple moving average of $1,065.48. The company has a quick ratio of 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 0.33. BlackRock has a 1-year low of $917.39 and a 1-year high of $1,242.12.

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, beating the consensus estimate of $14.32 by $1.61. The firm had revenue of $7.75 billion for 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%. BlackRock’s quarterly revenue was up 19.1% on a year-over-year basis. During the same period in the previous year, the firm earned $8.43 earnings per share. As a group, sell-side analysts expect that BlackRock will post 57.82 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently commented on BLK shares. TD Cowen raised BlackRock from a “hold” rating to a “buy” rating and upped their target price for the company from $1,212.00 to $1,405.00 in a report on Tuesday, October 20th. Barclays dropped their price target on BlackRock from $1,420.00 to $1,410.00 and set an “overweight” rating on the stock in a research note on Thursday, October 15th. BNP Paribas Exane boosted their price objective on BlackRock from $1,370.00 to $1,430.00 and gave the stock an “outperform” rating in a report on Thursday, October 15th. UBS Group upped their price objective on shares of BlackRock from $1,277.00 to $1,300.00 and gave the company a “buy” rating in a research note on Thursday, October 15th. Finally, BMO Capital Markets raised their target price on shares of BlackRock from $1,300.00 to $1,350.00 and gave the stock an “outperform” rating in a report on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,342.25.

About BlackRock

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.

The company also provides Aladdin, a technology platform used by investors and financial institutions for portfolio management, operations and risk analysis.