2,859 BlackRock $BLK Shares Sold by Provident Investment Management Inc.

Provident Investment Management Inc. lowered its stake in BlackRock (NYSE:BLK) by 6.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,641 shares of the asset manager’s stock after selling 2,859 shares during the period. BlackRock makes up approximately 4.7% of Provident Investment Management Inc.’s holdings, making the stock its 7th biggest position. Provident Investment Management Inc.’s holdings in BlackRock were worth $47,243,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in BLK. Compass Ion Advisors LLC increased its holdings in shares of 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 during the last quarter. Code Waechter LLC lifted its holdings in BlackRock by 7.6% in the 3rd quarter. Code Waechter LLC now owns 242 shares of the asset manager’s stock worth $256,000 after purchasing an additional 17 shares during the last quarter. Signaturefd LLC lifted its holdings in BlackRock by 4.6% in the 3rd quarter. Signaturefd LLC now owns 1,581 shares of the asset manager’s stock worth $1,673,000 after purchasing an additional 69 shares during the last quarter. McGuire Investment Group LLC boosted its position in BlackRock by 0.5% during 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 during the period. Finally, Citizens Financial Group Inc. RI boosted its position in BlackRock by 12.9% during 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 during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on BLK shares. JPMorgan Chase & Co. increased their price target on BlackRock from $1,435.00 to $1,449.00 and gave the company an “overweight” rating in a report on Thursday, October 15th. Wells Fargo & Company boosted their target price on shares of BlackRock from $1,230.00 to $1,250.00 and gave the company an “overweight” rating in a research note on Thursday, October 15th. Evercore reiterated an “outperform” rating and set a $1,275.00 target price (down from $1,300.00) on shares of BlackRock in a research report on Friday, October 9th. Zacks Research downgraded shares of BlackRock from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 25th. Finally, Bank of America reduced their price target on shares of BlackRock from $1,320.00 to $1,287.00 in a research report on Monday, October 5th. One research 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. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $1,337.19.

BlackRock Stock Down 0.1%

NYSE BLK opened at $1,117.12 on Monday. The stock’s 50 day simple moving average is $1,103.45 and its 200 day simple moving average is $1,069.70. BlackRock has a one year low of $917.39 and a one year high of $1,187.17. The firm has a market cap 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. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.59 and a quick ratio of 3.59.

BlackRock (NYSE:BLK) last issued its quarterly earnings data 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. BlackRock had a return on equity of 16.08% and a net margin of 24.22%. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.42 billion. During the same quarter in the previous year, the company posted $8.43 EPS. The business’s revenue for the quarter was up 19.1% compared to the same quarter last year. As a group, sell-side analysts forecast that BlackRock will post 57.82 earnings per share for the current fiscal year.

More 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 Company 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.