Amundi Trims Stake in BlackRock $BLK

Key Points

• Amundi reduced its BlackRock stake by 3.2% in the second quarter, selling 20,244 shares and retaining 621,534 shares valued at approximately $597.6 million. Institutional investors collectively own 80.69% of BlackRock.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $1,311.06, despite one firm downgrading the stock to “Hold.”
• BlackRock reported strong quarterly results, with earnings of $13.91 per share and revenue of $7.08 billion, up 30.6% year over year. The company also declared a quarterly dividend of $5.73 per share, representing a 2.0% annualized yield.

Amundi trimmed its holdings in shares of BlackRock (NYSE:BLK - Free Report) by 3.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 621,534 shares of the asset manager's stock after selling 20,244 shares during the quarter. Amundi owned about 0.40% of BlackRock worth $597,642,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. California State Teachers Retirement System raised its holdings in shares of BlackRock by 96,671.4% during the 2nd quarter. California State Teachers Retirement System now owns 213,813,443 shares of the asset manager's stock valued at $205,594,454,000 after buying an additional 213,592,496 shares in the last quarter. BlackRock Inc. purchased a new stake in BlackRock in the second quarter worth approximately $9,747,857,000. State Street Corp boosted its stake in BlackRock by 0.5% in the fourth quarter. State Street Corp now owns 6,264,545 shares of the asset manager's stock worth $6,705,193,000 after buying an additional 33,752 shares in the last quarter. Corient Private Wealth LLC grew its position in BlackRock by 5,190.3% during the fourth quarter. Corient Private Wealth LLC now owns 5,490,422 shares of the asset manager's stock valued at $5,876,618,000 after acquiring an additional 5,386,640 shares during the last quarter. Finally, Temasek Holdings Private Ltd raised its stake in shares of BlackRock by 4.7% during the first quarter. Temasek Holdings Private Ltd now owns 5,330,492 shares of the asset manager's stock worth $5,126,387,000 after acquiring an additional 237,667 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the stock. BNP Paribas Exane upped their price target on shares of BlackRock from $1,300.00 to $1,350.00 and gave the company an "outperform" rating in a research report on Tuesday, June 23rd. The Goldman Sachs Group reissued a "buy" rating and issued a $1,389.00 target price on shares of BlackRock in a research note on Thursday, July 16th. Zacks Research lowered BlackRock from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 25th. Evercore reiterated an "outperform" rating and set a $1,260.00 price target on shares of BlackRock in a report on Monday, August 10th. Finally, UBS Group increased their target price on shares of BlackRock from $1,270.00 to $1,320.00 and gave the stock a "buy" rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, BlackRock presently has an average rating of "Moderate Buy" and a consensus price target of $1,311.06.

BlackRock News Summary

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock’s iShares Bitcoin Trust (IBIT) attracted approximately $454 million in a single day, accounting for most of the $731 million flowing into U.S. spot Bitcoin ETFs. Continued institutional demand could increase BlackRock’s digital-asset assets under management and fee revenue. Bitcoin Spot ETFs See Huge Inflows as BlackRock Takes Lead
• Positive Sentiment: An updated valuation model raised BlackRock’s estimated fair value to $1,320.81 per share from $1,314.44, reinforcing the view that the company’s earnings beat, inflows and margins support additional upside. BlackRock Stock Gets Fair Value Bump
• Positive Sentiment: BlackRock is seeking to allocate roughly 5% to 20% of target-date funds to private assets, potentially opening a large distribution channel for private equity and private credit products. BlackRock Wants Private Assets in Target-Date Funds
• Positive Sentiment: BlackRock’s support for corporate reincorporation in Texas and its broader tokenization expansion through Securitize could strengthen its positioning in business-friendly and digital-finance markets. BlackRock Casts a Vote of Confidence in Texas

BlackRock Price Performance

BLK opened at $1,121.85 on Monday. The company has a market cap of $173.74 billion, a price-to-earnings ratio of 26.81, a price-to-earnings-growth ratio of 1.24 and a beta of 1.41. 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 has a 12-month low of $917.39 and a 12-month high of $1,219.94. The stock has a fifty day simple moving average of $1,092.75 and a two-hundred day simple moving average of $1,049.23.

BlackRock (NYSE:BLK - Get Free Report) last announced its earnings results on Wednesday, July 15th. The asset manager reported $13.91 earnings per share for the quarter, beating analysts' consensus estimates of $12.69 by $1.22. BlackRock had a net margin of 24.09% and a return on equity of 14.90%. The business had revenue of $7.08 billion during the quarter, compared to the consensus estimate of $6.73 billion. During the same quarter last year, the firm earned $12.05 earnings per share. The business's revenue for the quarter was up 30.6% on a year-over-year basis. Research analysts predict that BlackRock will post 55.86 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be given a dividend of $5.73 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $22.92 annualized dividend and a dividend yield of 2.0%. BlackRock's dividend payout ratio (DPR) is 54.78%.

BlackRock Profile

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.

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