BlackRock $BLK Holdings Cut by Modera Wealth Management LLC

Key Points

• Modera Wealth Management reduced its BlackRock position by 2.2% in the third quarter, selling 1,201 shares and retaining 52,987 shares valued at approximately $56.1 million.
• BlackRock reported strong quarterly results, with EPS of $15.93 beating estimates of $14.32 and revenue of $7.75 billion rising 19.1% year over year.
• Analysts maintain a favorable outlook, with the stock rated “Moderate Buy” and an average price target of $1,342.25, compared with a recent price of $1,147.61.

Modera Wealth Management LLC reduced its position in shares of BlackRock (NYSE:BLK - Free Report) by 2.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 52,987 shares of the asset manager's stock after selling 1,201 shares during the period. Modera Wealth Management LLC's holdings in BlackRock were worth $56,075,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of BLK. Santa Clara Valley Transportation Authority purchased a new stake in shares of BlackRock in the 2nd quarter valued at approximately $129,138,253,000. BlackRock Inc. acquired a new stake in shares of BlackRock during the 2nd quarter worth approximately $9,747,857,000. Temasek Holdings Private Ltd increased its holdings in shares of BlackRock by 4.7% during the 1st quarter. Temasek Holdings Private Ltd now owns 5,330,492 shares of the asset manager's stock worth $5,126,387,000 after buying an additional 237,667 shares during the last quarter. Bank of America Corp DE raised its position in shares of BlackRock by 0.7% during the 1st quarter. Bank of America Corp DE now owns 5,232,973 shares of the asset manager's stock valued at $5,032,603,000 after buying an additional 35,069 shares during the period. Finally, Wellington Management Group LLP raised its position 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 valued at $4,322,283,000 after buying an additional 850,406 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

BlackRock Price Performance

BlackRock stock opened at $1,147.61 on Friday. The company's 50 day simple moving average is $1,103.88 and its 200-day simple moving average is $1,064.04. The company has a debt-to-equity ratio of 0.33, a quick ratio of 3.59 and a current ratio of 3.59. BlackRock has a 1 year low of $917.39 and a 1 year high of $1,187.17. The company has a market capitalization of $177.73 billion, a price-to-earnings ratio of 26.09, a price-to-earnings-growth ratio of 1.22 and a beta of 1.41.

BlackRock (NYSE:BLK - Get Free Report) last posted its quarterly earnings data on Wednesday, October 14th. The asset manager reported $15.93 earnings per share for the quarter, topping analysts' consensus estimates of $14.32 by $1.61. BlackRock had a net margin of 24.22% and a return on equity of 16.08%. The firm had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.42 billion. During the same quarter last year, the company posted $8.43 EPS. The firm's quarterly revenue was up 19.1% on a year-over-year basis. As a group, equities research analysts expect that BlackRock will post 57.82 earnings per share for the current year.

Trending Headlines about BlackRock

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: Private-market assets are projected to exceed $34 trillion by 2031, supporting BlackRock’s long-term growth opportunity in private equity, private credit and other alternative investments. Private markets assets forecast to exceed $34tn by 2031, says Preqin
• Positive Sentiment: BlackRock disclosed that its ownership of OMV rose above 5%, indicating increased exposure to the energy company, although the investment’s direct effect on BlackRock’s earnings is likely limited. BlackRock Lifts OMV Stake Above 5% Threshold
• Neutral Sentiment: BlackRock’s closed-end funds announced estimated distribution sources. The disclosure is routine and mainly provides investors with information about income, capital gains and potential return of capital. Certain BlackRock Closed-End Funds Announce Estimated Sources of Distributions
• Neutral Sentiment: The SEC is reviewing whether existing ETF rules adequately cover newer crypto products beyond bitcoin and ether. Clearer regulation could benefit BlackRock over time, but uncertainty may slow product development in the near term. Crypto ETFs Already Go Far Beyond Bitcoin. The SEC Wants to Know If Its Rules Have Kept Up
• Negative Sentiment: A reported $6.3 billion Binance security breach triggered a crypto-market shock, sending BlackRock’s iShares Bitcoin Trust (IBIT) lower. Falling crypto prices can reduce ETF assets under management and fee revenue while damaging sentiment toward BlackRock’s digital-asset expansion. Binance's $6.3B Hack Sends Bitcoin ETF Tumbling 5%

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on BLK shares. Deutsche Bank Aktiengesellschaft upped their price objective on BlackRock from $1,315.00 to $1,355.00 and gave the company a "buy" rating in a report on Thursday, October 15th. Weiss Ratings cut BlackRock from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. Keefe, Bruyette & Woods lifted their target price on BlackRock from $1,290.00 to $1,310.00 and gave the company an "outperform" rating in a research report on Thursday, October 15th. The Goldman Sachs Group decreased their price target on 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. Finally, Wells Fargo & Company increased their price target on BlackRock from $1,230.00 to $1,250.00 and gave the stock an "overweight" rating in a report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $1,342.25.

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.

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