BlackRock $BLK Shares Purchased by Cibc World Market Inc.

Key Points

• Cibc World Market Inc. increased its BlackRock stake by 2.4% in the fourth quarter, holding 69,179 shares valued at about $74.0 million after buying 1,631 additional shares.
• BlackRock continues to draw strong institutional interest, with hedge funds and other investors actively adjusting positions; overall, about 80.69% of the stock is owned by institutional investors.
• Recent company updates were mixed: BlackRock reported better-than-expected quarterly earnings and revenue, declared a quarterly dividend of $5.73 per share, and saw analysts maintain a Moderate Buy consensus with an average price target of $1,269.06.

Cibc World Market Inc. grew its stake in BlackRock (NYSE:BLK - Free Report) by 2.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 69,179 shares of the asset manager's stock after acquiring an additional 1,631 shares during the quarter. Cibc World Market Inc.'s holdings in BlackRock were worth $74,045,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of BLK. Brighton Jones LLC increased its stake in shares of BlackRock by 23.1% in the 4th quarter. Brighton Jones LLC now owns 1,575 shares of the asset manager's stock worth $1,615,000 after acquiring an additional 296 shares during the last quarter. Bison Wealth LLC increased its stake in shares of BlackRock by 1.6% in the 4th quarter. Bison Wealth LLC now owns 1,052 shares of the asset manager's stock worth $1,078,000 after acquiring an additional 17 shares during the last quarter. Schnieders Capital Management LLC. acquired a new stake in shares of BlackRock in the 2nd quarter worth $259,000. Nebula Research & Development LLC acquired a new stake in shares of BlackRock in the 2nd quarter worth $548,000. Finally, Osterweis Capital Management Inc. acquired a new stake in shares of BlackRock in the 2nd quarter worth $98,000. 80.69% of the stock is owned by institutional investors and hedge funds.

BlackRock News Summary

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock disclosed a 5% stake in Kiwi Property Group, signaling continued activity in its institutional investment portfolio and potentially reinforcing confidence in its deal flow and global capital allocation franchise. BlackRock Takes 5% Stake in Kiwi Property Group
• Positive Sentiment: Jio BlackRock plans to give Indian investors access to global BlackRock ETFs via GIFT City, which could expand the firm’s international ETF distribution and long-term assets under management. Jio BlackRock plans access to global BlackRock ETFs for Indian investors via GIFT City
• Positive Sentiment: BlackRock executives remained constructive on markets, with Rick Rieder saying earnings growth and cash moving back into stocks support the bull case, which may help investor sentiment toward the firm’s asset-management outlook. Why BlackRock's Rick Rieder feels 'a bit more relaxed' about AI bull market than dotcom era
• Neutral Sentiment: BlackRock launched a $25 million Future Builders grant initiative to support skilled trades training; the move is more reputational and philanthropic than immediately material to earnings. BlackRock Future Builders RFP Links Skilled Trades Philanthropy And Client Relations
• Neutral Sentiment: BlackRock also updated ETF methodologies and climate screens in Asia, and lifted its OMV stake above 4%, both of which reflect ongoing portfolio management but are unlikely to move BLK shares on their own. BlackRock Tightens Tracking and Refines Climate Screens for India and Asia ex Japan iShares ETFs BlackRock Lifts OMV Stake Above 4% Threshold
• Negative Sentiment: One Reuters report said BlackRock’s Atlas Renewable Energy froze $1 billion in Brazil renewables investments after grid rejection issues, which may raise concerns about delays in part of its infrastructure/energy growth strategy. BlackRock's Atlas freezes $1 billion in Brazil renewables investments
• Negative Sentiment: Ryanair disclosed that BlackRock cut its stake below 3%, which may be viewed as a modest sign of reduced exposure in one institutional holding. Ryanair Discloses BlackRock Stake Cut Below 3% Threshold

Insider Transactions at BlackRock

In related news, CEO Laurence Fink sold 33,900 shares of the firm's stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $1,050.55, for a total transaction of $35,613,645.00. Following the completion of the transaction, the chief executive officer directly owned 230,516 shares in the company, valued at $242,168,583.80. This trade represents a 12.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Robert Kapito sold 8,739 shares of the firm's stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $1,056.60, for a total value of $9,233,627.40. Following the transaction, the president owned 210,186 shares of the company's stock, valued at $222,082,527.60. This trade represents a 3.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.92% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Barclays raised their target price on BlackRock from $1,290.00 to $1,310.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 15th. Evercore reissued an "outperform" rating and set a $1,220.00 price objective on shares of BlackRock in a research report on Wednesday, April 15th. JPMorgan Chase & Co. cut their price objective on BlackRock from $1,269.00 to $1,128.00 and set a "neutral" rating for the company in a research report on Monday, April 13th. Jefferies Financial Group cut their price objective on BlackRock from $1,351.00 to $1,199.00 and set a "buy" rating for the company in a research report on Wednesday, April 8th. Finally, UBS Group raised their price objective on BlackRock from $1,235.00 to $1,270.00 and gave the stock a "buy" rating in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $1,269.06.

BlackRock Stock Down 2.7%

Shares of NYSE:BLK opened at $991.94 on Thursday. The business has a 50-day moving average price of $1,032.33 and a 200 day moving average price of $1,051.99. BlackRock has a 12-month low of $917.39 and a 12-month high of $1,219.94. The company has a market capitalization of $153.98 billion, a price-to-earnings ratio of 24.90, a PEG ratio of 1.33 and a beta of 1.42. The company has a current ratio of 4.09, a quick ratio of 4.09 and a debt-to-equity ratio of 0.34.

BlackRock (NYSE:BLK - Get Free Report) last announced its earnings results on Tuesday, April 14th. The asset manager reported $12.53 EPS for the quarter, beating analysts' consensus estimates of $12.40 by $0.13. BlackRock had a return on equity of 14.74% and a net margin of 24.40%.The company had revenue of $6.70 billion during the quarter, compared to analysts' expectations of $6.56 billion. During the same period last year, the business posted $9.64 EPS. BlackRock's revenue for the quarter was up 27.0% on a year-over-year basis. Sell-side analysts expect that BlackRock will post 52.8 EPS for the current year.

BlackRock Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 5th will be issued a dividend of $5.73 per share. This represents a $22.92 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Friday, June 5th. BlackRock's dividend payout ratio (DPR) is 57.53%.

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.

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