BlackRock $BLK Stock Acquired by AIA Group Ltd

Key Points

• AIA Group increased its BlackRock holdings by 11.1% in the third quarter, adding 1,307 shares to bring its position to 13,031 shares, valued at about $13.8 million. Institutional investors and hedge funds collectively own 80.69% of BlackRock.
• BlackRock reported quarterly earnings of $15.93 per share, beating the $14.32 consensus estimate, while revenue rose 19.1% year over year to $7.75 billion.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $1,342.25; the article also notes that a valuation analysis suggested the stock may be about 13% overvalued.

AIA Group Ltd lifted its holdings in shares of BlackRock (NYSE:BLK - Free Report) by 11.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,031 shares of the asset manager's stock after purchasing an additional 1,307 shares during the quarter. AIA Group Ltd's holdings in BlackRock were worth $13,791,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Provenance Wealth Advisors LLC raised its stake in shares of BlackRock by 6,410.0% in the 3rd quarter. Provenance Wealth Advisors LLC now owns 3,255 shares of the asset manager's stock valued at $3,445,000 after buying an additional 3,205 shares in the last quarter. Hughes Financial Services LLC lifted its holdings in shares of BlackRock by 22.2% during the 3rd quarter. Hughes Financial Services LLC now owns 55 shares of the asset manager's stock worth $58,000 after acquiring an additional 10 shares during the period. Associated Banc Corp acquired a new stake in shares of BlackRock during the 3rd quarter valued at about $30,089,000. Putney Financial Group LLC bought a new stake in BlackRock in the third quarter valued at about $32,000. Finally, Richwood Investment Advisors LLC bought a new stake in BlackRock in the third quarter valued at about $202,000. Institutional investors and hedge funds own 80.69% of the company's stock.

Trending Headlines about BlackRock

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock launched an actively managed iShares ETF focused on robotics and related technologies, adding to its product lineup and giving it a potential avenue to attract assets in a growing investment theme. BlackRock Could Be 13% Overvalued As Robotics ETF Launch Tests Valuation
• Positive Sentiment: BlackRock and Premialab are integrating quantitative-strategy data and analytics into Aladdin, potentially strengthening the platform’s usefulness to institutional clients. BlackRock Brings Quantitative Strategy Analytics Into Aladdin
• Neutral Sentiment: A valuation analysis suggested BLK could be about 13% overvalued, tempering the positive product-launch news. This is an analyst/model assessment rather than a company announcement. BlackRock Could Be 13% Overvalued As Robotics ETF Launch Tests Valuation
• Negative Sentiment: Crypto-fund withdrawals are the clearest near-term concern: BlackRock’s iShares Bitcoin Trust (IBIT) saw about $405 million leave on Monday, while U.S. spot Bitcoin ETFs recorded roughly $399 million in net outflows. Separate reports also point to substantial sales of Bitcoin and Ethereum holdings. Continued redemptions could weigh on crypto-related assets under management and investor sentiment toward BLK. BlackRock’s IBIT Sees Biggest Bitcoin ETF Outflows Since June

BlackRock Stock Down 0.6%

Shares of BLK opened at $1,160.28 on Wednesday. The firm has a market capitalization of $179.69 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 1.21 and a beta of 1.37. The company has a debt-to-equity ratio of 0.33, a quick ratio of 3.59 and a current ratio of 3.59. The business's fifty day moving average price is $1,103.81 and its two-hundred day moving average price is $1,064.77. BlackRock has a 52 week low of $917.39 and a 52 week high of $1,187.17.

BlackRock (NYSE:BLK - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.42 billion. During the same period in the previous year, the firm posted $8.43 earnings per share. BlackRock's revenue for the quarter was up 19.1% compared to the same quarter last year. On average, analysts predict that BlackRock will post 57.82 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Zacks Research cut shares of BlackRock from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 25th. BNP Paribas Exane upped their price objective on BlackRock from $1,370.00 to $1,430.00 and gave the company an "outperform" rating in a research note on Thursday, October 15th. Jefferies Financial Group reissued a "buy" rating and issued a $1,341.00 target price on shares of BlackRock in a report on Wednesday, October 28th. Keefe, Bruyette & Woods raised their target price on BlackRock from $1,290.00 to $1,310.00 and gave the stock an "outperform" rating in a research report on Thursday, October 15th. Finally, Truist Financial set a $1,310.00 price target on BlackRock in a research note on Thursday, October 15th. One equities research 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 company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $1,342.25.

About BlackRock

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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