BlackRock $BLK Stock: Covenant Asset Management LLC Increases Holdings

Covenant Asset Management LLC raised its position in BlackRock (NYSE:BLK - Free Report) by 99.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,328 shares of the asset manager's stock after buying an additional 2,660 shares during the quarter. Covenant Asset Management LLC's holdings in BlackRock were worth $5,639,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in BLK. BlackRock Inc. bought a new stake in shares of BlackRock during the 2nd quarter worth approximately $9,747,857,000. Corient Private Wealth LLC boosted its position in shares of BlackRock by 5,190.3% during the 4th quarter. Corient Private Wealth LLC now owns 5,490,422 shares of the asset manager's stock worth $5,876,618,000 after acquiring an additional 5,386,640 shares in the last quarter. Bank of America Corp DE bought a new position in BlackRock in the second quarter valued at approximately $4,409,095,000. Santa Clara Valley Transportation Authority bought a new position in BlackRock in the second quarter valued at approximately $129,138,253,000. Finally, Auto Owners Insurance Co raised its position in BlackRock by 106,934.0% during the fourth quarter. Auto Owners Insurance Co now owns 1,284,408 shares of the asset manager's stock valued at $128,441,000 after purchasing an additional 1,283,208 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

BlackRock Price Performance

BLK stock opened at $1,075.09 on Thursday. The company has a 50 day simple moving average of $1,106.43 and a 200 day simple moving average of $1,061.02. The stock has a market cap of $166.50 billion, a price-to-earnings ratio of 25.70, a P/E/G ratio of 1.20 and a beta of 1.41. BlackRock has a 1 year low of $917.39 and a 1 year high of $1,219.94. 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 - Get Free Report) last issued its quarterly earnings data on Wednesday, October 14th. The asset manager reported $15.93 EPS for the quarter, beating the consensus estimate of $14.32 by $1.61. BlackRock had a net margin of 24.09% and a return on equity of 14.90%. The business had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.42 billion. During the same quarter in the prior year, the firm earned $8.43 EPS. The firm's revenue was up 19.1% compared to the same quarter last year. Research analysts anticipate that BlackRock will post 55.70 EPS for the current fiscal year.

BlackRock Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th were issued a dividend of $5.73 per share. The ex-dividend date was Tuesday, September 8th. This represents a $22.92 annualized dividend and a dividend yield of 2.1%. BlackRock's dividend payout ratio is 54.78%.

Analyst Upgrades and Downgrades

BLK has been the subject of several recent analyst reports. Zacks Research cut BlackRock from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 25th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $1,389.00 target price on shares of BlackRock in a report on Thursday, July 16th. Barclays decreased their price target on BlackRock from $1,450.00 to $1,420.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 7th. BNP Paribas Exane boosted their price target on BlackRock from $1,300.00 to $1,350.00 and gave the stock an "outperform" rating in a report on Tuesday, June 23rd. Finally, TD Cowen upped their price objective on BlackRock from $1,190.00 to $1,212.00 and gave the stock a "hold" rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, BlackRock has a consensus rating of "Moderate Buy" and a consensus target price of $1,308.62.

BlackRock News Roundup

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: Quarterly beat and strong inflows: BlackRock reported adjusted EPS of $15.93, above the $14.32 consensus estimate, while revenue rose 19.1% year over year to $7.75 billion. Net inflows reached $205 billion, including $135 billion into ETFs, helping push assets under management to a record $15.49 trillion. BlackRock profit jumps as resilient markets boost fees
• Positive Sentiment: Growth outlook remains constructive: Management pointed to continued momentum in iShares ETFs, private-markets fundraising, technology revenue and performance fees. BlackRock’s crypto ETF assets also reportedly climbed 63% to approximately $80 billion, adding to fee-growth potential. BlackRock expects strong fourth quarter
• Positive Sentiment: Analyst price target raised: Bank of America reiterated a Buy rating and increased its price target from $1,287 to $1,313, citing strong third-quarter results and surging ETF inflows. BlackRock earns Buy rating and higher price target
• Neutral Sentiment: Strategic expansion: BlackRock is deploying capital across private markets, including a $2.8 billion CenterWell clinic joint venture with Humana and investments in technology and infrastructure. These moves broaden long-term fee opportunities but may require significant capital and execution. Humana forms joint venture with BlackRock
• Negative Sentiment: Rate and valuation risks: BlackRock has reduced U.S. stock exposure and favored Treasuries, warning that markets may be pricing in too many Federal Reserve rate hikes. Other commentary highlights emerging yield risks, while the stock’s elevated valuation could limit upside if markets weaken. BlackRock cuts U.S. stock exposure

BlackRock Profile

BlackRock, Inc is a global investment management and financial technology company serving individual investors, institutions, governments and financial professionals. The company provides investment management, risk management and advisory services across a broad range of asset classes, including equities, fixed income, multi-asset strategies, alternatives and cash management.

BlackRock offers investment products through mutual funds, exchange-traded funds and other vehicles. Its iShares brand is one of the company's principal platforms for exchange-traded funds, providing access to domestic and international markets, industry sectors, bonds, commodities and specialized investment strategies.

The company also provides technology and analytical solutions through its Aladdin platform, which is used by asset managers, institutional investors and other financial organizations for portfolio management, risk analysis, trading and operational support.

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