BlackRock $BLK Stock Position Raised by CIBC Asset Management Inc

Key Points

Error: One or more errors occurred.

CIBC Asset Management Inc lifted its position in BlackRock (NYSE:BLK - Free Report) by 41.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 49,637 shares of the asset manager's stock after acquiring an additional 14,616 shares during the quarter. CIBC Asset Management Inc's holdings in BlackRock were worth $53,128,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. Shum Financial Group Inc. lifted its position in shares of BlackRock by 0.4% in the 4th quarter. Shum Financial Group Inc. now owns 2,183 shares of the asset manager's stock valued at $2,336,000 after acquiring an additional 9 shares in the last quarter. First Bancorp Inc ME lifted its position in BlackRock by 2.9% in the 4th quarter. First Bancorp Inc ME now owns 321 shares of the asset manager's stock worth $344,000 after buying an additional 9 shares in the last quarter. Rather & Kittrell Inc. lifted its position in BlackRock by 2.1% in the 4th quarter. Rather & Kittrell Inc. now owns 430 shares of the asset manager's stock worth $461,000 after buying an additional 9 shares in the last quarter. Oakworth Capital Inc. lifted its position in BlackRock by 1.2% in the 4th quarter. Oakworth Capital Inc. now owns 755 shares of the asset manager's stock worth $808,000 after buying an additional 9 shares in the last quarter. Finally, Tortoise Investment Management LLC lifted its position in BlackRock by 23.8% in the 3rd quarter. Tortoise Investment Management LLC now owns 52 shares of the asset manager's stock worth $61,000 after buying an additional 10 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

BlackRock Price Performance

NYSE BLK opened at $991.94 on Thursday. BlackRock has a twelve month low of $917.39 and a twelve month high of $1,219.94. The company has a debt-to-equity ratio of 0.34, a quick ratio of 4.09 and a current ratio of 4.09. The stock has a market capitalization of $153.98 billion, a PE ratio of 24.90, a P/E/G ratio of 1.33 and a beta of 1.42. The stock has a 50-day simple moving average of $1,032.33 and a 200 day simple moving average of $1,051.99.

BlackRock (NYSE:BLK - Get Free Report) last posted its quarterly earnings data on Tuesday, April 14th. The asset manager reported $12.53 earnings per share for the quarter, topping the consensus estimate of $12.40 by $0.13. The business had revenue of $6.70 billion during the quarter, compared to analysts' expectations of $6.56 billion. BlackRock had a return on equity of 14.74% and a net margin of 24.40%.The firm's revenue was up 27.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $9.64 EPS. Research analysts anticipate that BlackRock will post 52.8 EPS for the current year.

BlackRock Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Friday, June 5th will be given a $5.73 dividend. This represents a $22.92 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, June 5th. BlackRock's dividend payout ratio (DPR) is currently 57.53%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Evercore reiterated an "outperform" rating and issued a $1,220.00 target price on shares of BlackRock in a research report on Wednesday, April 15th. The Goldman Sachs Group increased their target price on shares of BlackRock from $1,181.00 to $1,313.00 and gave the stock a "buy" rating in a research report on Wednesday, April 15th. Morgan Stanley increased their target price on shares of BlackRock from $1,368.00 to $1,393.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 15th. BMO Capital Markets increased their target price on shares of BlackRock from $1,200.00 to $1,250.00 and gave the stock an "outperform" rating in a research report on Monday, April 20th. Finally, Jefferies Financial Group cut their target price on shares of 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. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $1,269.06.

Key Stories Impacting BlackRock

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 Buying and Selling at BlackRock

In other BlackRock news, President Robert Kapito sold 8,739 shares of the firm's stock in a transaction on 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 sale, the president directly owned 210,186 shares in the company, valued at $222,082,527.60. This trade represents a 3.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Laurence Fink sold 33,900 shares of the firm's stock in a transaction on 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 sale, the chief executive officer owned 230,516 shares in the company, valued at $242,168,583.80. This represents a 12.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.92% of the company's stock.

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.

Want to see what other hedge funds are holding BLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BlackRock (NYSE:BLK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.