BlackRock $BLK Stock Sold by University of Texas Texas AM Investment Management Co.

Key Points

• University of Texas Texas AM Investment Management Co. cut its BlackRock stake by 62.8% in the third quarter, selling 1,063 shares and ending the period with 630 shares valued at about $667,000.
• Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $1,342.25; 15 analysts rate the stock Buy, one Strong Buy and two Hold.
• BlackRock beat quarterly earnings expectations, reporting EPS of $15.93 versus $14.32 expected and revenue of $7.75 billion, up 19.1% year over year.

University of Texas Texas AM Investment Management Co. lessened its stake in shares of BlackRock (NYSE:BLK - Free Report) by 62.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 630 shares of the asset manager's stock after selling 1,063 shares during the period. University of Texas Texas AM Investment Management Co.'s holdings in BlackRock were worth $667,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Summit Wealth Group LLC Co. boosted its position in shares of BlackRock by 2.8% in the 3rd quarter. Summit Wealth Group LLC Co. now owns 331 shares of the asset manager's stock valued at $350,000 after purchasing an additional 9 shares during the period. Financial Management Professionals Inc. increased its stake in BlackRock by 1.8% in the 2nd quarter. Financial Management Professionals Inc. now owns 564 shares of the asset manager's stock worth $542,000 after purchasing an additional 10 shares in the last quarter. JNBA Financial Advisors increased its stake in BlackRock by 1.4% in the 2nd quarter. JNBA Financial Advisors now owns 706 shares of the asset manager's stock worth $679,000 after purchasing an additional 10 shares in the last quarter. McGlone Suttner Wealth Management Inc. raised its holdings in BlackRock by 0.8% during the 3rd quarter. McGlone Suttner Wealth Management Inc. now owns 1,205 shares of the asset manager's stock worth $1,275,000 after buying an additional 10 shares during the period. Finally, Revolve Wealth Partners LLC raised its holdings in BlackRock by 2.9% during the 3rd quarter. Revolve Wealth Partners LLC now owns 360 shares of the asset manager's stock worth $381,000 after buying an additional 10 shares during the period. 80.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on BLK. Barclays reduced their price objective on shares of BlackRock from $1,420.00 to $1,410.00 and set an "overweight" rating for the company in a research note on Thursday, October 15th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of BlackRock from $1,315.00 to $1,355.00 and gave the stock a "buy" rating in a research report on Thursday, October 15th. Zacks Research lowered shares of BlackRock from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 25th. Jefferies Financial Group restated a "buy" rating and issued a $1,341.00 price target on shares of BlackRock in a research report on Wednesday, October 28th. Finally, Evercore reaffirmed an "outperform" rating and issued a $1,275.00 price objective (down from $1,300.00) on shares of BlackRock in a research note on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, BlackRock currently has an average rating of "Moderate Buy" and a consensus price target of $1,342.25.

BlackRock Price Performance

NYSE BLK opened at $1,178.32 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.44 and a quick ratio of 3.44. The firm has a market capitalization of $182.49 billion, a price-to-earnings ratio of 26.79, a price-to-earnings-growth ratio of 1.22 and a beta of 1.37. The company has a 50 day simple moving average of $1,104.90 and a 200-day simple moving average of $1,065.48. BlackRock has a 52-week low of $917.39 and a 52-week high of $1,242.12.

BlackRock (NYSE:BLK - Get Free Report) last announced its quarterly earnings data on Wednesday, October 14th. The asset manager reported $15.93 EPS for the quarter, beating analysts' consensus estimates of $14.32 by $1.61. The firm had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.42 billion. BlackRock had a net margin of 24.22% and a return on equity of 15.60%. The firm's revenue was up 19.1% on a year-over-year basis. During the same period in the previous year, the firm posted $8.43 earnings per share. Equities research analysts predict that BlackRock will post 57.82 earnings per share for the current fiscal year.

Key BlackRock News

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock executives described potential shifts in equity markets and opportunities in AI-related debt financing. The company also said political changes following the U.S. midterms will not alter its crypto strategy, signaling continuity in its digital-asset plans. Rieder on equity rebalancing BlackRock’s crypto strategy
• Positive Sentiment: Preqin, BlackRock’s private-markets data business, is partnering with an AI-powered capital-introduction platform. The collaboration may extend the reach of its institutional data offering, though the financial impact is not specified. Preqin and iConnections collaboration
• Neutral Sentiment: Larry Fink argued that workers have fallen behind investors, prompting discussion of pay, investment returns and market ownership. This is a broader economic commentary rather than a direct update on BlackRock’s earnings or outlook. Larry Fink on workers and investors
• Negative Sentiment: BlackRock’s iShares Bitcoin Trust (IBIT) continued to see withdrawals even as some reports described a rebound in overall crypto ETF flows. Further outflows could pressure fund assets and related fee revenue, although the reports do not quantify a material effect on BlackRock’s overall results. BlackRock ETF withdrawals

BlackRock Profile

BlackRock, Inc is a global investment management and financial technology company serving individuals, institutions, governments and other organizations. Founded in 1988, the company is headquartered in New York City and operates in markets around the world.

BlackRock offers investment products and services across asset classes, including equities, fixed income, cash management and alternative investments. Its offerings include exchange-traded funds and other funds under the iShares brand, as well as portfolio management, investment advisory and risk management services.

The company also provides Aladdin, a technology platform used by investors and financial institutions for portfolio management, operations and risk analysis.

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.