California State Teachers Retirement System Boosts Stock Position in BlackRock $BLK

Key Points

• California State Teachers Retirement System dramatically increased its reported BlackRock stake during the second quarter, adding more than 213.5 million shares; institutional investors collectively own 80.69% of the stock.
• BlackRock exceeded quarterly expectations, reporting $13.91 in EPS and $7.08 billion in revenue, with revenue up 30.6% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $1,311.06 price target; BlackRock also declared a quarterly dividend of $5.73 per share, yielding about 2% annually.

California State Teachers Retirement System grew its position in shares of BlackRock (NYSE:BLK - Free Report) by 96,671.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 213,813,443 shares of the asset manager's stock after purchasing an additional 213,592,496 shares during the quarter. California State Teachers Retirement System owned approximately 138.06% of BlackRock worth $205,594,454,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Evolution Wealth Management Inc. purchased a new stake in BlackRock in the fourth quarter worth approximately $26,000. RMG Wealth Management LLC purchased a new position in shares of BlackRock during the first quarter worth approximately $25,000. Addison Advisors LLC purchased a new position in shares of BlackRock during the second quarter worth approximately $25,000. Kelly Lawrence W & Associates Inc. CA bought a new stake in shares of BlackRock in the 2nd quarter worth approximately $25,000. Finally, Birchbrook Inc. purchased a new stake in shares of BlackRock in the 4th quarter valued at $31,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

BlackRock News Roundup

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock’s iShares Bitcoin Trust (IBIT) attracted approximately $454 million in a single day, accounting for most of the $731 million flowing into U.S. spot Bitcoin ETFs. Continued institutional demand could increase BlackRock’s digital-asset assets under management and fee revenue. Bitcoin Spot ETFs See Huge Inflows as BlackRock Takes Lead
• Positive Sentiment: An updated valuation model raised BlackRock’s estimated fair value to $1,320.81 per share from $1,314.44, reinforcing the view that the company’s earnings beat, inflows and margins support additional upside. BlackRock Stock Gets Fair Value Bump
• Positive Sentiment: BlackRock is seeking to allocate roughly 5% to 20% of target-date funds to private assets, potentially opening a large distribution channel for private equity and private credit products. BlackRock Wants Private Assets in Target-Date Funds
• Positive Sentiment: BlackRock’s support for corporate reincorporation in Texas and its broader tokenization expansion through Securitize could strengthen its positioning in business-friendly and digital-finance markets. BlackRock Casts a Vote of Confidence in Texas

Wall Street Analyst Weigh In

BLK has been the topic of several recent research reports. BMO Capital Markets increased their target price on shares of BlackRock from $1,250.00 to $1,300.00 and gave the company an "outperform" rating in a report on Friday, July 17th. Evercore reissued an "outperform" rating and issued a $1,260.00 price target on shares of BlackRock in a research note on Monday, August 10th. Keefe, Bruyette & Woods lowered shares of BlackRock from a "moderate buy" rating to a "hold" rating in a research report on Friday, August 7th. UBS Group raised their price objective on BlackRock from $1,270.00 to $1,320.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. Finally, Weiss Ratings downgraded BlackRock from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,311.06.

BlackRock Stock Down 0.0%

Shares of NYSE BLK opened at $1,121.85 on Monday. The firm's fifty day moving average is $1,092.75 and its 200 day moving average is $1,049.23. BlackRock has a 52 week low of $917.39 and a 52 week high of $1,219.94. The company has a quick ratio of 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 0.33. The company has a market cap of $173.74 billion, a price-to-earnings ratio of 26.81, a PEG ratio of 1.24 and a beta of 1.41.

BlackRock (NYSE:BLK - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The asset manager reported $13.91 earnings per share for the quarter, beating the consensus estimate of $12.69 by $1.22. The business had revenue of $7.08 billion during the quarter, compared to analysts' expectations of $6.73 billion. BlackRock had a net margin of 24.09% and a return on equity of 14.90%. The firm's revenue for the quarter was up 30.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $12.05 EPS. On average, equities research analysts expect that BlackRock will post 55.86 earnings per share for the current year.

BlackRock Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be paid a dividend of $5.73 per share. This represents a $22.92 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 8th. BlackRock's dividend payout ratio is 54.78%.

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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