Canvas Wealth Advisors LLC Acquires New Holdings in BlackRock $BLK

Key Points

• Canvas Wealth Advisors LLC has acquired a new position in BlackRock, purchasing 242 shares valued at approximately $271,000 during the second quarter of 2023.
• BlackRock's recent earnings report revealed an EPS of $11.55, which was below the consensus estimate of $11.78, despite a significant revenue increase of 25.2% year-over-year, totaling $6.51 billion.
• The company announced a quarterly dividend of $5.21 per share, reflecting an annualized yield of 1.8%, with a payout ratio of 53.59% as of the latest financial disclosures.

Canvas Wealth Advisors LLC bought a new position in BlackRock (NYSE:BLK - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 242 shares of the asset manager's stock, valued at approximately $271,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Securian Asset Management Inc. acquired a new position in shares of BlackRock during the 1st quarter valued at about $7,331,000. Prudent Man Advisors LLC acquired a new position in BlackRock during the first quarter valued at approximately $2,018,000. Allianz SE raised its position in shares of BlackRock by 2.6% in the first quarter. Allianz SE now owns 11,025 shares of the asset manager's stock valued at $10,435,000 after purchasing an additional 277 shares during the period. Arizona State Retirement System bought a new position in shares of BlackRock in the first quarter valued at approximately $40,868,000. Finally, Community Financial Services Group LLC lifted its stake in shares of BlackRock by 17.2% in the first quarter. Community Financial Services Group LLC now owns 5,702 shares of the asset manager's stock worth $5,397,000 after buying an additional 836 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

BlackRock Price Performance

Shares of BLK stock opened at $1,160.01 on Tuesday. The company has a market capitalization of $179.63 billion, a P/E ratio of 29.83, a P/E/G ratio of 2.01 and a beta of 1.45. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 0.39. BlackRock has a 12 month low of $773.74 and a 12 month high of $1,219.94. The stock has a 50 day moving average of $1,141.48 and a two-hundred day moving average of $1,046.27.

BlackRock (NYSE:BLK - Get Free Report) last issued its earnings results on Tuesday, October 14th. The asset manager reported $11.55 EPS for the quarter, missing the consensus estimate of $11.78 by ($0.23). BlackRock had a return on equity of 15.36% and a net margin of 26.64%.The firm had revenue of $6.51 billion during the quarter, compared to the consensus estimate of $6.22 billion. During the same period last year, the business earned $11.46 earnings per share. The firm's revenue for the quarter was up 25.2% compared to the same quarter last year. As a group, equities analysts expect that BlackRock will post 47.41 EPS for the current year.

BlackRock Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th were issued a dividend of $5.21 per share. This represents a $20.84 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, September 5th. BlackRock's payout ratio is presently 53.59%.

Analyst Ratings Changes

Several research analysts recently commented on BLK shares. JPMorgan Chase & Co. lifted their target price on shares of BlackRock from $1,093.00 to $1,242.00 and gave the stock a "neutral" rating in a report on Thursday, October 2nd. BMO Capital Markets initiated coverage on BlackRock in a research report on Friday, October 3rd. They set an "outperform" rating and a $1,280.00 price objective for the company. Morgan Stanley raised their target price on BlackRock from $1,362.00 to $1,486.00 and gave the company an "overweight" rating in a report on Wednesday, October 15th. The Goldman Sachs Group upped their price target on BlackRock from $1,163.00 to $1,312.00 and gave the stock a "buy" rating in a report on Friday, October 3rd. Finally, Wells Fargo & Company reduced their price objective on BlackRock from $1,180.00 to $1,170.00 and set an "overweight" rating for the company in a research report on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $1,300.81.

Insider Buying and Selling

In other BlackRock news, Director J. Richard Kushel sold 17,142 shares of BlackRock stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $1,120.50, for a total transaction of $19,207,611.00. Following the completion of the transaction, the director directly owned 61,369 shares of the company's stock, valued at approximately $68,763,964.50. This trade represents a 21.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rachel Lord sold 18,036 shares of the company's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $1,125.60, for a total transaction of $20,301,321.60. Following the completion of the sale, the director directly owned 19,205 shares in the company, valued at approximately $21,617,148. The trade was a 48.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,494 shares of company stock valued at $74,694,573. 1.98% of the stock is currently owned by corporate insiders.

BlackRock Profile

BlackRock, Inc is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks.

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