Commerzbank Aktiengesellschaft FI Raises Stock Holdings in BlackRock $BLK

Key Points

• Commerzbank Aktiengesellschaft FI boosted its BlackRock stake by 82.3% in the first quarter, ending with 13,521 shares valued at about $13.0 million.
• BlackRock reported strong quarterly earnings, posting $13.91 per share versus the $12.69 estimate and revenue of $7.08 billion, helped by 30.6% year-over-year revenue growth.
• The company also raised its quarterly dividend to $5.73 per share, while analysts remain upbeat with a consensus Moderate Buy rating and an average price target of about $1,304.

Commerzbank Aktiengesellschaft FI increased its holdings in shares of BlackRock (NYSE:BLK - Free Report) by 82.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 13,521 shares of the asset manager's stock after acquiring an additional 6,104 shares during the period. Commerzbank Aktiengesellschaft FI's holdings in BlackRock were worth $13,003,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Legal & General Group Plc boosted its stake in shares of BlackRock by 0.8% during the 4th quarter. Legal & General Group Plc now owns 920,578 shares of the asset manager's stock worth $985,331,000 after acquiring an additional 7,457 shares in the last quarter. TCV Trust & Wealth Management Inc. acquired a new position in BlackRock in the 4th quarter worth about $20,279,000. Texas Yale Capital Corp. boosted its position in BlackRock by 32.2% during the fourth quarter. Texas Yale Capital Corp. now owns 5,764 shares of the asset manager's stock worth $6,169,000 after purchasing an additional 1,405 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in BlackRock by 94.6% during the fourth quarter. Thrivent Financial for Lutherans now owns 26,828 shares of the asset manager's stock worth $28,720,000 after purchasing an additional 13,040 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its holdings in BlackRock by 3.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 77,067 shares of the asset manager's stock valued at $82,488,000 after purchasing an additional 2,522 shares during the period. Institutional investors own 80.69% of the company's stock.

BlackRock Stock Performance

Shares of NYSE:BLK opened at $1,053.78 on Tuesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 4.09 and a quick ratio of 4.09. The business's 50 day moving average price is $1,033.20 and its 200-day moving average price is $1,042.61. The firm has a market capitalization of $163.32 billion, a PE ratio of 25.19, a P/E/G ratio of 1.22 and a beta of 1.43. BlackRock has a 1 year low of $917.39 and a 1 year high of $1,219.94.

BlackRock (NYSE:BLK - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The asset manager reported $13.91 EPS for the quarter, topping the consensus estimate of $12.69 by $1.22. BlackRock had a return on equity of 15.01% and a net margin of 24.09%.The firm had revenue of $7.08 billion during the quarter, compared to analysts' expectations of $6.73 billion. During the same period in the previous year, the business earned $12.05 earnings per share. The firm's revenue for the quarter was up 30.6% on a year-over-year basis. As a group, equities research analysts expect that BlackRock will post 55.24 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th were issued a dividend of $5.73 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $22.92 dividend on an annualized basis and a dividend yield of 2.2%. BlackRock's dividend payout ratio is presently 54.78%.

BlackRock News Roundup

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock’s crypto ETFs saw improving inflows, including fresh demand for IBIT and ETHA, which may support fee growth and reinforce BlackRock’s position as a leading crypto ETF provider.
• Positive Sentiment: BlackRock is leading a $12 billion financing for new Meta data centers in Texas through its infrastructure and private-credit arms, highlighting continued momentum in higher-fee alternative assets.
• Positive Sentiment: The company recently posted record assets under management and strong quarterly results, which continue to support the long-term earnings outlook for BLK.

Wall Street Analysts Forecast Growth

BLK has been the subject of several research analyst reports. Evercore reaffirmed an "outperform" rating and set a $1,145.00 target price on shares of BlackRock in a research note on Friday, July 10th. Keefe, Bruyette & Woods lifted their price target on shares of BlackRock from $1,275.00 to $1,300.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. raised shares of BlackRock from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $1,165.00 to $1,364.00 in a report on Thursday, July 16th. UBS Group upped their price objective on shares of BlackRock from $1,270.00 to $1,320.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Jefferies Financial Group decreased their price objective on shares of BlackRock from $1,351.00 to $1,199.00 and set a "buy" rating on the stock in a report on Wednesday, April 8th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, BlackRock presently has an average rating of "Moderate Buy" and an average target price of $1,304.29.

Insider Transactions at BlackRock

In related news, CEO Laurence Fink sold 33,900 shares of the business's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $1,050.55, for a total transaction of $35,613,645.00. Following the transaction, the chief executive officer directly owned 230,516 shares in the company, valued at approximately $242,168,583.80. The trade was a 12.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, President Robert Kapito sold 8,739 shares of the company's stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $1,056.60, for a total transaction of $9,233,627.40. Following the sale, the president directly owned 210,186 shares of the company's stock, valued at approximately $222,082,527.60. This represents a 3.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.92% of the stock is owned by corporate insiders.

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.

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