Eastern Bank Buys 1,355 Shares of BlackRock $BLK

Key Points

• Eastern Bank increased its BlackRock stake by 3.1% in the second quarter, purchasing 1,355 additional shares and bringing its holdings to 44,630 shares valued at approximately $42.9 million. Institutional investors collectively own 80.69% of BlackRock’s stock.
• BlackRock reported strong quarterly results, with earnings per share of $13.91 and revenue of $7.08 billion, surpassing analyst estimates. Revenue rose 30.6% year over year, while assets under management reached a record $15.34 trillion.
• BlackRock is expanding into digital assets through blockchain-based money-market offerings designed for stablecoin reserves, while analysts maintain a broadly positive outlook. The company has a consensus “Buy” rating and an average price target of $1,304.29.

Eastern Bank lifted its stake in shares of BlackRock (NYSE:BLK - Free Report) by 3.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 44,630 shares of the asset manager's stock after buying an additional 1,355 shares during the quarter. Eastern Bank's holdings in BlackRock were worth $42,915,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Evolution Wealth Management Inc. bought a new position in shares of BlackRock in the 4th quarter worth approximately $26,000. RMG Wealth Management LLC bought a new stake in shares of BlackRock during the first quarter valued at approximately $25,000. Birchbrook Inc. bought a new stake in shares of BlackRock during the fourth quarter valued at approximately $31,000. Basepoint Wealth LLC purchased a new stake in BlackRock in the fourth quarter worth $32,000. Finally, LFA Lugano Financial Advisors SA purchased a new stake in BlackRock in the fourth quarter worth $32,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

More BlackRock News

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: Tokenized money-market expansion: BlackRock introduced two blockchain-based offerings: OnChain Shares of the BlackRock Select Treasury Based Liquidity Fund (BSTBL) and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV). The products invest in cash, short-term U.S. Treasuries and repurchase agreements, while targeting institutional demand for stablecoin reserves and digital-asset infrastructure. BlackRock Intros Pair of Tokenized Money Market Offerings
• Positive Sentiment: Potential first-mover advantage in digital assets: BSTBL is available as a tokenized share class on Ethereum, while BRSRV supports multiple blockchains and is designed to automatically reinvest daily dividends. The offerings are intended to qualify as stablecoin reserve assets under the U.S. GENIUS Act, potentially opening a new distribution channel for BlackRock’s money-market products. BlackRock launches tokenized money market funds for stablecoin reserves
• Positive Sentiment: Strong underlying fundamentals: Recent quarterly results exceeded expectations, with earnings per share of $13.91 versus a $12.69 consensus estimate and revenue of $7.08 billion versus $6.73 billion expected. Revenue increased about 31% year over year, and assets under management reached a reported record of $15.34 trillion.
• Neutral Sentiment: Growth beyond traditional asset management: BlackRock is reportedly pursuing Mexican infrastructure and development projects alongside rivals such as Apollo. The initiative could diversify long-term revenue, but it may also require significant capital and carries execution and regulatory risks. BlackRock Jostles Rivals Like Apollo in Bid for Mexican Projects
• Negative Sentiment: Insider selling and legal overhang: A market-data summary showed multiple BlackRock executives, including CEO Laurence Fink, sold shares during the past six months without reported purchases. Separately, Rosen Law Firm announced an investigation involving certain BlackRock mutual funds; the investigation is only an allegation at this stage, but it could create reputational or litigation risk. Rosen Law Firm BlackRock investigation

BlackRock Trading Up 3.5%

NYSE BLK opened at $1,128.33 on Tuesday. BlackRock has a 12 month low of $917.39 and a 12 month high of $1,219.94. The company has a current ratio of 4.09, a quick ratio of 4.09 and a debt-to-equity ratio of 0.34. The stock's fifty day moving average price is $1,033.13 and its 200-day moving average price is $1,041.68. The stock has a market cap of $174.88 billion, a P/E ratio of 26.97, a P/E/G ratio of 1.23 and a beta of 1.42.

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 (EPS) for the quarter, topping analysts' consensus estimates of $12.69 by $1.22. The company had revenue of $7.08 billion for the quarter, compared to analysts' expectations of $6.73 billion. BlackRock had a net margin of 24.09% and a return on equity of 15.01%. BlackRock's revenue was up 30.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $12.05 EPS. As a group, equities analysts forecast that BlackRock will post 55.63 EPS for the current fiscal year.

BlackRock Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be given a $5.73 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $22.92 annualized dividend and a yield of 2.0%. BlackRock's dividend payout ratio (DPR) is presently 54.78%.

Analysts Set New Price Targets

Several equities analysts have commented on BLK shares. The Goldman Sachs Group reissued a "buy" rating and set a $1,389.00 price objective on shares of BlackRock in a research report on Thursday, July 16th. Weiss Ratings raised shares of BlackRock from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, July 23rd. Evercore reiterated an "outperform" rating and issued a $1,145.00 price target on shares of BlackRock in a research note on Friday, July 10th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $1,258.00 price target on shares of BlackRock in a research report on Thursday, July 16th. Finally, Morgan Stanley boosted their price objective on shares of BlackRock from $1,383.00 to $1,488.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $1,304.29.

BlackRock Company 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.

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.

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