Fisher Asset Management LLC Sells 20,626 Shares of BlackRock $BLK

Key Points

• Fisher Asset Management reduced its BlackRock stake by 1.5%, selling 20,626 shares in the third quarter. It held 1,382,637 shares, valued at about $1.46 billion, at quarter-end.
• Director Rachel Lord sold 7,000 shares for approximately $8.54 million, lowering her reported ownership by 53.58%.
• BlackRock’s latest quarterly results beat expectations: EPS was $15.93 versus a $14.32 consensus, and revenue rose 19.1% year over year to $7.75 billion. Analysts’ average rating is “Moderate Buy,” with a $1,342.25 average price target.

Fisher Asset Management LLC trimmed its position in shares of BlackRock (NYSE:BLK - Free Report) by 1.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,382,637 shares of the asset manager's stock after selling 20,626 shares during the quarter. Fisher Asset Management LLC owned approximately 0.89% of BlackRock worth $1,463,232,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of BlackRock in the 2nd quarter worth approximately $9,747,857,000. Bank of America Corp DE bought a new stake in shares of BlackRock during the second quarter valued at approximately $4,409,095,000. Santa Clara Valley Transportation Authority bought a new stake in shares of BlackRock during the second quarter valued at approximately $129,138,253,000. Wellington Management Group LLP boosted its position in shares of BlackRock by 23.3% during the second quarter. Wellington Management Group LLP now owns 4,495,074 shares of the asset manager's stock valued at $4,322,283,000 after purchasing an additional 850,406 shares in the last quarter. Finally, Legal & General Group Plc purchased a new stake in BlackRock in the second quarter worth $807,039,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

Insider Activity at BlackRock

In other news, Director Rachel Lord sold 7,000 shares of the firm's stock in a transaction on Monday, November 9th. The stock was sold at an average price of $1,219.55, for a total transaction of $8,536,850.00. Following the completion of the transaction, the director directly owned 6,065 shares in the company, valued at $7,396,570.75. This trade represents a 53.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.92% of the company's stock.

BlackRock News Roundup

These are some of the BLK news items that stood out recently:

• Positive Sentiment: BlackRock’s expansion in private markets, strategic acquisitions and record $15.49 trillion in assets under management are cited as potential long-term growth drivers, though rising expenses could temper the benefit. Article: BlackRock's Private Markets Expansion: A Key Long-Term Growth Driver?
• Neutral Sentiment: BlackRock executives discussed liquid alternative strategies, product launches and AI-managed portfolios, highlighting areas of product development without a specific financial impact reported. Article: ETF Prime: BlackRock on Liquid Alts & the Rise of AI-Managed Portfolios
• Negative Sentiment: Director Rachel Lord sold 7,000 shares, reducing her reported ownership by 53.58%. Insider sales can raise concern, although the filing does not establish the reason for the transaction. SEC filing: BlackRock Form 4

Wall Street Analysts Forecast Growth

BLK has been the subject of a number of research reports. Zacks Research downgraded BlackRock from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 25th. Bank of America lowered their price objective on BlackRock from $1,320.00 to $1,287.00 in a research report on Monday, October 5th. Weiss Ratings upgraded shares of BlackRock from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, November 2nd. TD Cowen upgraded shares of BlackRock from a "hold" rating to a "buy" rating and boosted their target price for the company from $1,212.00 to $1,405.00 in a report on Tuesday, October 20th. Finally, Truist Financial set a $1,310.00 target price on shares of BlackRock in a research report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $1,342.25.

BlackRock Price Performance

BLK stock opened at $1,216.48 on Friday. The firm has a 50 day moving average price of $1,111.47 and a 200-day moving average price of $1,067.29. BlackRock has a 52-week low of $917.39 and a 52-week high of $1,242.12. The firm has a market capitalization of $188.40 billion, a price-to-earnings ratio of 27.66, a PEG ratio of 1.27 and a beta of 1.37. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.44 and a current ratio of 3.44.

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

About BlackRock

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.

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