Smithbridge Asset Management Inc. DE Purchases Shares of 2,398 BlackRock $BLK

Key Points

• Smithbridge Asset Management disclosed a new first-quarter position in BlackRock, buying 2,398 shares valued at about $2.3 million.
• BlackRock is still attracting heavy institutional interest, with 80.69% of the stock owned by institutional investors and hedge funds, even as some insiders recently sold shares.
• Analysts remain broadly positive on BLK, with a consensus rating of Moderate Buy and an average price target of $1,269.44, while recent business news has been mixed but includes a boost from the Treasury selecting two BlackRock iShares ETFs for the new “Trump Accounts” program.

Smithbridge Asset Management Inc. DE acquired a new position in BlackRock (NYSE:BLK - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The firm acquired 2,398 shares of the asset manager's stock, valued at approximately $2,306,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Legal & General Group Plc grew its stake in shares of BlackRock by 0.8% in the fourth quarter. Legal & General Group Plc now owns 920,578 shares of the asset manager's stock valued at $985,331,000 after buying an additional 7,457 shares in the last quarter. Sarasin & Partners LLP lifted its position in BlackRock by 10.6% during the 4th quarter. Sarasin & Partners LLP now owns 251,856 shares of the asset manager's stock worth $269,572,000 after acquiring an additional 24,196 shares in the last quarter. Sienna Gestion boosted its holdings in BlackRock by 51.5% in the 3rd quarter. Sienna Gestion now owns 22,859 shares of the asset manager's stock worth $24,299,000 after acquiring an additional 7,773 shares during the period. Hudson Bay Capital Management LP purchased a new position in BlackRock in the 3rd quarter worth approximately $3,791,000. Finally, TCV Trust & Wealth Management Inc. acquired a new stake in BlackRock in the fourth quarter valued at approximately $20,279,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BLK has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of BlackRock from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, May 13th. JPMorgan Chase & Co. lowered their price target on shares of BlackRock from $1,269.00 to $1,128.00 and set a "neutral" rating for the company in a report on Monday, April 13th. Jefferies Financial Group dropped their price target on shares of BlackRock from $1,351.00 to $1,199.00 and set a "buy" rating on the stock in a research note on Wednesday, April 8th. Keefe, Bruyette & Woods boosted their price objective on shares of BlackRock from $1,150.00 to $1,240.00 and gave the stock an "outperform" rating in a report on Wednesday, April 15th. Finally, Evercore decreased their price objective on shares of BlackRock from $1,220.00 to $1,140.00 and set an "outperform" rating for the company in a research report on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, BlackRock currently has an average rating of "Moderate Buy" and a consensus target price of $1,269.44.

BlackRock News Roundup

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: The U.S. Treasury selected two BlackRock iShares ETFs — IVV and ITOT — for the new “Trump Accounts” savings program, which could expand long-term asset inflows and reinforce BlackRock’s ETF leadership. Reuters article
• Positive Sentiment: BlackRock also said it is updating its closed-end fund discount management programs, a move that may support investor confidence in parts of its product lineup and capital-return strategy. Yahoo Finance article
• Positive Sentiment: Morgan Stanley described the setup for traditional asset managers, including BlackRock, as favorable heading into Q2 results, suggesting the company could benefit from improving sentiment in the financial sector. Yahoo Finance article
• Neutral Sentiment: BlackRock announced that Phil Tseng is leaving as CEO of BlackRock TCP Capital / its private credit fund unit, a management change that adds uncertainty but is not yet a quantified financial hit. Seeking Alpha article
• Neutral Sentiment: BlackRock’s investment outlook turned more cautious on emerging-market equities while favoring euro-zone bonds and shorter-duration positioning, reflecting a portfolio shift rather than a direct hit to earnings. Yahoo Finance article
• Negative Sentiment: BlackRock’s private credit business is drawing scrutiny after Bloomberg reported its fund CEO is departing amid valuation probes, losses, and markdowns, which could pressure sentiment around the firm’s alternatives push. Yahoo Finance article
• Negative Sentiment: BlackRock’s iShares Bitcoin ETF IBIT has faced sizable outflows recently, highlighting softer institutional demand in crypto and creating a small drag on sentiment around the firm’s digital-asset exposure. Blockonomi article

BlackRock Stock Performance

BlackRock stock opened at $980.85 on Thursday. The stock has a market cap of $152.26 billion, a P/E ratio of 24.62, a price-to-earnings-growth ratio of 1.24 and a beta of 1.43. 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 has a 50 day moving average of $1,040.36 and a 200-day moving average of $1,047.00. BlackRock has a 52 week low of $917.39 and a 52 week high of $1,219.94.

BlackRock (NYSE:BLK - Get Free Report) last issued its quarterly earnings results on Tuesday, April 14th. The asset manager reported $12.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $12.40 by $0.13. The business had revenue of $6.70 billion during the quarter, compared to analyst estimates of $6.56 billion. BlackRock had a net margin of 24.40% and a return on equity of 14.74%. The business's revenue was up 27.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $9.64 earnings per share. On average, analysts expect that BlackRock will post 53.4 EPS for the current fiscal year.

BlackRock Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th were given a $5.73 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $22.92 annualized dividend and a dividend yield of 2.3%. BlackRock's payout ratio is presently 57.53%.

Insider Transactions at BlackRock

In other news, President Robert Kapito sold 8,739 shares of the 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 transaction, the president owned 210,186 shares of the company's stock, valued at approximately $222,082,527.60. This trade represents a 3.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Laurence Fink sold 33,900 shares of BlackRock stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $1,050.55, for a total value of $35,613,645.00. Following the completion of the transaction, the chief executive officer owned 230,516 shares of the company's stock, valued at $242,168,583.80. This trade represents a 12.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.92% of the company's stock.

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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