Summitry LLC Boosts Stake in BlackRock $BLK

Key Points

• Summitry LLC increased its BlackRock stake by 3,622.1% in the first quarter, acquiring 22,095 additional shares for a total holding of 22,705 shares valued at approximately $21.8 million. Institutional investors collectively own 80.69% of BLK.
• Analyst sentiment remains broadly positive: two analysts rate BlackRock a Strong Buy and 15 rate it a Buy, with an average price target of $1,304.29.
• BlackRock exceeded quarterly expectations with $13.91 in EPS and $7.08 billion in revenue, up 30.6% year over year, and declared a quarterly dividend of $5.73 per share, representing a 2.1% annualized yield.

Summitry LLC lifted its stake in shares of BlackRock (NYSE:BLK - Free Report) by 3,622.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 22,705 shares of the asset manager's stock after purchasing an additional 22,095 shares during the quarter. Summitry LLC's holdings in BlackRock were worth $21,836,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BLK shares. Zacks Research upgraded shares of BlackRock from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 20th. Bank of America raised their price target on shares of BlackRock from $1,298.00 to $1,320.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. Morgan Stanley upped their price objective on BlackRock from $1,383.00 to $1,488.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods lifted their price target on BlackRock from $1,275.00 to $1,300.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. Finally, TD Cowen reduced their price objective on shares of BlackRock from $1,238.00 to $1,105.00 and set a "hold" rating for the company in a report on Thursday, April 9th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $1,304.29.

More BlackRock News

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: Demand for BlackRock’s crypto products remains strong. Its iShares Bitcoin Trust (IBIT) attracted approximately $183 million of new inflows on July 30, contributing to $233 million in total spot Bitcoin ETF inflows. Continued ETF demand could support fee revenue and assets under management. Spot Bitcoin ETFs Attract $233M in Fresh Inflows as BlackRock’s IBIT Leads Demand
• Positive Sentiment: Stripe’s blockchain, Tempo, integrated BlackRock’s BUIDL tokenized Treasury fund, expanding institutional access to the product and reinforcing BlackRock’s leadership in tokenized assets. Tempo Brings BlackRock’s BUIDL to Businesses in New Treasury Partnership
• Positive Sentiment: BlackRock was identified alongside Fidelity and Goldman Sachs as a major TradFi supporter of the CLARITY Act, potentially improving regulatory clarity for digital assets if the legislation advances. Could Wisconsin strip your voting rights for using prediction markets?
• Neutral Sentiment: Analysts highlighted three BlackRock mutual funds with top Zacks rankings, but the article is promotional and does not represent new company fundamentals or a material change in investor demand. 3 BlackRock Mutual Funds to Grab Now for Superior Returns
• Negative Sentiment: Rosen Law Firm announced an investigation into potential securities claims involving BlackRock mutual funds, alleging misleading business information. The announcement does not establish wrongdoing, but it creates headline and litigation risk. Rosen Investor Investigation

BlackRock Price Performance

BLK stock opened at $1,093.47 on Friday. BlackRock has a one year low of $917.39 and a one year 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 firm has a market capitalization of $169.48 billion, a PE ratio of 26.13, a P/E/G ratio of 1.24 and a beta of 1.43. The firm has a 50-day moving average of $1,032.03 and a two-hundred day moving average of $1,041.73.

BlackRock (NYSE:BLK - Get Free Report) last announced its earnings results on Wednesday, July 15th. The asset manager reported $13.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $12.69 by $1.22. The company had revenue of $7.08 billion for the quarter, compared to the consensus estimate of $6.73 billion. BlackRock had a net margin of 24.09% and a return on equity of 15.01%. The company's revenue was up 30.6% on a year-over-year basis. During the same period in the previous year, the business earned $12.05 EPS. On average, analysts forecast that BlackRock will post 55.63 earnings per share for the current year.

BlackRock Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be paid a $5.73 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $22.92 dividend on an annualized basis and a dividend yield of 2.1%. BlackRock's dividend payout ratio is 54.78%.

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.