Penserra Capital Management LLC Buys 22 Shares of BlackRock, Inc. (NYSE:BLK)

Posted by Defense World Staff on Mar 1st, 2023

Penserra Capital Management LLC boosted its holdings in BlackRock, Inc. (NYSE:BLK – Get Rating) by 78.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 50 shares of the asset manager’s stock after purchasing an additional 22 shares during the quarter. Penserra Capital Management LLC’s holdings in BlackRock were worth $27,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in BLK. Equitable Holdings Inc. boosted its stake in BlackRock by 5.5% during the third quarter. Equitable Holdings Inc. now owns 5,946 shares of the asset manager’s stock worth $3,272,000 after acquiring an additional 308 shares in the last quarter. PFS Investments Inc. boosted its position in shares of BlackRock by 11.6% in the third quarter. PFS Investments Inc. now owns 43,597 shares of the asset manager’s stock valued at $23,991,000 after acquiring an additional 4,517 shares during the period. Peak Asset Management LLC increased its stake in BlackRock by 3.9% in the third quarter. Peak Asset Management LLC now owns 479 shares of the asset manager’s stock valued at $264,000 after acquiring an additional 18 shares during the last quarter. MML Investors Services LLC lifted its holdings in shares of BlackRock by 7.5% in the 3rd quarter. MML Investors Services LLC now owns 47,704 shares of the asset manager’s stock worth $26,251,000 after acquiring an additional 3,315 shares during the last quarter. Finally, United Bank boosted its position in BlackRock by 4.6% during the third quarter. United Bank now owns 1,194 shares of the asset manager’s stock valued at $657,000 after buying an additional 53 shares during the period. 77.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other BlackRock news, insider Marc D. Comerchero sold 650 shares of the company’s stock in a transaction that occurred on Thursday, February 9th. The shares were sold at an average price of $728.66, for a total transaction of $473,629.00. Following the transaction, the insider now owns 3,055 shares in the company, valued at approximately $2,226,056.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Marc D. Comerchero sold 650 shares of the stock in a transaction on Thursday, February 9th. The shares were sold at an average price of $728.66, for a total value of $473,629.00. Following the sale, the insider now owns 3,055 shares in the company, valued at $2,226,056.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark Wiedman sold 1,075 shares of the stock in a transaction on Wednesday, January 18th. The stock was sold at an average price of $749.89, for a total transaction of $806,131.75. Following the completion of the sale, the director now owns 8,682 shares in the company, valued at approximately $6,510,544.98. The disclosure for this sale can be found here. Insiders sold a total of 4,839 shares of company stock worth $3,578,947 in the last 90 days. 1.06% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on BLK. Morgan Stanley raised their price objective on shares of BlackRock from $785.00 to $828.00 and gave the stock an “overweight” rating in a report on Tuesday, January 17th. Credit Suisse Group raised their target price on shares of BlackRock from $540.00 to $680.00 and gave the stock a “neutral” rating in a report on Thursday, January 12th. Bank of America dropped their target price on shares of BlackRock from $821.00 to $813.00 in a report on Sunday, January 15th. Wells Fargo & Company started coverage on shares of BlackRock in a report on Wednesday, December 14th. They issued an “overweight” rating and a $820.00 target price on the stock. Finally, The Goldman Sachs Group lifted their price target on shares of BlackRock from $741.00 to $825.00 and gave the stock a “buy” rating in a research note on Wednesday, January 4th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $738.80.

BlackRock Price Performance

BlackRock stock opened at $689.43 on Wednesday. The stock has a market cap of $103.55 billion, a price-to-earnings ratio of 20.31, a price-to-earnings-growth ratio of 2.28 and a beta of 1.26. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.03 and a quick ratio of 3.03. BlackRock, Inc. has a 1 year low of $503.12 and a 1 year high of $788.65. The firm has a 50-day moving average of $728.34 and a two-hundred day moving average of $685.58.

BlackRock (NYSE:BLK – Get Rating) last announced its quarterly earnings results on Friday, January 13th. The asset manager reported $8.93 earnings per share for the quarter, topping the consensus estimate of $7.99 by $0.94. BlackRock had a net margin of 28.97% and a return on equity of 14.43%. The firm had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.16 billion. On average, research analysts forecast that BlackRock, Inc. will post 34.83 earnings per share for the current year.

BlackRock Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 23rd. Investors of record on Tuesday, March 7th will be paid a dividend of $5.00 per share. This represents a $20.00 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend is Monday, March 6th. This is a positive change from BlackRock’s previous quarterly dividend of $4.88. BlackRock’s payout ratio is 58.91%.

About BlackRock

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BlackRock, Inc engages in providing investment management, risk management, and advisory services for institutional and retail clients worldwide. Its products include single and multi-asset class portfolios investing in equities, fixed income, alternatives, and money market instruments. The company was founded by Ralph L.