Exchange Traded Concepts LLC Raises Position in BlackRock, Inc. (NYSE:BLK)

Posted by Defense World Staff on Jun 24th, 2023

Exchange Traded Concepts LLC increased its position in BlackRock, Inc. (NYSE:BLK – Get Rating) by 4,380.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,988 shares of the asset manager’s stock after purchasing an additional 3,899 shares during the quarter. Exchange Traded Concepts LLC’s holdings in BlackRock were worth $2,668,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in BLK. Penserra Capital Management LLC boosted its stake in shares of BlackRock by 78.6% in the third quarter. Penserra Capital Management LLC now owns 50 shares of the asset manager’s stock valued at $27,000 after purchasing an additional 22 shares during the period. Horan Securities Inc. boosted its holdings in BlackRock by 72.7% in the fourth quarter. Horan Securities Inc. now owns 38 shares of the asset manager’s stock valued at $27,000 after purchasing an additional 16 shares during the last quarter. Align Wealth Management LLC purchased a new position in BlackRock in the fourth quarter valued at about $28,000. Y.D. More Investments Ltd purchased a new position in BlackRock in the fourth quarter valued at about $28,000. Finally, HBC Financial Services PLLC boosted its holdings in BlackRock by 55.6% in the fourth quarter. HBC Financial Services PLLC now owns 42 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 15 shares during the last quarter. 79.37% of the stock is currently owned by hedge funds and other institutional investors.

BlackRock Stock Performance

BLK stock opened at $680.45 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 4.20 and a current ratio of 4.20. The stock has a market capitalization of $101.91 billion, a price-to-earnings ratio of 21.11, a PEG ratio of 2.14 and a beta of 1.27. BlackRock, Inc. has a 1 year low of $503.12 and a 1 year high of $785.65. The stock’s fifty day moving average is $669.55 and its two-hundred day moving average is $690.21.

BlackRock (NYSE:BLK – Get Rating) last released its quarterly earnings results on Friday, April 14th. The asset manager reported $7.93 earnings per share for the quarter, beating analysts’ consensus estimates of $7.71 by $0.22. The company had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.24 billion. BlackRock had a return on equity of 13.66% and a net margin of 28.13%. The business’s revenue for the quarter was down 9.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.52 earnings per share. On average, research analysts predict that BlackRock, Inc. will post 34.28 EPS for the current year.

BlackRock Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 23rd. Stockholders of record on Thursday, June 8th were issued a dividend of $5.00 per share. The ex-dividend date was Wednesday, June 7th. This represents a $20.00 dividend on an annualized basis and a dividend yield of 2.94%. BlackRock’s dividend payout ratio (DPR) is presently 62.03%.

Insider Activity

In related news, CEO Laurence Fink sold 35,799 shares of BlackRock stock in a transaction dated Tuesday, April 18th. The shares were sold at an average price of $694.50, for a total transaction of $24,862,405.50. Following the sale, the chief executive officer now directly owns 484,325 shares in the company, valued at $336,363,712.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Laurence Fink sold 35,799 shares of the business’s stock in a transaction that occurred on Tuesday, April 18th. The stock was sold at an average price of $694.50, for a total transaction of $24,862,405.50. Following the sale, the chief executive officer now owns 484,325 shares of the company’s stock, valued at $336,363,712.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director J. Richard Kushel sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, April 17th. The stock was sold at an average price of $696.00, for a total value of $2,088,000.00. Following the sale, the director now directly owns 71,307 shares in the company, valued at approximately $49,629,672. The disclosure for this sale can be found here. Corporate insiders own 1.06% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on BLK shares. BMO Capital Markets reduced their price objective on shares of BlackRock from $583.00 to $542.00 and set a “market perform” rating on the stock in a research note on Monday, April 17th. Evercore ISI reduced their price objective on shares of BlackRock from $760.00 to $740.00 and set an “outperform” rating on the stock in a research note on Thursday, April 13th. Citigroup began coverage on BlackRock in a report on Thursday, May 18th. They set a “buy” rating and a $750.00 target price on the stock. Wells Fargo & Company reduced their target price on BlackRock from $840.00 to $780.00 and set an “overweight” rating on the stock in a report on Wednesday, April 5th. Finally, Credit Suisse Group increased their target price on BlackRock from $662.00 to $673.00 and gave the stock a “neutral” rating in a report on Monday, April 17th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $755.92.

BlackRock Company Profile

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BlackRock, Inc is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks.