Pinnacle West Asset Management Inc. Buys Shares of 2,458 BlackRock $BLK

Pinnacle West Asset Management Inc. purchased a new position in shares of BlackRock (NYSE:BLK) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 2,458 shares of the asset manager’s stock, valued at approximately $2,364,000. BlackRock comprises approximately 1.6% of Pinnacle West Asset Management Inc.’s investment portfolio, making the stock its 22nd largest holding.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. RMG Wealth Management LLC purchased a new position in shares of BlackRock during the first quarter valued at approximately $25,000. Addison Advisors LLC purchased a new stake in BlackRock in the 2nd quarter worth approximately $25,000. Evolution Wealth Management Inc. acquired a new position in BlackRock in the 4th quarter valued at $26,000. Meeder Asset Management Inc. acquired a new position in BlackRock in the 2nd quarter valued at $30,000. Finally, Birchbrook Inc. purchased a new position in shares of BlackRock during the 4th quarter worth $31,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Morgan Stanley raised their price objective on BlackRock from $1,383.00 to $1,488.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Evercore reiterated an “outperform” rating and set a $1,260.00 target price on shares of BlackRock in a research report on Monday, August 10th. Bank of America raised their price target on BlackRock from $1,298.00 to $1,320.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Weiss Ratings cut BlackRock from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Finally, Barclays upped their price objective on shares of BlackRock from $1,340.00 to $1,450.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, BlackRock has a consensus rating of “Buy” and a consensus price target of $1,311.06.

BlackRock Price Performance

Shares of BlackRock stock opened at $1,157.28 on Friday. The business’s fifty day moving average price is $1,067.74 and its 200 day moving average price is $1,044.23. BlackRock has a twelve month low of $917.39 and a twelve month high of $1,219.94. The company has a current ratio of 3.59, a quick ratio of 3.59 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $179.23 billion, a P/E ratio of 27.66, a PEG ratio of 1.28 and a beta of 1.42.

BlackRock (NYSE:BLK) last announced its quarterly earnings results on Wednesday, July 15th. The asset manager reported $13.91 EPS for the quarter, topping the consensus estimate of $12.69 by $1.22. The company had revenue of $7.08 billion during the quarter, compared to analyst estimates of $6.73 billion. BlackRock had a return on equity of 14.90% and a net margin of 24.09%.The firm’s revenue was up 30.6% on a year-over-year basis. During the same period in the prior year, the firm posted $12.05 earnings per share. As a group, research analysts anticipate that BlackRock will post 55.64 earnings per share for the current year.

BlackRock Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th will be given a dividend of $5.73 per share. This represents a $22.92 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 8th. BlackRock’s dividend payout ratio is 54.78%.

Trending Headlines about BlackRock

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: Strong Bitcoin ETF demand could support fee revenue. BlackRock’s iShares Bitcoin Trust led recent U.S. spot Bitcoin ETF inflows, including $284.7 million in one session and $588.5 million over three days. Continued cryptocurrency demand could increase assets under management and fee income. Bitcoin ETF Inflows Hit $517M While BTC Tests Key Resistance
• Positive Sentiment: Dividend appeal is drawing investor attention. A recent analysis describes BlackRock as an attractive dividend stock, reinforcing the company’s appeal to income-oriented investors after its latest quarter exceeded expectations on both earnings and revenue. Why BlackRock Is a Great Dividend Stock Right Now
• Positive Sentiment: BlackRock continues deploying capital and expanding alternative-asset exposure. The firm and Oaktree seized debt-laden movie servicer MBS, highlighting potential opportunities in distressed and private credit markets, though such investments also carry execution risk. BlackRock, Oaktree Seize Debt-Laden Movie Servicer MBS
• Neutral Sentiment: Large Qiagen stake creates potential strategic upside but adds concentration risk. Dutch regulatory filings show BlackRock owns roughly 11.5% of Qiagen’s capital and more than 12% of its voting rights. The holding demonstrates significant investment activity, but the filings do not indicate a change in BlackRock’s operating outlook. BlackRock Reveals Stake in Qiagen
• Negative Sentiment: A law firm’s investigation remains an overhang. Rosen Law Firm is seeking investors who may have suffered losses in BlackRock mutual funds amid allegations that business information was materially misleading. This is only an investigation announcement, not a finding of wrongdoing, but it could create reputational and legal risk. BlackRock Investor News

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.