Perennial Investment Advisors LLC Takes $687,000 Position in BlackRock $BLK

Perennial Investment Advisors LLC bought a new position in shares of BlackRock (NYSE:BLK) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 714 shares of the asset manager’s stock, valued at approximately $687,000.

Other institutional investors also recently bought and sold shares of the company. Evolution Wealth Management Inc. purchased a new stake in BlackRock during the 4th quarter worth $26,000. RMG Wealth Management LLC purchased a new position in BlackRock in the first quarter valued at about $25,000. Addison Advisors LLC purchased a new stake in BlackRock during the 2nd quarter worth approximately $25,000. Kelly Lawrence W & Associates Inc. CA purchased a new position in shares of BlackRock during the 2nd quarter valued at approximately $25,000. Finally, Birchbrook Inc. bought a new stake in shares of BlackRock in the fourth quarter worth $31,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

BlackRock News Roundup

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock’s iShares Bitcoin Trust (IBIT) has processed more than $5 billion in tax-deferred conversions from directly held Bitcoin. Reducing the minimum conversion size from $25 million to $1 million could make the product accessible to more wealthy investors and institutions, potentially supporting assets under management and fee revenue. However, these transactions transfer existing Bitcoin into the ETF rather than representing equivalent new cash inflows. Bitcoin to $100K? BlackRock’s $5B ETF Shift Pulls More BTC Into Wall Street
• Positive Sentiment: Wall Street analysts remain broadly optimistic about BlackRock’s growth prospects and target price, despite the shares’ strong multiyear advance. What Are Wall Street Analysts’ Target Price for BlackRock Stock?
• Neutral Sentiment: BlackRock named Jessica Tan to lead its global product unit, a management change that could influence future product development and distribution but whose financial impact is not yet clear. BlackRock names Jessica Tan to head global product unit
• Neutral Sentiment: The company announced final August cash distributions for the iShares Premium Money Market ETF. The announcement is routine and primarily affects fund investors rather than BlackRock’s corporate earnings. BlackRock Canada Announces Final August Cash Distributions
• Negative Sentiment: Rosen Law Firm said it is investigating potential securities claims involving BlackRock mutual funds, alleging that the company may have issued materially misleading business information. The announcement does not establish wrongdoing, but it introduces potential legal, reputational and financial risk. BlackRock Investor News: Rosen Law Firm Investigation
• Negative Sentiment: One valuation review says BlackRock now trades near fair value on intrinsic estimates and looks expensive on earnings multiples after an approximately 82% three-year return, limiting near-term upside unless earnings and fee growth accelerate. BlackRock Stock Looks Fully Valued After an 82% Run

Analysts Set New Price Targets

A number of research analysts have commented on BLK shares. Evercore reaffirmed an “outperform” rating and set a $1,260.00 target price on shares of BlackRock in a report on Monday, August 10th. JPMorgan Chase & Co. upgraded BlackRock from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $1,165.00 to $1,364.00 in a research note on Thursday, July 16th. Zacks Research upgraded shares of BlackRock from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 20th. BNP Paribas Exane raised their price target on shares of BlackRock from $1,300.00 to $1,350.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 23rd. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $1,389.00 price target on shares of BlackRock in a report on Thursday, July 16th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $1,311.06.

BlackRock Stock Down 0.2%

BlackRock stock opened at $1,174.17 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 3.59 and a current ratio of 3.59. BlackRock has a one year low of $917.39 and a one year high of $1,219.94. The company has a 50-day simple moving average of $1,075.18 and a 200-day simple moving average of $1,045.98. The firm has a market capitalization of $181.84 billion, a P/E ratio of 28.06, a P/E/G ratio of 1.30 and a beta of 1.42.

BlackRock (NYSE:BLK) last posted its earnings results on Wednesday, July 15th. The asset manager reported $13.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $12.69 by $1.22. BlackRock had a net margin of 24.09% and a return on equity of 14.90%. The firm had revenue of $7.08 billion during the quarter, compared to analyst estimates of $6.73 billion. During the same period in the previous year, the business posted $12.05 EPS. BlackRock’s revenue was up 30.6% on a year-over-year basis. As a group, equities analysts expect that BlackRock will post 55.86 earnings per share for the current year.

BlackRock Announces Dividend

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