BlackRock $BLK Stock Sold by Palisade Asset Management LLC

Palisade Asset Management LLC decreased its holdings in shares of BlackRock (NYSE:BLK) by 4.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,816 shares of the asset manager’s stock after selling 544 shares during the quarter. BlackRock accounts for about 1.2% of Palisade Asset Management LLC’s investment portfolio, making the stock its 29th biggest position. Palisade Asset Management LLC’s holdings in BlackRock were worth $12,505,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of BLK. Verus Capital Partners LLC grew its holdings in shares of BlackRock by 2.6% in the third quarter. Verus Capital Partners LLC now owns 435 shares of the asset manager’s stock worth $460,000 after purchasing an additional 11 shares during the last quarter. Pegasus Asset Management Inc. increased its stake in BlackRock by 1.5% in the 3rd quarter. Pegasus Asset Management Inc. now owns 7,988 shares of the asset manager’s stock worth $8,454,000 after buying an additional 117 shares during the period. Plancorp LLC lifted its holdings in BlackRock by 15.9% during the 3rd quarter. Plancorp LLC now owns 270 shares of the asset manager’s stock valued at $310,000 after buying an additional 37 shares in the last quarter. Waycross Partners LLC bought a new stake in BlackRock during the 3rd quarter valued at about $1,961,000. Finally, Ashton Thomas Private Wealth LLC boosted its position in BlackRock by 2.4% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 10,024 shares of the asset manager’s stock valued at $10,608,000 after buying an additional 235 shares during the period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

BlackRock Stock Performance

BLK stock opened at $1,178.32 on Friday. BlackRock has a 1-year low of $917.39 and a 1-year high of $1,242.12. The business has a 50-day moving average price of $1,104.90 and a 200 day moving average price of $1,065.48. The company has a market capitalization of $182.49 billion, a P/E ratio of 26.79, a PEG ratio of 1.22 and a beta of 1.37. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.44 and a quick ratio of 3.59.

BlackRock (NYSE:BLK) last issued its earnings results on Wednesday, October 14th. The asset manager reported $15.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $14.32 by $1.61. The company had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.42 billion. BlackRock had a net margin of 24.22% and a return on equity of 15.60%. The firm’s quarterly revenue was up 19.1% on a year-over-year basis. During the same period in the prior year, the business earned $8.43 EPS. As a group, equities research analysts forecast that BlackRock will post 57.82 EPS for the current fiscal year.

BlackRock News Summary

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock executives described potential shifts in equity markets and opportunities in AI-related debt financing. The company also said political changes following the U.S. midterms will not alter its crypto strategy, signaling continuity in its digital-asset plans. Rieder on equity rebalancing BlackRock’s crypto strategy
• Positive Sentiment: Preqin, BlackRock’s private-markets data business, is partnering with an AI-powered capital-introduction platform. The collaboration may extend the reach of its institutional data offering, though the financial impact is not specified. Preqin and iConnections collaboration
• Neutral Sentiment: Larry Fink argued that workers have fallen behind investors, prompting discussion of pay, investment returns and market ownership. This is a broader economic commentary rather than a direct update on BlackRock’s earnings or outlook. Larry Fink on workers and investors
• Negative Sentiment: BlackRock’s iShares Bitcoin Trust (IBIT) continued to see withdrawals even as some reports described a rebound in overall crypto ETF flows. Further outflows could pressure fund assets and related fee revenue, although the reports do not quantify a material effect on BlackRock’s overall results. BlackRock ETF withdrawals

Analysts Set New Price Targets

A number of equities analysts have commented on BLK shares. TD Cowen upgraded shares of BlackRock from a “hold” rating to a “buy” rating and upped their target price for the stock from $1,212.00 to $1,405.00 in a research note on Tuesday, October 20th. Barclays decreased their price target on shares of BlackRock from $1,420.00 to $1,410.00 and set an “overweight” rating for the company in a research note on Thursday, October 15th. BNP Paribas Exane boosted their price target on BlackRock from $1,370.00 to $1,430.00 and gave the company an “outperform” rating in a report on Thursday, October 15th. Truist Financial set a $1,310.00 price target on BlackRock in a report on Thursday, October 15th. Finally, Wells Fargo & Company increased their price objective on BlackRock from $1,230.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $1,342.25.

BlackRock Profile

BlackRock, Inc is a global investment management and financial technology company serving individuals, institutions, governments and other organizations. Founded in 1988, the company is headquartered in New York City and operates in markets around the world.

BlackRock offers investment products and services across asset classes, including equities, fixed income, cash management and alternative investments. Its offerings include exchange-traded funds and other funds under the iShares brand, as well as portfolio management, investment advisory and risk management services.

The company also provides Aladdin, a technology platform used by investors and financial institutions for portfolio management, operations and risk analysis.