Clearbridge Investments LLC Reduces Holdings in BlackRock $BLK

Clearbridge Investments LLC trimmed its stake in BlackRock (NYSE:BLK) by 25.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 41,597 shares of the asset manager’s stock after selling 13,978 shares during the period. Clearbridge Investments LLC’s holdings in BlackRock were worth $44,523,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of BLK. SouthState Bank Corp increased its stake in shares of BlackRock by 1.7% in the 4th quarter. SouthState Bank Corp now owns 2,686 shares of the asset manager’s stock worth $2,875,000 after acquiring an additional 44 shares in the last quarter. Syon Capital LLC increased its stake in shares of BlackRock by 11.0% in the 4th quarter. Syon Capital LLC now owns 2,607 shares of the asset manager’s stock worth $2,790,000 after acquiring an additional 259 shares in the last quarter. Capital Research Global Investors increased its stake in shares of BlackRock by 0.3% in the 4th quarter. Capital Research Global Investors now owns 3,838,937 shares of the asset manager’s stock worth $4,108,968,000 after acquiring an additional 12,019 shares in the last quarter. Capital International Investors increased its stake in shares of BlackRock by 7.4% in the 4th quarter. Capital International Investors now owns 1,976,762 shares of the asset manager’s stock worth $2,116,082,000 after acquiring an additional 135,674 shares in the last quarter. Finally, Modus Advisors LLC bought a new position in shares of BlackRock in the 4th quarter worth about $50,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

BlackRock Stock Up 1.7%

NYSE:BLK opened at $1,011.46 on Wednesday. The firm has a market cap of $157.01 billion, a P/E ratio of 25.39, a P/E/G ratio of 1.29 and a beta of 1.42. The company has a debt-to-equity ratio of 0.34, a quick ratio of 4.09 and a current ratio of 4.09. BlackRock has a fifty-two week low of $917.39 and a fifty-two week high of $1,219.94. The firm has a 50-day simple moving average of $1,035.68 and a two-hundred day simple moving average of $1,051.35.

BlackRock (NYSE:BLK) last announced its quarterly earnings results on Tuesday, April 14th. The asset manager reported $12.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $12.40 by $0.13. The firm had revenue of $6.70 billion for the quarter, compared to the consensus estimate of $6.56 billion. BlackRock had a net margin of 24.40% and a return on equity of 14.74%. The business’s quarterly revenue was up 27.0% compared to the same quarter last year. During the same quarter last year, the firm posted $9.64 EPS. Analysts predict that BlackRock will post 52.8 earnings per share for the current fiscal year.

BlackRock Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th will be issued a dividend of $5.73 per share. This represents a $22.92 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, June 5th. BlackRock’s dividend payout ratio (DPR) is presently 57.53%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BLK. Evercore decreased their price target on shares of BlackRock from $1,220.00 to $1,140.00 and set an “outperform” rating for the company in a research note on Monday. UBS Group increased their price target on shares of BlackRock from $1,235.00 to $1,270.00 and gave the stock a “buy” rating in a research note on Wednesday, April 15th. Keefe, Bruyette & Woods raised their price objective on shares of BlackRock from $1,150.00 to $1,240.00 and gave the company an “outperform” rating in a research note on Wednesday, April 15th. TD Cowen reduced their price objective on shares of BlackRock from $1,238.00 to $1,105.00 and set a “hold” rating for the company in a research note on Thursday, April 9th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of BlackRock from $1,269.00 to $1,128.00 and set a “neutral” rating for the company in a research note on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,264.61.

BlackRock News Roundup

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock launched a new space-focused ETF for European investors, the iShares Space Technologies UCITS ETF (STAR), with a fast-track IPO inclusion feature that could help attract demand for exposure to newly public space companies. Article Title
• Positive Sentiment: The new STAR ETF and related coverage highlight BlackRock’s ability to keep expanding its lineup in high-growth thematic investing, which supports the company’s fee-generating asset-gathering story. Article Title
• Positive Sentiment: Interactive Brokers began offering BlackRock ETFs in European savings plans, which broadens distribution and could help drive additional inflows into BlackRock funds. Article Title
• Positive Sentiment: BlackRock continues to be highlighted as a leading ETF provider with multiple funds showing upside potential, reinforcing the firm’s strong franchise in the ETF market. Article Title
• Neutral Sentiment: BlackRock’s commentary on “mega forces” and its market outlook adds to investor attention, but this is more about long-term strategy than an immediate earnings catalyst. Article Title
• Negative Sentiment: Bitcoin ETF outflows remain a headwind, and BlackRock’s IBIT reportedly led exits during a week of heavy redemptions, which could weigh on sentiment around its crypto-related ETF business. Article Title
• Negative Sentiment: Evercore trimmed its price target on BlackRock, which may slightly temper enthusiasm even though the firm kept an outperform rating. Article Title

Insider Transactions at BlackRock

In other news, President Robert Kapito sold 8,739 shares of the firm’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $1,056.60, for a total transaction of $9,233,627.40. Following the sale, the president owned 210,186 shares of the company’s stock, valued at $222,082,527.60. This trade represents a 3.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Laurence Fink sold 33,900 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $1,050.55, for a total transaction of $35,613,645.00. Following the sale, the chief executive officer directly owned 230,516 shares in the company, valued at approximately $242,168,583.80. The trade was a 12.82% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.92% of the company’s stock.

About BlackRock

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.