Elevation Point Wealth Partners LLC Boosts Stake in BlackRock $BLK

Elevation Point Wealth Partners LLC grew its stake in shares of BlackRock (NYSE:BLK) by 159.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,631 shares of the asset manager’s stock after purchasing an additional 5,925 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in BlackRock were worth $9,263,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of BLK. Shum Financial Group Inc. raised its holdings in shares of BlackRock by 0.4% in the 4th quarter. Shum Financial Group Inc. now owns 2,183 shares of the asset manager’s stock valued at $2,336,000 after purchasing an additional 9 shares in the last quarter. First Bancorp Inc ME boosted its position in shares of BlackRock by 2.9% in the 4th quarter. First Bancorp Inc ME now owns 321 shares of the asset manager’s stock worth $344,000 after purchasing an additional 9 shares in the last quarter. Rather & Kittrell Inc. grew its position in BlackRock by 2.1% during the 4th quarter. Rather & Kittrell Inc. now owns 430 shares of the asset manager’s stock worth $461,000 after purchasing an additional 9 shares during the last quarter. Oakworth Capital Inc. lifted its position in BlackRock by 1.2% during the 4th quarter. Oakworth Capital Inc. now owns 755 shares of the asset manager’s stock worth $808,000 after acquiring an additional 9 shares during the period. Finally, Tortoise Investment Management LLC boosted its position in BlackRock by 23.8% in the third quarter. Tortoise Investment Management LLC now owns 52 shares of the asset manager’s stock valued at $61,000 after buying an additional 10 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Trending Headlines about BlackRock

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: The U.S. Treasury chose BlackRock’s IVV and ITOT ETFs for the new Trump Accounts program, which could boost future ETF inflows and reinforce BlackRock’s position in low-cost index investing. US Treasury picks BlackRock, Vanguard ETFs for Trump Accounts
• Positive Sentiment: BlackRock’s BUIDL tokenized treasury product continued to grow even as crypto-native yield products shrank, underscoring demand for asset-backed digital products tied to traditional markets. Yield-bearing stablecoin slowdown ends three-year run for crypto-native products
• Positive Sentiment: BlackRock was also highlighted in articles about expanding tokenization efforts and ETF adoption, which may help support longer-term growth narratives around its iShares franchise. Ondo Finance brings U.S. stocks onchain for the first time following SEC guidance
• Positive Sentiment: Analyst notes saying BlackRock has a strong history of beating earnings estimates may also be helping sentiment ahead of its next report on July 15. Will BlackRock (BLK) Beat Estimates Again in Its Next Earnings Report?

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Weiss Ratings raised BlackRock from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 13th. UBS Group lifted their price objective on BlackRock from $1,235.00 to $1,270.00 and gave the stock a “buy” rating in a report on Wednesday, April 15th. BMO Capital Markets lifted their target price on shares of BlackRock from $1,200.00 to $1,250.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. TD Cowen dropped their price target on BlackRock from $1,238.00 to $1,105.00 and set a “hold” rating for the company in a research report on Thursday, April 9th. Finally, JPMorgan Chase & Co. cut 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 report on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, BlackRock has an average rating of “Moderate Buy” and a consensus target price of $1,269.44.

Insiders Place Their Bets

In other BlackRock news, 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 of the company’s stock, valued at $242,168,583.80. This trade represents a 12.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Robert Kapito sold 8,739 shares of BlackRock stock in a transaction on Monday, April 27th. The shares were sold at an average price of $1,056.60, for a total value of $9,233,627.40. Following the completion of the sale, the president directly owned 210,186 shares of the company’s stock, valued at approximately $222,082,527.60. This represents a 3.99% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.92% of the stock is currently owned by insiders.

BlackRock Stock Performance

NYSE BLK opened at $994.50 on Friday. The company has a fifty day moving average of $1,039.37 and a two-hundred day moving average of $1,046.33. The company has a market capitalization of $154.38 billion, a PE ratio of 24.96, a P/E/G ratio of 1.26 and a beta of 1.43. The company has a debt-to-equity ratio of 0.34, a current ratio of 4.09 and a quick ratio of 4.09. BlackRock has a 1 year low of $917.39 and a 1 year high of $1,219.94.

BlackRock (NYSE:BLK) last posted its quarterly earnings data on Tuesday, April 14th. The asset manager reported $12.53 EPS for the quarter, beating analysts’ consensus estimates of $12.40 by $0.13. BlackRock had a net margin of 24.40% and a return on equity of 14.74%. The company had revenue of $6.70 billion for the quarter, compared to analyst estimates of $6.56 billion. During the same period in the previous year, the business posted $9.64 earnings per share. BlackRock’s quarterly revenue was up 27.0% on a year-over-year basis. As a group, analysts expect that BlackRock will post 53.34 earnings per share for the current year.

BlackRock Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th were paid a dividend of $5.73 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $22.92 annualized dividend and a dividend yield of 2.3%. BlackRock’s payout ratio is 57.53%.

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.