B. Riley Wealth Advisors Inc. Boosts Stock Position in BlackRock, Inc. (NYSE:BLK)

Posted by MarketBeat News on Mar 18th, 2023

B. Riley Wealth Advisors Inc. raised its stake in shares of BlackRock, Inc. (NYSE:BLK – Get Rating) by 14.1% in the 3rd quarter, Holdings Channel reports. The fund owned 3,816 shares of the asset manager’s stock after acquiring an additional 471 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in BlackRock were worth $2,100,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Fisher Asset Management LLC raised its stake in shares of BlackRock by 753.6% during the 3rd quarter. Fisher Asset Management LLC now owns 1,723,157 shares of the asset manager’s stock worth $948,219,000 after buying an additional 1,521,293 shares in the last quarter. Public Investment Fund purchased a new position in shares of BlackRock during the 2nd quarter worth approximately $451,721,000. Franklin Resources Inc. raised its stake in shares of BlackRock by 105.6% during the 2nd quarter. Franklin Resources Inc. now owns 1,343,027 shares of the asset manager’s stock worth $817,958,000 after buying an additional 689,874 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of BlackRock by 3.4% during the 3rd quarter. Vanguard Group Inc. now owns 13,492,083 shares of the asset manager’s stock worth $7,424,424,000 after buying an additional 444,552 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of BlackRock by 15.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,326,618 shares of the asset manager’s stock worth $1,777,933,000 after buying an additional 310,256 shares in the last quarter. 77.69% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at BlackRock

In other news, Director Stephen Cohen sold 1,149 shares of the firm’s stock in a transaction on Monday, January 30th. The stock was sold at an average price of $753.46, for a total transaction of $865,725.54. Following the sale, the director now owns 4,135 shares in the company, valued at $3,115,557.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director J. Richard Kushel sold 1,000 shares of BlackRock stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $742.31, for a total value of $742,310.00. Following the transaction, the director now owns 74,307 shares in the company, valued at $55,158,829.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephen Cohen sold 1,149 shares of BlackRock stock in a transaction on Monday, January 30th. The shares were sold at an average price of $753.46, for a total value of $865,725.54. Following the completion of the transaction, the director now owns 4,135 shares in the company, valued at approximately $3,115,557.10. The disclosure for this sale can be found here. Insiders have sold 4,839 shares of company stock worth $3,578,947 over the last quarter. 1.06% of the stock is currently owned by insiders.

Analyst Ratings Changes

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A number of equities analysts have recently issued reports on the company. StockNews.com started coverage on BlackRock in a research note on Thursday. They set a “hold” rating for the company. Morgan Stanley raised their price objective on BlackRock from $785.00 to $828.00 and gave the company an “overweight” rating in a research note on Tuesday, January 17th. The Goldman Sachs Group raised their price objective on BlackRock from $741.00 to $825.00 and gave the company a “buy” rating in a research note on Wednesday, January 4th. Credit Suisse Group raised their price objective on BlackRock from $540.00 to $680.00 and gave the company a “neutral” rating in a research note on Thursday, January 12th. Finally, Bank of America dropped their price objective on BlackRock from $821.00 to $813.00 in a research note on Sunday, January 15th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $740.92.

BlackRock Price Performance

Shares of NYSE:BLK opened at $636.71 on Friday. The business’s fifty day moving average price is $714.75 and its two-hundred day moving average price is $680.81. The stock has a market cap of $95.66 billion, a PE ratio of 18.75, a price-to-earnings-growth ratio of 2.13 and a beta of 1.28. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.99 and a current ratio of 2.99. BlackRock, Inc. has a one year low of $503.12 and a one year high of $788.65.

BlackRock (NYSE:BLK – Get Rating) last posted its quarterly earnings data on Friday, January 13th. The asset manager reported $8.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.99 by $0.94. BlackRock had a return on equity of 14.38% and a net margin of 28.97%. The business had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.16 billion. On average, analysts forecast that BlackRock, Inc. will post 34.84 EPS for the current fiscal year.

BlackRock Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 23rd. Stockholders of record on Tuesday, March 7th will be issued a dividend of $5.00 per share. This is a boost from BlackRock’s previous quarterly dividend of $4.88. The ex-dividend date of this dividend is Monday, March 6th. This represents a $20.00 annualized dividend and a dividend yield of 3.14%. BlackRock’s dividend payout ratio (DPR) is 58.91%.

About BlackRock

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BlackRock, Inc engages in providing investment management, risk management, and advisory services for institutional and retail clients worldwide. Its products include single and multi-asset class portfolios investing in equities, fixed income, alternatives, and money market instruments. The company was founded by Susan L.