Weiss Asset Management LP Takes $5.01 Million Position in BlackRock, Inc. (NYSE:BLK)

Posted by MarketBeat News on Mar 18th, 2023

Weiss Asset Management LP acquired a new stake in BlackRock, Inc. (NYSE:BLK – Get Rating) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 9,100 shares of the asset manager’s stock, valued at approximately $5,008,000.

Other institutional investors have also modified their holdings of the company. Wagner Wealth Management LLC acquired a new stake in shares of BlackRock during the second quarter worth $25,000. Salem Investment Counselors Inc. raised its position in shares of BlackRock by 275.0% during the third quarter. Salem Investment Counselors Inc. now owns 45 shares of the asset manager’s stock worth $25,000 after purchasing an additional 33 shares during the period. Penserra Capital Management LLC raised its position in shares of BlackRock by 78.6% during the third quarter. Penserra Capital Management LLC now owns 50 shares of the asset manager’s stock worth $27,000 after purchasing an additional 22 shares during the period. Twin Tree Management LP acquired a new stake in shares of BlackRock during the third quarter worth $29,000. Finally, Karp Capital Management Corp acquired a new stake in shares of BlackRock during the third quarter worth $31,000. Institutional investors and hedge funds own 77.69% of the company’s stock.

Insider Transactions at BlackRock

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

Analyst Ratings Changes

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A number of equities research analysts have recently issued reports on BLK shares. Wells Fargo & Company started coverage on BlackRock in a research report on Wednesday, December 14th. They set an “overweight” rating and a $820.00 target price on the stock. StockNews.com assumed coverage on BlackRock in a research report on Thursday. They set a “hold” rating on the stock. The Goldman Sachs Group upped their price target on BlackRock from $741.00 to $825.00 and gave the company a “buy” rating in a research report on Wednesday, January 4th. Credit Suisse Group upped their price target on BlackRock from $540.00 to $680.00 and gave the company a “neutral” rating in a research report on Thursday, January 12th. Finally, Bank of America dropped their price target on BlackRock from $821.00 to $813.00 in a research report on Sunday, January 15th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $740.92.

BlackRock Stock Performance

Shares of BLK stock opened at $636.71 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.99 and a quick ratio of 2.99. BlackRock, Inc. has a fifty-two week low of $503.12 and a fifty-two week high of $788.65. The stock’s 50-day moving average is $714.75 and its two-hundred day moving average is $680.81. The firm has a market cap of $95.66 billion, a P/E ratio of 18.75, a PEG ratio of 2.13 and a beta of 1.28.

BlackRock (NYSE:BLK – Get Rating) last issued its earnings results on Friday, January 13th. The asset manager reported $8.93 earnings per share for the quarter, topping the consensus estimate of $7.99 by $0.94. The company had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.16 billion. BlackRock had a return on equity of 14.38% and a net margin of 28.97%. Analysts predict that BlackRock, Inc. will post 34.84 earnings per share for the current fiscal year.

BlackRock Increases Dividend

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

BlackRock Company Profile

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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.