AdvisorNet Financial Inc Reduces Its Stake in BlackRock, Inc. (NYSE:BLK)

AdvisorNet Financial Inc has reduced its stake in BlackRock, Inc. (NYSE:BLK) by 6.3% during the fourth quarter, as reported by HoldingsChannel.com. After selling 42 shares in this period, the fund now holds 625 shares of the asset management company's stock, which were valued at approximately $641,000 at the end of the last quarter.

Other institutional investors have also made moves regarding their shares in BlackRock recently. PFW Advisors LLC added a new position in BlackRock during the fourth quarter, with a valuation of around $2,567,000. Moreover, Marion Wealth Management increased its holdings in BlackRock by 3.9% during the same period, now owning 2,546 shares worth about $2,609,000 after acquiring an additional 95 shares. Miracle Mile Advisors LLC also boosted its position in BlackRock by 2.5%, owning 579 shares valued at $593,000 after adding 14 shares during the quarter. Additionally, Northstar Advisory Group LLC increased its stake in BlackRock by 11.5%, holding 699 shares worth $717,000 after acquiring an extra 72 shares. Furthermore, Burns J W & Co. Inc. NY purchased a new stake in BlackRock, valued at $861,000. Overall, institutional investors and hedge funds now hold 80.69% of BlackRock’s stock.

Insider Trading Activity

In recent news regarding BlackRock, Director Mark Wiedman sold 36,190 shares on December 6 at an average price of $1,045.90, resulting in a total transaction value of approximately $37,851,121. Following this sale, Wiedman now owns 6,480 shares in the company, valued at around $6,777,432, marking an 84.81% decrease in his position. This transaction was detailed in documents filed with the SEC. Additionally, COO Robert L. Goldstein sold 54,000 shares on December 5 at an average price of $1,046.03, totaling about $56,485,620. Post-sale, he owns 41,916 shares valued at $43,845,393.48, indicating a 56.30% decrease in his ownership. Currently, insiders hold 0.90% of BlackRock’s stock.

BlackRock's Market Performance

As of Thursday, BlackRock’s stock opened at $1,012.62. The company's market capitalization stands at $156.83 billion, with a price-to-earnings ratio of 24.99 and a beta of 1.28. Over the past 52 weeks, BlackRock shares have experienced a low of $745.55 and a high of $1,082.45. The company's moving averages are currently at 50 days of $1,029.20 and 200 days of $943.81. Financial ratios reveal a quick ratio of 5.06, a current ratio of 5.06, and a debt-to-equity ratio of 0.37.

BlackRock reported its latest earnings results on January 15, indicating earnings per share of $11.93, surpassing the expected $11.52 by $0.41. The firm's net margin was 31.37%, and it achieved a return on equity of 15.52%. Revenue for the quarter reached $5.68 billion, beating the consensus estimate of $5.57 billion. Comparing it to the same quarter the previous year, quarterly earnings per share increased from $9.66, reflecting a revenue growth of 22.6%. Analysts anticipate an earnings per share of 43.18 for the current year.

Dividends and Financial Strategy

Recently, BlackRock announced a quarterly dividend, paid on December 23, with a $5.10 dividend for shareholders recorded on December 5. This brings an annualized dividend of $20.40, yielding a rate of 2.01%. The dividend payout ratio for BlackRock is currently 50.35%.

Analysts' Price Predictions

BlackRock has undergone several updates in its analysts' ratings. Morgan Stanley raised its target price from $1,245.00 to $1,261.00 while maintaining an “overweight” rating. Similarly, Citigroup increased its price target from $1,150.00 to $1,200.00, labeling it a “buy.” Wells Fargo adjusted its target from $1,200.00 to $1,155.00, also categorizing the stock as “overweight.” Additionally, JPMorgan Chase lifted its target from $914.00 to $971.00 with a “neutral” rating, while Goldman Sachs raised its target from $960.00 to $1,040.00, denoting a “buy” rating. At present, analysts have rated BlackRock as a “Moderate Buy” with a consensus price target of $1,088.67.

BlackRock Overview

BlackRock, Inc is a leading public investment management firm that offers a broad range of services to various investors, including institutions and individuals. Its clientele encompasses corporate, public, union, and industry pension plans, insurance companies, mutual funds, endowments, foundations, and more.

AdvisorNet, BlackRock, Investment