TritonPoint Partners LLC Acquires Shares of 692 BlackRock $BLK

TritonPoint Partners LLC acquired a new stake in shares of BlackRock (NYSE:BLK) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 692 shares of the asset manager’s stock, valued at approximately $741,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Shum Financial Group Inc. boosted its position 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 worth $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. boosted its position in shares of BlackRock by 2.1% in 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 in the last quarter. Oakworth Capital Inc. boosted its position in shares of BlackRock by 1.2% in the 4th quarter. Oakworth Capital Inc. now owns 755 shares of the asset manager’s stock worth $808,000 after purchasing an additional 9 shares in the last quarter. Finally, Tortoise Investment Management LLC boosted its position in shares of BlackRock by 23.8% in the 3rd quarter. Tortoise Investment Management LLC now owns 52 shares of the asset manager’s stock worth $61,000 after purchasing an additional 10 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BLK. UBS Group boosted their price target on BlackRock from $1,235.00 to $1,270.00 and gave the stock a “buy” rating in a research report on Wednesday, April 15th. BMO Capital Markets boosted their price target on BlackRock from $1,200.00 to $1,250.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. The Goldman Sachs Group boosted their price target on BlackRock from $1,181.00 to $1,313.00 and gave the stock a “buy” rating in a research report on Wednesday, April 15th. TD Cowen dropped their price target on BlackRock from $1,238.00 to $1,105.00 and set a “hold” rating on the stock in a research report on Thursday, April 9th. Finally, Evercore dropped their price target on BlackRock from $1,220.00 to $1,140.00 and set an “outperform” rating on the stock in a research report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,264.61.

BlackRock Price Performance

Shares of NYSE BLK opened at $1,031.45 on Monday. BlackRock has a twelve month low of $917.39 and a twelve month high of $1,219.94. The firm has a market cap of $160.12 billion, a P/E ratio of 25.89, a PEG ratio of 1.34 and a beta of 1.42. The company has a 50 day moving average of $1,039.86 and a 200 day moving average of $1,051.60. The company has a quick ratio of 4.09, a current ratio of 4.09 and a debt-to-equity ratio of 0.34.

BlackRock (NYSE:BLK) last announced its quarterly earnings data on Tuesday, April 14th. The asset manager reported $12.53 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $6.56 billion. During the same period in the previous year, the business earned $9.64 EPS. The firm’s revenue for the quarter was up 27.0% on a year-over-year basis. As a group, research analysts expect that BlackRock will post 52.8 EPS for the current fiscal year.

BlackRock Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 5th will be issued a $5.73 dividend. This represents a $22.92 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Friday, June 5th. BlackRock’s payout ratio is presently 57.53%.

More BlackRock News

Here are the key news stories impacting BlackRock this week:

• Negative Sentiment: BlackRock’s private-credit funds saw redemption requests far above the cap, and the firm is again limiting withdrawals, which could weigh on sentiment around its alternatives business. Reuters article
• Negative Sentiment: Bloomberg and other reports said BlackRock’s HPS/HLEND private-credit vehicles capped redemptions after investors sought to withdraw more than 5%, underscoring continued pressure in the funds. Bloomberg article
• Neutral Sentiment: BlackRock also reported buying additional Bitcoin and Ethereum holdings, and it is preparing an income-focused Bitcoin ETF, highlighting continued growth in its digital-asset franchise. Finbold article
• Neutral Sentiment: Reports that BlackRock may seek about $5 billion of SpaceX IPO shares point to strong client demand and product breadth, but this is not as immediate a driver as the redemption headlines. Reuters article

Insider Buying and Selling

In related news, CEO Laurence Fink sold 33,900 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $1,050.55, for a total value of $35,613,645.00. Following the completion of the transaction, the chief executive officer directly owned 230,516 shares in the company, valued at $242,168,583.80. The trade was a 12.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Robert Kapito sold 8,739 shares of the business’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $1,056.60, for a total transaction of $9,233,627.40. Following the completion of the transaction, the president owned 210,186 shares of the company’s stock, valued at approximately $222,082,527.60. The trade was a 3.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.92% of the stock is owned by insiders.

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.