Pinnacle West Asset Management Inc. Buys New Stake in BlackRock $BLK

Pinnacle West Asset Management Inc. purchased a new position in shares of BlackRock (NYSE:BLK) in the second quarter, HoldingsChannel reports. The institutional investor purchased 2,458 shares of the asset manager’s stock, valued at approximately $2,364,000. BlackRock accounts for 1.6% of Pinnacle West Asset Management Inc.’s portfolio, making the stock its 22nd largest position.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of BlackRock during the second quarter worth about $9,747,857,000. Corient Private Wealth LLC grew its stake in shares of BlackRock by 5,190.3% in the fourth quarter. Corient Private Wealth LLC now owns 5,490,422 shares of the asset manager’s stock valued at $5,876,618,000 after buying an additional 5,386,640 shares in the last quarter. Norges Bank acquired a new stake in shares of BlackRock in the fourth quarter valued at about $2,742,680,000. Auto Owners Insurance Co raised its holdings in shares of BlackRock by 106,934.0% during the 4th quarter. Auto Owners Insurance Co now owns 1,284,408 shares of the asset manager’s stock valued at $128,441,000 after buying an additional 1,283,208 shares during the period. Finally, Wellington Management Group LLP lifted its position in BlackRock by 200.5% during the 4th quarter. Wellington Management Group LLP now owns 1,451,122 shares of the asset manager’s stock worth $1,553,194,000 after acquiring an additional 968,245 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BLK has been the subject of a number of analyst reports. Weiss Ratings cut BlackRock from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. UBS Group lifted their price objective on shares of BlackRock from $1,270.00 to $1,320.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Evercore reissued an “outperform” rating and set a $1,260.00 target price on shares of BlackRock in a research report on Monday, August 10th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $1,258.00 price target on shares of BlackRock in a report on Thursday, July 16th. Finally, Keefe, Bruyette & Woods downgraded shares of BlackRock from a “moderate buy” rating to a “hold” rating in a research note on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $1,311.06.

Key Headlines Impacting BlackRock

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: Strong Bitcoin ETF demand could support fee revenue. BlackRock’s iShares Bitcoin Trust led recent U.S. spot Bitcoin ETF inflows, including $284.7 million in one session and $588.5 million over three days. Continued cryptocurrency demand could increase assets under management and fee income. Bitcoin ETF Inflows Hit $517M While BTC Tests Key Resistance
• Positive Sentiment: Dividend appeal is drawing investor attention. A recent analysis describes BlackRock as an attractive dividend stock, reinforcing the company’s appeal to income-oriented investors after its latest quarter exceeded expectations on both earnings and revenue. Why BlackRock Is a Great Dividend Stock Right Now
• Positive Sentiment: BlackRock continues deploying capital and expanding alternative-asset exposure. The firm and Oaktree seized debt-laden movie servicer MBS, highlighting potential opportunities in distressed and private credit markets, though such investments also carry execution risk. BlackRock, Oaktree Seize Debt-Laden Movie Servicer MBS
• Neutral Sentiment: Large Qiagen stake creates potential strategic upside but adds concentration risk. Dutch regulatory filings show BlackRock owns roughly 11.5% of Qiagen’s capital and more than 12% of its voting rights. The holding demonstrates significant investment activity, but the filings do not indicate a change in BlackRock’s operating outlook. BlackRock Reveals Stake in Qiagen
• Negative Sentiment: A law firm’s investigation remains an overhang. Rosen Law Firm is seeking investors who may have suffered losses in BlackRock mutual funds amid allegations that business information was materially misleading. This is only an investigation announcement, not a finding of wrongdoing, but it could create reputational and legal risk. BlackRock Investor News

BlackRock Price Performance

BLK stock opened at $1,157.28 on Friday. The stock’s 50 day moving average is $1,067.74 and its two-hundred day moving average is $1,044.23. BlackRock has a 52-week low of $917.39 and a 52-week high of $1,219.94. The company has a market capitalization of $179.23 billion, a PE ratio of 27.66, a P/E/G ratio of 1.28 and a beta of 1.42. The company has a quick ratio of 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 0.33.

BlackRock (NYSE:BLK) last released its quarterly earnings results on Wednesday, July 15th. The asset manager reported $13.91 earnings per share for the quarter, topping analysts’ consensus estimates of $12.69 by $1.22. The business had revenue of $7.08 billion during the quarter, compared to the consensus estimate of $6.73 billion. BlackRock had a net margin of 24.09% and a return on equity of 14.90%. The business’s quarterly revenue was up 30.6% compared to the same quarter last year. During the same quarter last year, the company earned $12.05 earnings per share. Analysts predict that BlackRock will post 55.64 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be given a $5.73 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $22.92 annualized dividend and a dividend yield of 2.0%. BlackRock’s payout ratio is presently 54.78%.

BlackRock Profile

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.