Garner Asset Management Corp Purchases 789 Shares of BlackRock $BLK

Garner Asset Management Corp boosted its position in shares of BlackRock (NYSE:BLK) by 32.3% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 3,230 shares of the asset manager’s stock after acquiring an additional 789 shares during the quarter. BlackRock comprises about 1.2% of Garner Asset Management Corp’s portfolio, making the stock its 26th largest position. Garner Asset Management Corp’s holdings in BlackRock were worth $3,643,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in BLK. RMG Wealth Management LLC acquired a new position in shares of BlackRock in the first quarter valued at about $25,000. Addison Advisors LLC acquired a new stake in shares of BlackRock during the second quarter worth about $25,000. Kelly Lawrence W & Associates Inc. CA acquired a new stake in shares of BlackRock during the second quarter worth about $25,000. Meeder Asset Management Inc. purchased a new stake in BlackRock in the second quarter valued at approximately $30,000. Finally, Wilkerson Advisory Group LLC boosted its position in BlackRock by 100.0% in the first quarter. Wilkerson Advisory Group LLC now owns 34 shares of the asset manager’s stock valued at $33,000 after buying an additional 17 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BLK. Evercore reiterated an “outperform” rating and issued a $1,275.00 price target (down from $1,300.00) on shares of BlackRock in a report on Friday, October 9th. Truist Financial set a $1,310.00 price objective on shares of BlackRock in a research note on Thursday, October 15th. Weiss Ratings raised shares of BlackRock from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday. JPMorgan Chase & Co. increased their price objective on shares of BlackRock from $1,435.00 to $1,449.00 and gave the stock an “overweight” rating in a research note on Thursday, October 15th. Finally, BNP Paribas Exane increased their price objective on shares of BlackRock from $1,370.00 to $1,430.00 and gave the stock an “outperform” rating in a research note on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,342.25.

Key Headlines Impacting BlackRock

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock launched an actively managed iShares ETF focused on robotics and related technologies, adding to its product lineup and giving it a potential avenue to attract assets in a growing investment theme. BlackRock Could Be 13% Overvalued As Robotics ETF Launch Tests Valuation
• Positive Sentiment: BlackRock and Premialab are integrating quantitative-strategy data and analytics into Aladdin, potentially strengthening the platform’s usefulness to institutional clients. BlackRock Brings Quantitative Strategy Analytics Into Aladdin
• Neutral Sentiment: A valuation analysis suggested BLK could be about 13% overvalued, tempering the positive product-launch news. This is an analyst/model assessment rather than a company announcement. BlackRock Could Be 13% Overvalued As Robotics ETF Launch Tests Valuation
• Negative Sentiment: Crypto-fund withdrawals are the clearest near-term concern: BlackRock’s iShares Bitcoin Trust (IBIT) saw about $405 million leave on Monday, while U.S. spot Bitcoin ETFs recorded roughly $399 million in net outflows. Separate reports also point to substantial sales of Bitcoin and Ethereum holdings. Continued redemptions could weigh on crypto-related assets under management and investor sentiment toward BLK. BlackRock’s IBIT Sees Biggest Bitcoin ETF Outflows Since June

BlackRock Stock Down 0.6%

Shares of BLK opened at $1,160.28 on Wednesday. BlackRock has a 52 week low of $917.39 and a 52 week high of $1,187.17. The company has a quick ratio of 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $179.69 billion, a price-to-earnings ratio of 26.38, a PEG ratio of 1.21 and a beta of 1.37. The stock’s 50-day moving average price is $1,103.81 and its 200-day moving average price is $1,064.77.

BlackRock (NYSE:BLK) last announced its quarterly earnings results on Wednesday, October 14th. The asset manager reported $15.93 earnings per share for the quarter, beating the consensus estimate of $14.32 by $1.61. BlackRock had a return on equity of 16.08% and a net margin of 24.22%. The company had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.42 billion. During the same period last year, the business earned $8.43 earnings per share. BlackRock’s quarterly revenue was up 19.1% on a year-over-year basis. On average, sell-side analysts predict that BlackRock will post 57.82 EPS for the current year.

BlackRock Profile

BlackRock, Inc is a global investment management and financial technology company headquartered in New York. Founded in 1988, the company provides investment, technology and advisory services to institutional and individual investors, governments, foundations and other clients worldwide.

BlackRock offers a broad range of investment products and strategies, including equity and fixed-income funds, index funds, exchange-traded funds through its iShares business, multi-asset portfolios, cash-management products and alternative investments.