Sumitomo Mitsui Financial Group Inc. Buys 2,094 Shares of BlackRock $BLK

Sumitomo Mitsui Financial Group Inc. raised its stake in shares of BlackRock (NYSE:BLK) by 10.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,851 shares of the asset manager’s stock after acquiring an additional 2,094 shares during the period. Sumitomo Mitsui Financial Group Inc.’s holdings in BlackRock were worth $24,458,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in BlackRock by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 14,062,677 shares of the asset manager’s stock valued at $15,051,846,000 after acquiring an additional 221,123 shares in the last quarter. Capital Research Global Investors lifted its stake in BlackRock by 0.3% during the 4th quarter. Capital Research Global Investors now owns 3,838,937 shares of the asset manager’s stock valued at $4,108,968,000 after acquiring an additional 12,019 shares in the last quarter. Geode Capital Management LLC lifted its stake in BlackRock by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 3,167,460 shares of the asset manager’s stock valued at $3,374,394,000 after acquiring an additional 27,640 shares in the last quarter. Norges Bank bought a new position in BlackRock during the 4th quarter valued at $2,742,680,000. Finally, Franklin Resources Inc. lifted its stake in BlackRock by 13.9% during the 4th quarter. Franklin Resources Inc. now owns 2,070,468 shares of the asset manager’s stock valued at $2,216,105,000 after acquiring an additional 253,314 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

BlackRock News Summary

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock is expanding its ETF lineup with new thematic products, including a space-focused fund in Europe/UK and a planned income-paying Bitcoin ETF, reinforcing its leadership in fast-growing areas of asset management. How Investors Are Reacting To BlackRock (BLK) Expanding Into Space ETFs And Digital Assets
• Positive Sentiment: Reports that BlackRock is seeking to buy at least $5 billion of SpaceX IPO shares highlight its willingness to back high-profile alternative assets and could support fee-generating opportunities if the deal moves forward. BlackRock seeks to buy at least $5 billion in SpaceX IPO shares, WSJ reports
• Positive Sentiment: BlackRock continues to dominate Bitcoin ETF flows with Fidelity, suggesting its crypto products are capturing the bulk of investor demand in the U.S. spot Bitcoin ETF market. BlackRock and Fidelity Dominate U.S. Bitcoin ETF Flows
• Neutral Sentiment: The Supreme Court’s ruling shielding investment funds from some shareholder lawsuits is broadly supportive for the asset-management industry, though the direct impact on BlackRock is limited. Supreme Court Shields Investment Funds From Shareholder Lawsuits
• Neutral Sentiment: Financial stocks were firmer in afternoon trading, creating a generally supportive backdrop for BlackRock, although the move appears driven by sector rotation rather than company-specific news. Sector Update: Financial Stocks Rise Late Afternoon
• Negative Sentiment: Some coverage noted BlackRock’s crypto portfolio declined by more than $12 billion early in June and that its Bitcoin holdings were sold while Ethereum was accumulated, which could raise questions about near-term digital-asset mark-to-market performance. BlackRock crypto portfolio falls by over $12 billion in early June

Insider Activity

In related news, CEO Laurence Fink sold 33,900 shares of BlackRock stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $1,050.55, for a total value of $35,613,645.00. Following the completion of the sale, the chief executive officer owned 230,516 shares of the company’s stock, valued at approximately $242,168,583.80. This trade represents a 12.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Robert Kapito sold 8,739 shares of BlackRock stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $1,056.60, for a total value of $9,233,627.40. Following the completion of the sale, the president directly owned 210,186 shares of the company’s stock, valued at approximately $222,082,527.60. This trade represents a 3.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.92% of the company’s stock.

Analysts Set New Price Targets

BLK has been the topic of several recent analyst reports. Jefferies Financial Group dropped their price objective on BlackRock from $1,351.00 to $1,199.00 and set a “buy” rating on the stock in a research note on Wednesday, April 8th. Barclays raised their price objective on BlackRock from $1,290.00 to $1,310.00 and gave the company an “overweight” rating in a research note on Wednesday, April 15th. Morgan Stanley lifted their target price on BlackRock from $1,368.00 to $1,393.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 15th. Weiss Ratings upgraded BlackRock from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. Finally, UBS Group lifted their target price on BlackRock from $1,235.00 to $1,270.00 and gave the stock a “buy” rating in a research note on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, BlackRock currently has an average rating of “Moderate Buy” and an average target price of $1,264.61.

BlackRock Trading Up 0.7%

NYSE BLK opened at $1,017.36 on Friday. The stock has a market capitalization of $157.93 billion, a price-to-earnings ratio of 25.54, a PEG ratio of 1.32 and a beta of 1.42. BlackRock has a one year low of $917.39 and a one year high of $1,219.94. The company has a debt-to-equity ratio of 0.34, a current ratio of 4.09 and a quick ratio of 4.09. The business’s fifty day moving average is $1,038.39 and its 200-day moving average is $1,051.51.

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 the consensus estimate of $12.40 by $0.13. BlackRock had a return on equity of 14.74% and a net margin of 24.40%.The company had revenue of $6.70 billion during the quarter, compared to analyst estimates of $6.56 billion. During the same quarter last year, the firm posted $9.64 EPS. The firm’s revenue for the quarter was up 27.0% on a year-over-year basis. Equities research analysts predict that BlackRock will post 52.8 EPS for the current year.

BlackRock Dividend Announcement

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. The ex-dividend date of this dividend is Friday, June 5th. This represents a $22.92 annualized dividend and a yield of 2.3%. BlackRock’s dividend payout ratio (DPR) is 57.53%.

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.