Munich Reinsurance Co Stock Corp in Munich Lowers Holdings in BlackRock $BLK

Munich Reinsurance Co Stock Corp in Munich trimmed its stake in BlackRock (NYSE:BLK) by 97.4% during the 1st quarter, HoldingsChannel reports. The fund owned 304 shares of the asset manager’s stock after selling 11,183 shares during the quarter. Munich Reinsurance Co Stock Corp in Munich’s holdings in BlackRock were worth $292,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. CFS Investment Advisory Services LLC raised its position in shares of BlackRock by 15.8% in the 1st quarter. CFS Investment Advisory Services LLC now owns 308 shares of the asset manager’s stock worth $324,000 after purchasing an additional 42 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in BlackRock by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 16,540 shares of the asset manager’s stock valued at $15,907,000 after purchasing an additional 52 shares during the last quarter. Staley Capital Advisers Inc. purchased a new stake in BlackRock during the 1st quarter valued at about $396,000. Quantum Portfolio Management LLC bought a new stake in BlackRock during the 1st quarter valued at about $204,000. Finally, Penobscot Investment Management Company Inc. increased its stake in BlackRock by 2.7% during the 1st quarter. Penobscot Investment Management Company Inc. now owns 4,902 shares of the asset manager’s stock valued at $4,715,000 after purchasing an additional 131 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Jefferies Financial Group dropped their target price on shares of 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. BMO Capital Markets raised their price target on shares of BlackRock from $1,200.00 to $1,250.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. JPMorgan Chase & Co. decreased their price objective on shares of BlackRock from $1,269.00 to $1,128.00 and set a “neutral” rating for the company in a report on Monday, April 13th. Evercore lowered their price objective 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. Finally, The Goldman Sachs Group increased their target price on BlackRock from $1,181.00 to $1,313.00 and gave the company a “buy” rating in a research note on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, BlackRock presently has a consensus rating of “Moderate Buy” and an average price target of $1,271.11.

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 owned 230,516 shares of the company’s stock, valued at $242,168,583.80. The trade was a 12.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Robert Kapito sold 8,739 shares of the stock in a transaction on Monday, April 27th. The shares were sold at an average price of $1,056.60, for a total value of $9,233,627.40. Following the sale, the president owned 210,186 shares of the company’s stock, valued at approximately $222,082,527.60. This represents a 3.99% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.92% of the stock is currently owned by insiders.

BlackRock News Roundup

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: UBS and Barclays both sounded constructive on BlackRock ahead of earnings, with UBS reiterating a Buy rating and saying strong ETF demand should support results, while Barclays raised its price target to $1,340 and kept an Overweight rating. BlackRock is getting ready to report, and UBS likes what it sees
• Positive Sentiment: BlackRock’s new cheaper Nasdaq-100 ETF adds to its push in a competitive and high-growth ETF category, reinforcing the firm’s leadership in index products. QQQ, Meet IQQ. BlackRock Is Launching a Cheaper Nasdaq-100 ETF.
• Positive Sentiment: BlackRock’s BUIDL tokenized treasury fund crossed the $500 million mark, highlighting continued momentum in digital-asset-linked cash management products. BlackRock BUIDL Passing $500 Million Shows Tokenized Treasuries Still Have Momentum

BlackRock Stock Performance

Shares of BLK stock opened at $1,017.67 on Friday. The firm has a market capitalization of $157.97 billion, a PE ratio of 25.54, a P/E/G ratio of 1.27 and a beta of 1.43. The company has a 50 day moving average price of $1,034.44 and a 200-day moving average price of $1,044.09. BlackRock has a 52 week low of $917.39 and a 52 week high of $1,219.94. 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 earnings results on Tuesday, April 14th. The asset manager reported $12.53 earnings per share for the quarter, beating analysts’ consensus estimates of $12.40 by $0.13. The business had revenue of $6.70 billion during the quarter, compared to analyst estimates of $6.56 billion. BlackRock had a net margin of 24.40% and a return on equity of 14.74%. The company’s quarterly revenue was up 27.0% compared to the same quarter last year. During the same period in the previous year, the business earned $9.64 EPS. As a group, equities research analysts expect that BlackRock will post 53.45 earnings per share for the current year.

BlackRock Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th were given a dividend of $5.73 per share. This represents a $22.92 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Friday, June 5th. BlackRock’s dividend payout ratio is currently 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.