BlackRock $BLK Stock Sold by Palisade Asset Management LLC

Palisade Asset Management LLC cut its stake in BlackRock (NYSE:BLK) by 4.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,816 shares of the asset manager’s stock after selling 544 shares during the quarter. BlackRock comprises about 1.2% of Palisade Asset Management LLC’s portfolio, making the stock its 29th biggest position. Palisade Asset Management LLC’s holdings in BlackRock were worth $12,505,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in BLK. Summit Wealth Group LLC Co. lifted its stake in shares of BlackRock by 2.8% during the 3rd quarter. Summit Wealth Group LLC Co. now owns 331 shares of the asset manager’s stock worth $350,000 after purchasing an additional 9 shares during the last quarter. Financial Management Professionals Inc. raised its stake in shares of BlackRock by 1.8% during the 2nd quarter. Financial Management Professionals Inc. now owns 564 shares of the asset manager’s stock worth $542,000 after acquiring an additional 10 shares in the last quarter. JNBA Financial Advisors lifted its position in BlackRock by 1.4% during the second quarter. JNBA Financial Advisors now owns 706 shares of the asset manager’s stock valued at $679,000 after acquiring an additional 10 shares during the last quarter. McGlone Suttner Wealth Management Inc. lifted its position in BlackRock by 0.8% during the third quarter. McGlone Suttner Wealth Management Inc. now owns 1,205 shares of the asset manager’s stock valued at $1,275,000 after acquiring an additional 10 shares during the last quarter. Finally, Revolve Wealth Partners LLC boosted its stake in BlackRock by 2.9% in the third quarter. Revolve Wealth Partners LLC now owns 360 shares of the asset manager’s stock valued at $381,000 after acquiring an additional 10 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

BlackRock Stock Up 0.7%

BLK stock opened at $1,178.32 on Friday. The stock has a market capitalization of $182.49 billion, a PE ratio of 26.79, a price-to-earnings-growth ratio of 1.22 and a beta of 1.37. BlackRock has a 52 week low of $917.39 and a 52 week high of $1,242.12. The company has a quick ratio of 3.59, a current ratio of 3.44 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average of $1,104.90 and a 200 day moving average of $1,065.48.

BlackRock (NYSE:BLK) last issued its quarterly earnings results on Wednesday, October 14th. The asset manager reported $15.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $14.32 by $1.61. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.42 billion. BlackRock had a net margin of 24.22% and a return on equity of 15.60%. BlackRock’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $8.43 EPS. Sell-side analysts forecast that BlackRock will post 57.82 earnings per share for the current year.

Key Headlines Impacting BlackRock

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock executives described potential shifts in equity markets and opportunities in AI-related debt financing. The company also said political changes following the U.S. midterms will not alter its crypto strategy, signaling continuity in its digital-asset plans. Rieder on equity rebalancing BlackRock’s crypto strategy
• Positive Sentiment: Preqin, BlackRock’s private-markets data business, is partnering with an AI-powered capital-introduction platform. The collaboration may extend the reach of its institutional data offering, though the financial impact is not specified. Preqin and iConnections collaboration
• Neutral Sentiment: Larry Fink argued that workers have fallen behind investors, prompting discussion of pay, investment returns and market ownership. This is a broader economic commentary rather than a direct update on BlackRock’s earnings or outlook. Larry Fink on workers and investors
• Negative Sentiment: BlackRock’s iShares Bitcoin Trust (IBIT) continued to see withdrawals even as some reports described a rebound in overall crypto ETF flows. Further outflows could pressure fund assets and related fee revenue, although the reports do not quantify a material effect on BlackRock’s overall results. BlackRock ETF withdrawals

Analyst Ratings Changes

BLK has been the topic of a number of recent analyst reports. Zacks Research downgraded BlackRock from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. Jefferies Financial Group reiterated a “buy” rating and set a $1,341.00 price objective on shares of BlackRock in a report on Wednesday, October 28th. BMO Capital Markets raised their price objective on BlackRock from $1,300.00 to $1,350.00 and gave the stock an “outperform” rating in a research report on Monday, October 19th. Truist Financial set a $1,310.00 target price on BlackRock in a research note on Thursday, October 15th. Finally, Morgan Stanley upped their target price on BlackRock from $1,468.00 to $1,531.00 and gave the company an “overweight” rating in a research report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, BlackRock currently has an average rating of “Moderate Buy” and a consensus target price of $1,342.25.

BlackRock Company Profile

BlackRock, Inc is a global investment management and financial technology company serving individuals, institutions, governments and other organizations. Founded in 1988, the company is headquartered in New York City and operates in markets around the world.

BlackRock offers investment products and services across asset classes, including equities, fixed income, cash management and alternative investments. Its offerings include exchange-traded funds and other funds under the iShares brand, as well as portfolio management, investment advisory and risk management services.

The company also provides Aladdin, a technology platform used by investors and financial institutions for portfolio management, operations and risk analysis.