AdvisorNet Financial Inc Reduces Stake in BlackRock, Inc. (NYSE:BLK)

AdvisorNet Financial Inc has decreased its holdings in BlackRock, Inc. (NYSE:BLK) by 6.3% during the fourth quarter, according to recent reports. After the sale of 42 shares, the fund now holds 625 shares in the investment management company, which were valued at approximately $641,000 at the end of the last quarter.

Institutional Investors Making Moves

Other institutional investors have also been active in buying and selling shares of BlackRock. For instance, PFW Advisors LLC initiated a new position in BlackRock worth about $2,567,000 during the fourth quarter. Marion Wealth Management elevated its ownership by 3.9%, acquiring an additional 95 shares to bring its total to 2,546 shares, which are valued at $2,609,000. Miracle Mile Advisors LLC raised its stake by 2.5%, owning 579 shares valued at $593,000 after purchasing 14 more shares. Northstar Advisory Group LLC increased its holdings by 11.5%, acquiring 72 additional shares to have a total of 699 shares worth $717,000. Lastly, Burns J W & Co. Inc. NY also purchased a new position in the firm during the same quarter valued at $861,000. It is noted that 80.69% of BlackRock's stock is owned by institutional investors and hedge funds.

Insider Activity

In recent insider transactions regarding BlackRock, Director Mark Wiedman sold 36,190 shares on December 6th. The shares were sold at an average price of $1,045.90, amounting to a total of approximately $37,851,121. Following this sale, he holds 6,480 shares valued at around $6,777,432, reflecting an 84.81% reduction in his position. Similarly, COO Robert L. Goldstein sold 54,000 shares on December 5th at an average price of $1,046.03, amounting to approximately $56,485,620. After this transaction, Goldstein owns 41,916 shares valued at $43,845,393.48, indicating a 56.30% decrease in his ownership. Insiders currently own 0.90% of the stock.

BlackRock's Recent Performance

BlackRock's stock has recently seen a price increase of 5.1%. As of Thursday, it opened at $1,012.62. The company has a market capitalization of $156.83 billion and a price-to-earnings ratio of 24.99. Over the past year, BlackRock's stock reached a low of $745.55 and a high of $1,082.45. The current moving averages are 50-day at $1,029.20 and a 200-day at $943.81, demonstrating strong performance. Additionally, the company has a quick ratio of 5.06, showing a strong liquidity position, and a debt-to-equity ratio of 0.37, indicating moderate leverage.

Financial Results Overview

The company announced its earnings on January 15th, reporting earnings per share of $11.93 for the quarter, which surpassed analysts' expectations of $11.52 by $0.41. BlackRock achieved a net margin of 31.37% and a return on equity of 15.52%, with revenues of $5.68 billion against an expected $5.57 billion. In the same quarter last year, it recorded earnings per share of $9.66, reflecting a significant revenue growth of 22.6% year-on-year. Analysts forecast that BlackRock, Inc. will have an EPS of 43.18 for the current year.

Dividends and Analyst Ratings

The company recently declared a quarterly dividend of $5.10, paid to investors of record on December 5th. This corresponds to an annualized dividend of $20.40 with a yield of 2.01%, and the dividend payout ratio stands at 50.35%. Furthermore, several analysts have updated their price targets for BlackRock. Morgan Stanley increased its target from $1,245.00 to $1,261.00, maintaining an “overweight” rating. Citigroup also raised its target from $1,150.00 to $1,200.00 with a “buy” rating. Wells Fargo lowered its price target from $1,200.00 to $1,155.00 but kept an “overweight” rating. Overall, BlackRock has garnered a consensus of “Moderate Buy” from analysts, with an average price target of $1,088.67.

Understanding BlackRock

BlackRock, Inc. operates as a leading investment management firm, offering services to a wide range of clients including institutional investors, intermediaries, and individuals such as pension plans, insurance companies, and non-profit organizations.

AdvisorNet, BlackRock, Stock