Wealth Alliance Advisory Group LLC Expands Stake in BlackRock, Inc.

Wealth Alliance Advisory Group LLC has taken a significant step by purchasing a new position in BlackRock, Inc. (NYSE:BLK) during the third quarter, as disclosed in their recent report to the Securities and Exchange Commission. The firm acquired 664 shares of BlackRock’s stock, which is valued at around $630,000.

Institutional Investors' Activity

In addition to Wealth Alliance, several other institutional investors have been adjusting their holdings in BlackRock. For example, Redmont Wealth Advisors LLC acquired a new stake valued at $27,000 in the first quarter. Fairscale Capital LLC also joined in, investing roughly $31,000 in the second quarter. Chilton Capital Management LLC made a purchase around the same time worth approximately $38,000.

Olistico Wealth LLC took a new position during the second quarter, valued at about $53,000. Moreover, ORG Partners LLC significantly increased its holdings by 257.9% in the second quarter and now owns 68 shares valued at $54,000 after adding 49 shares last quarter. As of now, institutional investors own 80.69% of BlackRock's stock.

Insider Transactions

In recent BlackRock news, CEO Laurence Fink sold 29,450 shares of the stock on August 6, fetching an average price of $843.25 per share, totaling $24,833,712.50. Post-transaction, he retains 353,718 shares valued at approximately $298,272,703.50, indicating no change in his ownership percentage. This transaction was officially filed with the SEC.

Another notable transaction occurred when Director Mark Wiedman sold 12,000 shares on August 30 at an average price of $900.00, resulting in $10,800,000. Following this sale, he holds 6,480 shares valued at roughly $5,832,000. Combined, insiders have sold 66,042 shares over the last three months, resulting in sales totaling $56,857,777.

Currently, corporate insiders own about 0.90% of BlackRock's stock.

BlackRock's Stock Performance

The BlackRock stock, trading under NYSE BLK, opened at $1,007.02 on a recent Friday. The company has a fifty-day moving average of $915.45 and a two hundred-day moving average of $837.50. BlackRock's market capitalization stands at $149.64 billion, with a price-to-earnings ratio of 25.59 and a beta value of 1.30. The stock has experienced a yearly range, with a low of $596.18 and a high of $1,032.00.

BlackRock recently released its earnings following the close of the previous quarter on October 11, reporting earnings of $11.46 per share, which exceeds the analysts’ expectation of $10.42. The firm saw a revenue of $5.20 billion during the quarter, surpassing the consensus estimate of $5.03 billion. The revenue marked a 14.9% increase compared to the same quarter last year.

Dividend Announcement

On September 23, BlackRock announced a quarterly dividend of $5.10 per share to investors of record as of September 9. This translates to an annual dividend of $20.40, reflecting a yield of 2.03%. Presently, BlackRock's dividend payout ratio is 51.84%.

Analyst Ratings

Several research firms have provided insights on BlackRock’s stock. Wells Fargo & Company upgraded their price target from $1,000.00 to $1,070.00, maintaining an "overweight" rating. Keefe, Bruyette & Woods increased their price objective from $915.00 to $934.00, giving the stock an “outperform” rating. Concurrently, JPMorgan Chase raised their rating from $774.00 to $864.00, classifying it as neutral.

Morgan Stanley increased BlackRock's price target from $1,150.00 to $1,245.00, reaffirming an "overweight" rating. In addition, The Goldman Sachs Group lifted their price objective from $960.00 to $1,040.00, ranking the stock as a "buy." Of the analysts following BlackRock, three have given it a hold rating, while eleven have assigned it a buy rating, resulting in an overall average rating of "Moderate Buy" with a typical price target of $991.46.

About BlackRock

BlackRock, Inc. is a leading investment management firm providing a range of investment services to various clients including institutions, intermediaries, and individual investors. Their clientele includes corporate pension plans, public funds, insurances, charitable foundations, and sovereign wealth funds.

Investment, Finance, Stocks