BlackRock (NYSE:BLK) Sets New 52-Week High – Still a Buy?

BlackRock (NYSE:BLK)’s stock price hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $1,203.00 and last traded at $1,196.8980, with a volume of 51,754 shares. The stock had previously closed at $1,161.32.

Key BlackRock News

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock launched the iShares Future Robotics and Related Technologies Active ETF, adding a product focused on automation and robotics. This expands its active ETF lineup, though the launch’s effect on revenue will depend on investor demand. Read More.
• Positive Sentiment: BlackRock’s Aladdin platform is partnering with Premialab to bring quantitative-strategy data and analytics into institutional clients’ workflows. The tie-up could strengthen Aladdin’s offering and support client adoption. Read More.
• Neutral Sentiment: A valuation analysis says BLK could be about 13% overvalued despite recent share-price momentum and the robotics ETF launch. This is an analyst assessment, not a company forecast, and presents a counterpoint to the product news. Read More.
• Neutral Sentiment: BlackRock’s reported stake in OMV rose above 5%, while Bank Julius Baer increased its BLK position by 4.1% in the third quarter. The ownership disclosures and institutional purchase may signal investor interest but do not establish a change in BlackRock’s fundamentals. Read More. · Read More.
• Negative Sentiment: BlackRock’s iShares Bitcoin Trust (IBIT) recorded about $405 million in outflows on Nov. 2, its largest daily withdrawal since June. U.S. spot Bitcoin ETFs collectively saw about $399 million in net outflows that day, amid broader crypto-market selling. Continued redemptions could reduce fund assets and fee income; the flows reflect investor activity in the funds, not necessarily BlackRock selling crypto for its own account. Read More.

Analyst Upgrades and Downgrades

Several research firms recently commented on BLK. Bank of America cut their price target on shares of BlackRock from $1,320.00 to $1,287.00 in a report on Monday, October 5th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of BlackRock from $1,315.00 to $1,355.00 and gave the stock a “buy” rating in a research note on Thursday, October 15th. Evercore reissued an “outperform” rating and issued a $1,275.00 price objective (down from $1,300.00) on shares of BlackRock in a research report on Friday, October 9th. Truist Financial set a $1,310.00 target price on shares of BlackRock in a research note on Thursday, October 15th. Finally, BMO Capital Markets upped their price target on shares of BlackRock from $1,300.00 to $1,350.00 and gave the stock an “outperform” rating in a research report on Monday, October 19th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,342.25.

BlackRock Stock Up 4.4%

The company has a market capitalization of $187.78 billion, a price-to-earnings ratio of 27.57, a P/E/G ratio of 1.21 and a beta of 1.37. The company has a quick ratio of 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 0.33. The firm has a 50 day moving average price of $1,103.81 and a two-hundred day moving average price of $1,064.77.

BlackRock (NYSE:BLK) last released its quarterly earnings results on Wednesday, October 14th. The asset manager reported $15.93 EPS for the quarter, topping the consensus estimate of $14.32 by $1.61. The business had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.42 billion. BlackRock had a return on equity of 16.08% and a net margin of 24.22%. The company’s revenue was up 19.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $8.43 earnings per share. As a group, sell-side analysts expect that BlackRock will post 57.82 earnings per share for the current year.

Hedge Funds Weigh In On BlackRock

Institutional investors have recently made changes to their positions in the business. Summit Wealth Group LLC Co. grew its stake in shares of BlackRock by 2.8% in the 3rd quarter. Summit Wealth Group LLC Co. now owns 331 shares of the asset manager’s stock valued at $350,000 after buying an additional 9 shares in the last quarter. Stronghold Wealth Management L.L.C. increased its holdings in BlackRock by 2.9% in the first quarter. Stronghold Wealth Management L.L.C. now owns 359 shares of the asset manager’s stock worth $345,000 after buying an additional 10 shares during the last quarter. Financial Management Professionals Inc. raised its position in BlackRock by 1.8% during the second quarter. Financial Management Professionals Inc. now owns 564 shares of the asset manager’s stock valued at $542,000 after acquiring an additional 10 shares in the last quarter. JNBA Financial Advisors raised 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 in the last quarter. Finally, McGlone Suttner Wealth Management Inc. lifted its stake in BlackRock by 0.8% in 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. 80.69% of the stock is owned by institutional investors and hedge funds.

BlackRock Company Profile

BlackRock, Inc is a global investment management and financial technology company headquartered in New York. Founded in 1988, the company provides investment, technology and advisory services to institutional and individual investors, governments, foundations and other clients worldwide.

BlackRock offers a broad range of investment products and strategies, including equity and fixed-income funds, index funds, exchange-traded funds through its iShares business, multi-asset portfolios, cash-management products and alternative investments.