Glenview Trust Co Invests $13.20 Million in BlackRock $BLK

Glenview Trust Co purchased a new stake in BlackRock (NYSE:BLK) in the 2nd quarter, Holdings Channel reports. The fund purchased 13,725 shares of the asset manager’s stock, valued at approximately $13,197,000.

A number of other institutional investors have also recently modified their holdings of BLK. RMG Wealth Management LLC purchased a new stake in shares of BlackRock during the 1st quarter worth $25,000. Addison Advisors LLC purchased a new position in shares of BlackRock in the 2nd quarter valued at about $25,000. Kelly Lawrence W & Associates Inc. CA purchased a new position in shares of BlackRock in the 2nd quarter valued at about $25,000. Evolution Wealth Management Inc. acquired a new stake in shares of BlackRock in the fourth quarter valued at about $26,000. Finally, Meeder Asset Management Inc. purchased a new stake in BlackRock during the second quarter worth about $30,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. BMO Capital Markets upped their target price on shares of BlackRock from $1,250.00 to $1,300.00 and gave the stock an “outperform” rating in a research report on Friday, July 17th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $1,258.00 price target on shares of BlackRock in a research note on Thursday, July 16th. Barclays raised their price objective on BlackRock from $1,340.00 to $1,450.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Evercore reaffirmed an “outperform” rating and set a $1,260.00 price objective on shares of BlackRock in a report on Monday, August 10th. Finally, Keefe, Bruyette & Woods lowered BlackRock from a “moderate buy” rating to a “hold” rating in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,311.06.

BlackRock Stock Down 0.5%

BLK opened at $1,167.69 on Friday. The firm has a market cap of $180.84 billion, a P/E ratio of 27.91, a PEG ratio of 1.29 and a beta of 1.42. The business’s fifty day simple moving average is $1,077.50 and its 200 day simple moving average is $1,046.77. 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 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 0.33.

BlackRock (NYSE:BLK) last announced its earnings results on Wednesday, July 15th. The asset manager reported $13.91 earnings per share for the quarter, beating the consensus estimate of $12.69 by $1.22. The firm had revenue of $7.08 billion during the quarter, compared to the consensus estimate of $6.73 billion. BlackRock had a net margin of 24.09% and a return on equity of 14.90%. The firm’s revenue for the quarter was up 30.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $12.05 EPS. As a group, equities research analysts anticipate that BlackRock will post 55.86 EPS for the current fiscal year.

BlackRock Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be given a $5.73 dividend. This represents a $22.92 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 8th. BlackRock’s payout ratio is currently 54.78%.

Key BlackRock News

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock’s newer income-focused ETF is reportedly up 19% this year, compared with 10% for JPMorgan’s JEPQ, while charging the same fee. Strong relative performance could support additional iShares inflows and fee revenue. BlackRock ETF outperformance article
• Positive Sentiment: BlackRock continues to highlight Bitcoin’s role as “digital gold” and a hedge against rising U.S. debt and deficits. Management also sees continued strength in Bitcoin, supporting the long-term case for cryptocurrency-related assets under management. BlackRock Bitcoin hedge case article
• Positive Sentiment: Adroit Trading Technologies is integrating its cross-asset execution tools with BlackRock’s Aladdin platform. The partnership may improve Aladdin’s functionality, client retention and potential technology-related revenue. Aladdin integration article
• Positive Sentiment: BlackRock’s crypto portfolio reportedly gained more than $15 billion during August as Bitcoin and Ethereum rallied. The firm is also participating in an Nvidia-led effort tied to AI infrastructure, broadening potential future growth avenues beyond traditional asset management. BlackRock crypto and AI strategy article

BlackRock Company 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.