BlackRock $BLK Stock: Fifth Third Bancorp Trims Holdings

Fifth Third Bancorp cut its holdings in BlackRock (NYSE:BLK) by 0.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,632 shares of the asset manager’s stock after selling 782 shares during the quarter. Fifth Third Bancorp owned 0.07% of BlackRock worth $118,139,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of BlackRock during the 2nd quarter worth $9,747,857,000. Bank of America Corp DE purchased a new position in shares of BlackRock in the 2nd quarter valued at about $4,409,095,000. Santa Clara Valley Transportation Authority acquired a new stake in shares of BlackRock in the second quarter valued at about $129,138,253,000. Wellington Management Group LLP lifted its stake in shares of BlackRock by 23.3% in the second quarter. Wellington Management Group LLP now owns 4,495,074 shares of the asset manager’s stock valued at $4,322,283,000 after purchasing an additional 850,406 shares during the period. Finally, Legal & General Group Plc acquired a new stake in shares of BlackRock in the second quarter valued at about $807,039,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

BlackRock News Summary

Here’s some of the latest news about BLK:

• Positive Sentiment: Barclays increased its stake in BlackRock’s iShares Bitcoin Trust (IBIT) by 48% in the third quarter, to about $187 million. The larger position suggests continued institutional participation in the fund, despite recent market-wide outflows. Article: Barclays boosts BlackRock Bitcoin ETF stake
• Neutral Sentiment: The House passed a bill that could broaden investment options in 403(b) retirement plans, potentially creating opportunities for asset managers such as BlackRock. The impact depends on further legislative steps and how plan providers implement the changes. Article: House passes retirement fairness bill
• Negative Sentiment: IBIT recorded seven consecutive sessions of net withdrawals, totaling about $1.66 billion, including roughly $213 million on Nov. 9. BlackRock’s Ether ETF also saw substantial withdrawals. Persistent redemptions could weigh on crypto-related assets under management, fee revenue and investor sentiment, although these funds are only part of BlackRock’s broader business. Article: BlackRock Bitcoin ETF outflows Article: Ether ETFs see outflows

BlackRock Trading Up 0.4%

Shares of BLK stock opened at $1,226.72 on Thursday. The firm has a 50-day moving average price of $1,109.30 and a 200 day moving average price of $1,066.82. BlackRock has a twelve month low of $917.39 and a twelve month high of $1,242.12. The company has a market capitalization of $189.98 billion, a price-to-earnings ratio of 22.01, a PEG ratio of 1.27 and a beta of 1.37. The company has a current ratio of 3.44, a quick ratio of 3.44 and a debt-to-equity ratio of 0.28.

BlackRock (NYSE:BLK) last released its 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 company 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%. The firm’s quarterly revenue was up 19.1% on a year-over-year basis. During the same period in the prior year, the firm earned $8.43 EPS. Research analysts forecast that BlackRock will post 57.82 earnings per share for the current fiscal year.

Analyst Ratings Changes

BLK has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price objective on shares of BlackRock from $1,230.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Thursday, October 15th. UBS Group increased their target price on shares of BlackRock from $1,277.00 to $1,300.00 and gave the company a “buy” rating in a report on Thursday, October 15th. Deutsche Bank lifted their price target on shares of BlackRock from $1,315.00 to $1,355.00 and gave the company a “buy” rating in a research report on Thursday, October 15th. Zacks Research lowered BlackRock from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 25th. Finally, Barclays lowered their price target on BlackRock from $1,420.00 to $1,410.00 and set an “overweight” rating on the stock in a report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,342.25.

About BlackRock

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.