BlackRock $BLK Stock: Provenance Wealth Advisors LLC Boosts Position

Provenance Wealth Advisors LLC boosted its stake in shares of BlackRock (NYSE:BLK) by 6,410.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,255 shares of the asset manager’s stock after buying an additional 3,205 shares during the period. Provenance Wealth Advisors LLC’s holdings in BlackRock were worth $3,445,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. RMG Wealth Management LLC purchased a new stake in shares of BlackRock in the first quarter worth $25,000. Addison Advisors LLC purchased a new position in shares of BlackRock in the 2nd quarter worth about $25,000. Kelly Lawrence W & Associates Inc. CA bought a new position in BlackRock in the 2nd quarter worth about $25,000. Meeder Asset Management Inc. bought a new position in BlackRock in the 2nd quarter worth about $30,000. Finally, Putney Financial Group LLC bought a new position in BlackRock in the 3rd quarter worth about $32,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

BlackRock Price Performance

NYSE BLK opened at $1,160.28 on Wednesday. BlackRock has a one year low of $917.39 and a one year high of $1,187.17. The stock has a 50-day moving average of $1,103.81 and a 200 day moving average of $1,064.77. The company has a market capitalization of $179.69 billion, a price-to-earnings ratio of 26.38, a PEG ratio of 1.21 and a beta of 1.37. The company has a debt-to-equity ratio of 0.33, a quick ratio of 3.59 and a current ratio of 3.59.

BlackRock (NYSE:BLK) last posted its earnings results on Wednesday, October 14th. The asset manager reported $15.93 earnings per share (EPS) for the quarter, beating 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 net margin of 24.22% and a return on equity of 16.08%. The business’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $8.43 EPS. On average, sell-side analysts forecast that BlackRock will post 57.82 EPS for the current year.

BlackRock News Summary

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock launched an actively managed iShares ETF focused on robotics and related technologies, adding to its product lineup and giving it a potential avenue to attract assets in a growing investment theme. BlackRock Could Be 13% Overvalued As Robotics ETF Launch Tests Valuation
• Positive Sentiment: BlackRock and Premialab are integrating quantitative-strategy data and analytics into Aladdin, potentially strengthening the platform’s usefulness to institutional clients. BlackRock Brings Quantitative Strategy Analytics Into Aladdin
• Neutral Sentiment: A valuation analysis suggested BLK could be about 13% overvalued, tempering the positive product-launch news. This is an analyst/model assessment rather than a company announcement. BlackRock Could Be 13% Overvalued As Robotics ETF Launch Tests Valuation
• Negative Sentiment: Crypto-fund withdrawals are the clearest near-term concern: BlackRock’s iShares Bitcoin Trust (IBIT) saw about $405 million leave on Monday, while U.S. spot Bitcoin ETFs recorded roughly $399 million in net outflows. Separate reports also point to substantial sales of Bitcoin and Ethereum holdings. Continued redemptions could weigh on crypto-related assets under management and investor sentiment toward BLK. BlackRock’s IBIT Sees Biggest Bitcoin ETF Outflows Since June

Wall Street Analysts Forecast Growth

BLK has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on shares of BlackRock from $1,435.00 to $1,449.00 and gave the company an “overweight” rating in a research note on Thursday, October 15th. Weiss Ratings upgraded shares of BlackRock from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. Morgan Stanley increased their price target on shares of BlackRock from $1,468.00 to $1,531.00 and gave the company an “overweight” rating in a report on Thursday, October 15th. Keefe, Bruyette & Woods raised their price target on shares of BlackRock from $1,290.00 to $1,310.00 and gave the company an “outperform” rating in a research report on Thursday, October 15th. Finally, Truist Financial set a $1,310.00 price objective on shares of BlackRock 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 given a Hold rating to the company’s stock. According to MarketBeat.com, BlackRock presently has an average rating of “Moderate Buy” and a consensus price target of $1,342.25.

BlackRock 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.