Erste Asset Management GmbH Invests $32.90 Million in BlackRock, Inc.

Erste Asset Management GmbH has recently acquired a new stake in BlackRock, Inc. (NYSE:BLK) during the third quarter, reflecting significant confidence in the asset management firm. According to their latest 13F filing with the Securities and Exchange Commission, Erste Asset Management bought 34,738 shares of BlackRock's stock, amounting to an investment valued at approximately $32,904,000.

Major Stake Adjustments by Other Investors

In addition to Erste Asset Management, several other large institutional investors have also made substantial changes to their holdings in BlackRock. For instance, Pathway Financial Advisers LLC dramatically increased its stake in BlackRock by an impressive 89,389.4% in the third quarter, now owning 1,046,131 shares valued at around $993,312,000 after acquiring an additional 1,044,962 shares. Similarly, International Assets Investment Management LLC has raised its holdings by an extraordinary 104,468.9%, now owning 792,632 shares valued at approximately $7,526,120,000 after buying an extra 791,874 shares in the last quarter.

Moreover, FMR LLC raised its position by 10.6% during the same period, now holding 2,363,965 shares valued at $2,244,608,000 after purchasing an additional 226,135 shares. B. Metzler seel. Sohn & Co. Holding AG also entered the picture by purchasing a new position in BlackRock worth about $115,377,000. Furthermore, Sarasin & Partners LLP increased its position by 174.8% during the second quarter with a total ownership of 184,291 shares valued at $145,096,000 following an acquisition of 117,218 additional shares. Notably, hedge funds and other institutional investors now control approximately 80.69% of BlackRock’s stock.

BlackRock's Recent Trading Performance

On Friday, NYSE:BLK opened at $1,022.80. BlackRock holds a market capitalization of $158.41 billion, with a price-to-earnings ratio of 25.24 and a beta of 1.30. The firm's financial health is strong, reflected in its debt-to-equity ratio of 0.37 and a current ratio of 5.06. BlackRock's 50-day moving average price sits at $994.93, and its 200-day moving average price is at $888.30. Over the past year, the stock has fluctuated, achieving a low of $742.22 and a high of $1,068.34.

Quarterly Earnings and Dividend Declaration

BlackRock recently reported its quarterly earnings on October 11th. The asset manager announced an earnings per share (EPS) of $11.46, surpassing the consensus estimate of $10.42 by $1.04. The company's revenue for the quarter stood at $5.20 billion, compared to the expected $5.03 billion, marking a 14.9% increase year-over-year. Analysts predict BlackRock will achieve an EPS of 43.18 for the current year.

In addition to its earnings announcement, BlackRock declared a quarterly dividend payable on December 23rd, amounting to $5.10 for shareholders of record on December 5th. This sets an annualized dividend of $20.40, offering a dividend yield of 1.99%, while the company's payout ratio is currently at 50.35%.

Updates from Analysts

Analysts have been optimistic regarding BlackRock's stock. Recently, The Goldman Sachs Group raised their target price for BlackRock from $960.00 to $1,040.00, issuing a “buy” rating. JPMorgan Chase & Co. also increased their price objective from $864.00 to $914.00 while maintaining a neutral outlook. Similarly, Evercore ISI raised its target from $1,040.00 to $1,160.00, while Morgan Stanley set a new price target of $1,245.00. Wells Fargo & Company has also raised its target price to $1,070.00. Currently, thirteen analysts have issued ratings for BlackRock, with three prescribing a hold and eleven declaring a buy rating, leading to a consensus rating of "Moderate Buy" with a target price of $1,019.62.

Understanding BlackRock's Role in Investing

BlackRock, Inc. is recognized as a major player in the investment management sector. It primarily serves institutional, intermediary, and individual investors, including various pension plans and institutional clients, enhancing its stature as a trustworthy investment manager.

Investment, Shares, BlackRock