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

In the third quarter of this year, Erste Asset Management GmbH made a significant investment by acquiring a new stake in BlackRock, Inc. (NYSE:BLK). The investment firm bought approximately 34,738 shares of the renowned asset manager, valued at around $32,904,000, as reported in their latest 13F filing with the Securities and Exchange Commission.

Changes in Institutional Holdings

Following Erste Asset Management's purchase, several other large investors have also adjusted their positions in BlackRock. Pathway Financial Advisers LLC remarkably increased its stake in BlackRock by 89,389.4% during the third quarter. This leap allowed them to acquire a total of 1,046,131 shares, now worth approximately $993,312,000 after adding 1,044,962 shares during the last quarter.

Another prominent investor, International Assets Investment Management LLC, expanded its holdings in BlackRock by 104,468.9% during the same period. Their current ownership stands at 792,632 shares, valued at roughly $7,526,120,000, following an additional purchase of 791,874 shares in the last quarter.

FMR LLC lifted its position in BlackRock by 10.6%, now owning 2,363,965 shares valued at about $2,244,608,000 after acquiring an extra 226,135 shares in the prior quarter. Additionally, B. Metzler seel. Sohn & Co. Holding AG established a new position in BlackRock, estimated at $115,377,000. Sarasin & Partners LLP also reported a significant increase of 174.8% in their position in BlackRock during the second quarter, bringing their total to 184,291 shares worth approximately $145,096,000. Currently, hedge funds and institutional investors control about 80.69% of the company's stock.

Current Market Performance of BlackRock

As of Friday, BlackRock’s stock (NYSE:BLK) opened at $1,022.80. The company boasts a market capitalization of $158.41 billion, with a price-to-earnings ratio of 25.24 and a price-to-earnings-growth ratio of 1.82. The firm shows a beta of 1.30, coupled with a debt-to-equity ratio of 0.37. BlackRock has a current and quick ratio both pegged at 5.06. Over the past 50 days, the stock has averaged $994.93, while the 200-day average stands at $888.30. BlackRock’s one-year trading range is between $742.22 and $1,068.34.

Latest Earnings Report and Dividend Declaration

On October 11, BlackRock announced its quarterly earnings, reporting an earnings per share (EPS) of $11.46, which exceeded the consensus estimate of $10.42 by $1.04. For the quarter, the asset manager recorded revenue of $5.20 billion, surpassing expectations of $5.03 billion. Notably, BlackRock achieved a return on equity of 15.52% with a net margin of 31.37%, indicating a revenue increase of 14.9% compared to the same quarter the previous year, when the EPS was documented at $10.91. Analysts project that BlackRock, Inc. will maintain an EPS of 43.18 for the current fiscal year.

Moreover, the company has declared a quarterly dividend of $5.10, scheduled for payment on December 23 to shareholders on record as of December 5. This results in an annualized dividend of $20.40, giving a yield of 1.99%. Presently, BlackRock’s payout ratio sits at 50.35%.

Analyst Ratings and Price Targets

Various analysts have recently revisited their ratings on BlackRock shares. Goldman Sachs raised its target price from $960.00 to $1,040.00 while issuing a 'buy' rating as of October 3. Similarly, JPMorgan Chase & Co. lifted its price objective from $864.00 to $914.00, giving it a 'neutral' rating on October 21. Additionally, Evercore ISI pushed its target to $1,160.00 with an 'outperform' rating as of November 7. Morgan Stanley revised their price target from $1,150.00 to $1,245.00, labeling the stock as 'overweight' on October 14, while Wells Fargo & Company also increased their objective from $1,000.00 to $1,070.00 with an 'overweight' rating on October 9. Overall, three analysts issued hold ratings, whereas eleven provided buy ratings, leading to a consensus rating of 'Moderate Buy' with an average price target of $1,019.62.

About BlackRock, Inc.

BlackRock, Inc. is a publicly traded investment management firm that specializes in offering services to a diverse range of clients, including institutional investors, mutual funds, pension plans, and sovereign wealth funds, among others. The firm's extensive investment offerings cater to the needs of corporate, public, and industry pension plans, as well as insurance companies, endowments, foundations, and non-profit organizations.

investment, BlackRock, stocks