Wealth Alliance Advisory Group LLC Acquires Shares of BlackRock, Inc.

Wealth Alliance Advisory Group LLC has recently taken a new position in BlackRock, Inc. (NYSE:BLK) during the third quarter, as revealed in their latest filing with the Securities and Exchange Commission. The firm acquired 664 shares of the well-known asset management company's stock, approximately valued at $630,000.

Recent Institutional Activity

Several other institutional investors have also adjusted their holdings of BlackRock recently. For instance, Redmont Wealth Advisors LLC established a new stake in the first quarter, valued at $27,000. Fairscale Capital LLC made a similar move during the second quarter, acquiring shares worth about $31,000. Additionally, Chilton Capital Management LLC invested around $38,000 in the first quarter.

Olistico Wealth LLC also expanded its position in BlackRock, investing approximately $53,000 in the second quarter. Another noteworthy investment came from ORG Partners LLC, which increased its holdings by 257.9% during the second quarter. Following this acquisition, ORG Partners LLC now owns 68 shares valued at $54,000. Currently, institutional investors own about 80.69% of BlackRock’s stock.

Insider Transactions

In terms of insider activity, BlackRock CEO Laurence Fink sold 29,450 shares of the company's stock on August 6th, with an average selling price of $843.25. The total amount from this sale was approximately $24.83 million. Post-transaction, Fink holds 353,718 shares valued at around $298.27 million, which reflects no change in ownership percentage. Details of this transaction were disclosed in a filing with the SEC.

Moreover, Director Mark Wiedman disposed of 12,000 shares on August 30th, receiving approximately $10.8 million from the sale at an average price of $900. Following this sale, Wiedman holds 6,480 shares with an estimated value of $5.83 million, maintaining a consistent ownership level.

Current Stock Performance

As of Friday, NYSE BLK opened at $1,007.02. The stock’s performance is noteworthy, with a 50-day moving average of $915.45 and a 200-day moving average of $837.50. BlackRock has a market capitalization of approximately $149.64 billion, a price-to-earnings ratio of 25.59, with a P/E/G ratio of 1.94 and a beta of 1.30. The company’s debt-to-equity ratio stands at 0.37, with current and quick ratios both at 5.06. BlackRock’s stock has fluctuated between a one-year low of $596.18 and a high of $1,032.00.

Financial Results and Dividend

For the quarter ended October 11, BlackRock reported earnings of $11.46 per share, surpassing analysts' expectations of $10.42 by $1.04. The firm achieved a return on equity of 15.44% and a net margin of 32.36%. Its revenue for the quarter was reported at $5.20 billion, exceeding the forecast of $5.03 billion. This represented a 14.9% increase compared to the same quarter the previous year. Analysts predict that BlackRock will post earnings of $41.73 per share by the year's end.

Recently, BlackRock announced a quarterly dividend, which was disbursed on September 23rd. Investors who were on record as of September 9th received a dividend of $5.10. This equates to an annualized dividend of $20.40, yielding around 2.03%. The ex-dividend date for this payment was September 9th. The company's current dividend payout ratio is 51.84%.

Analyst Ratings and Price Targets

Several research firms have made recent comments on BlackRock’s stock. Wells Fargo & Company raised their target price from $1,000.00 to $1,070.00, assigning an “overweight” rating. Keefe, Bruyette & Woods increased their price target from $915.00 to $934.00, and gave an “outperform” rating. On the other hand, JPMorgan Chase & Co. revised their target from $774.00 to $864.00, indicating a “neutral” stance.

Additionally, Morgan Stanley raised its target price from $1,150.00 to $1,245.00, maintaining an “overweight” rating. Goldman Sachs Group also increased their price target from $960.00 to $1,040.00, giving the stock a “buy” rating. Among analysts, three issued a hold rating while eleven recommended buying the stock. Thus, the average rating rests at "Moderate Buy," with an average price target set at $991.46.

About BlackRock, Inc.

BlackRock, Inc. operates as a publicly traded investment manager. The firm predominantly offers its services to institutional, intermediary, and individual investors, including pension plans, insurance providers, mutual funds, endowments, governmental bodies, and various corporations.

Wealth, Alliance, BlackRock