SouthState Corp Raises Stock Holdings in BlackRock, Inc. (NYSE:BLK)

SouthState Corp grew its holdings in shares of BlackRock, Inc. (NYSE:BLK) by 25.9% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,251 shares of the asset manager’s stock after buying an additional 257 shares during the period. SouthState Corp’s holdings in BlackRock were worth $1,188,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BLK. Axxcess Wealth Management LLC increased its stake in shares of BlackRock by 35.8% during the first quarter. Axxcess Wealth Management LLC now owns 4,732 shares of the asset manager’s stock valued at $3,945,000 after purchasing an additional 1,248 shares in the last quarter. Cetera Investment Advisers grew its position in BlackRock by 219.5% during the 1st quarter. Cetera Investment Advisers now owns 44,065 shares of the asset manager’s stock valued at $36,737,000 after purchasing an additional 30,274 shares during the last quarter. Fifth Third Wealth Advisors LLC increased its stake in BlackRock by 20.4% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 3,338 shares of the asset manager’s stock valued at $3,169,000 after purchasing an additional 565 shares in the last quarter. GAMMA Investing LLC raised its holdings in BlackRock by 62.8% in the second quarter. GAMMA Investing LLC now owns 2,291 shares of the asset manager’s stock worth $1,804,000 after buying an additional 884 shares during the last quarter. Finally, Aptus Capital Advisors LLC lifted its stake in shares of BlackRock by 20.8% in the third quarter. Aptus Capital Advisors LLC now owns 21,333 shares of the asset manager’s stock worth $20,256,000 after buying an additional 3,675 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BLK has been the subject of a number of research analyst reports. Morgan Stanley lifted their target price on BlackRock from $1,150.00 to $1,245.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. The Goldman Sachs Group boosted their target price on BlackRock from $960.00 to $1,040.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Wells Fargo & Company lifted their price target on shares of BlackRock from $1,000.00 to $1,070.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Barclays increased their price objective on shares of BlackRock from $1,010.00 to $1,120.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of BlackRock from $1,105.00 to $1,133.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,019.62.

BlackRock Stock Down 2.1 %

BLK opened at $1,028.38 on Wednesday. The stock has a market cap of $159.27 billion, a price-to-earnings ratio of 25.38, a price-to-earnings-growth ratio of 1.87 and a beta of 1.30. The company has a debt-to-equity ratio of 0.37, a quick ratio of 5.06 and a current ratio of 5.06. The firm’s fifty day moving average is $975.38 and its 200 day moving average is $875.55. BlackRock, Inc. has a fifty-two week low of $712.11 and a fifty-two week high of $1,068.34.

BlackRock (NYSE:BLK) last announced its quarterly earnings data on Friday, October 11th. The asset manager reported $11.46 EPS for the quarter, beating the consensus estimate of $10.42 by $1.04. BlackRock had a return on equity of 15.52% and a net margin of 31.37%. The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.03 billion. During the same period in the previous year, the business earned $10.91 earnings per share. The business’s revenue was up 14.9% on a year-over-year basis. On average, sell-side analysts forecast that BlackRock, Inc. will post 43.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other BlackRock news, Director Mark Wiedman sold 12,000 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $900.00, for a total value of $10,800,000.00. Following the sale, the director now owns 6,480 shares in the company, valued at $5,832,000. The trade was a 64.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.90% of the stock is currently owned by corporate insiders.

BlackRock Company Profile

BlackRock, Inc is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks.