SouthState Corp Buys 257 Shares of BlackRock, Inc. (NYSE:BLK)

SouthState Corp increased its stake in shares of BlackRock, Inc. (NYSE:BLK) by 25.9% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,251 shares of the asset manager’s stock after purchasing 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.

Several other large investors have also added to or reduced their stakes in the stock. Fairscale Capital LLC purchased a new stake in shares of BlackRock in the second quarter worth about $31,000. Reston Wealth Management LLC bought a new stake in BlackRock during the 3rd quarter worth approximately $37,000. MFA Wealth Advisors LLC lifted its stake in BlackRock by 100.0% in the 3rd quarter. MFA Wealth Advisors LLC now owns 40 shares of the asset manager’s stock worth $38,000 after purchasing an additional 20 shares in the last quarter. Addison Advisors LLC boosted its holdings in BlackRock by 81.5% in the 3rd quarter. Addison Advisors LLC now owns 49 shares of the asset manager’s stock valued at $47,000 after purchasing an additional 22 shares during the period. Finally, Olistico Wealth LLC bought a new position in shares of BlackRock in the second quarter worth $53,000. Institutional investors own 80.69% of the company’s stock.

Insider Buying and Selling

In other news, Director Mark Wiedman sold 12,000 shares of BlackRock stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $900.00, for a total value of $10,800,000.00. Following the sale, the director now directly owns 6,480 shares in the company, valued at approximately $5,832,000. This trade represents a 64.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.90% of the stock is owned by insiders.

BlackRock Price Performance

Shares of BlackRock stock opened at $1,028.38 on Wednesday. The stock has a market capitalization of $159.27 billion, a P/E ratio of 25.38, a price-to-earnings-growth ratio of 1.87 and a beta of 1.30. BlackRock, Inc. has a one year low of $712.11 and a one year high of $1,068.34. The company has a debt-to-equity ratio of 0.37, a current ratio of 5.06 and a quick ratio of 5.06. The business’s 50 day simple moving average is $975.38 and its two-hundred day simple moving average is $875.55.

BlackRock (NYSE:BLK) last announced its quarterly earnings results on Friday, October 11th. The asset manager reported $11.46 earnings per share for the quarter, beating the consensus estimate of $10.42 by $1.04. BlackRock had a net margin of 31.37% and a return on equity of 15.52%. The business had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.03 billion. During the same quarter in the prior year, the company posted $10.91 EPS. The firm’s revenue for the quarter was up 14.9% compared to the same quarter last year. Analysts forecast that BlackRock, Inc. will post 43.17 EPS for the current year.

Wall Street Analyst Weigh In

BLK has been the subject of several recent analyst reports. Evercore ISI boosted their target price on BlackRock from $1,040.00 to $1,160.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. TD Cowen boosted their price objective on BlackRock from $960.00 to $1,077.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. The Goldman Sachs Group raised their target price on shares of BlackRock from $960.00 to $1,040.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. StockNews.com initiated coverage on shares of BlackRock in a research note on Wednesday, November 13th. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. lifted their price objective on shares of BlackRock from $864.00 to $914.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $1,019.62.

BlackRock 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.