Sarasin & Partners LLP has increased its stake in BlackRock (NYSE: BLK) by 2% during the third quarter of 2023, as revealed in its recent 13F filing with the Securities and Exchange Commission. The institutional investor now holds a total of 227,660 shares of the asset management firm, reflecting an acquisition of an additional 4,419 shares during the period. This acquisition positions BlackRock as the 14th largest holding in Sarasin & Partners’ portfolio, which now constitutes approximately 2.6% of its total investments.
As of the latest filing, Sarasin & Partners LLP’s ownership in BlackRock is valued at approximately $267.6 million. The firm is not alone in increasing its investment, as several other institutional investors have also modified their positions in BlackRock recently.
Welch Group LLC raised its stake in BlackRock by 1.2% during the second quarter, owning 760 shares valued at $797,000 after acquiring additional shares. Similarly, Stanley Laman Group Ltd. increased its position by 2.7%, now owning 340 shares worth $357,000. Other notable increases include CNB Bank, which grew its stake by 9.6%, and Magellan Asset Management Ltd., which raised its holdings by 14.3%. FAS Wealth Partners Inc. also added to its position, reflecting a trend among institutional investors who collectively own 80.69% of BlackRock’s stock.
Analyst Ratings and Market Performance
BlackRock has recently garnered attention from analysts, with several reports impacting its stock outlook. On October 21, 2023, BMO Capital Markets raised its target price for BlackRock shares from $1,280.00 to $1,300.00, maintaining an “outperform” rating. Citigroup followed suit, increasing their price objective from $1,200.00 to $1,350.00 with a “buy” rating.
Deutsche Bank Aktiengesellschaft adjusted its price target down slightly from $1,305.00 to $1,298.00, while still rating it a “buy.” Goldman Sachs Group reiterated a “buy” rating and set a price target of $1,313.00. Morgan Stanley has also upped its target from $1,486.00 to $1,514.00, giving the stock an “overweight” rating.
Currently, 17 analysts have rated BlackRock as a “Buy,” while three analysts maintain a “Hold” rating. According to data from MarketBeat.com, the stock holds an average rating of “Moderate Buy” and a consensus price target of $1,316.18.
BlackRock’s stock recently opened at $1,059.34, with a market capitalization of $164.36 billion. Its price-to-earnings ratio stands at 27.24, and the company has a one-year range of $773.74 to $1,219.94. The firm’s last reported quarterly earnings on October 14, 2023, showed an EPS of $11.55, slightly missing the consensus estimate of $11.78. However, BlackRock reported revenues of $6.51 billion, exceeding the expected $6.22 billion, and demonstrated a year-over-year revenue increase of 25.2%.
Upcoming Dividend Announcement
In addition to its stock performance, BlackRock has announced a quarterly dividend, scheduled for payment on December 23, 2023. Shareholders on record as of December 5, 2023, will receive a dividend of $5.21 per share, which reflects an annualized dividend of $20.84 and a yield of 2.0%. The company’s dividend payout ratio is currently at 53.59%.
BlackRock, Inc. is recognized as a leading global investment management firm, providing a wide range of financial products and services to institutional and individual investors. Its offerings include portfolio management, exchange-traded funds (ETFs) under the iShares brand, fixed income, and alternative investments. The firm is also renowned for its technology and risk management capabilities, particularly through its Aladdin platform, which integrates portfolio management and risk analytics.
As Sarasin & Partners LLP and other institutional investors adjust their holdings, the ongoing performance of BlackRock will be closely monitored by market participants and analysts alike.
