Sarasin & Partners LLP has increased its investment in BlackRock, Inc. by acquiring an additional 4,419 shares during the third quarter of 2023. According to its latest filing with the Securities and Exchange Commission, Sarasin & Partners now holds a total of 227,660 shares in the asset management giant, representing a 2.0% increase in its stake. BlackRock now constitutes 2.6% of Sarasin & Partners’ overall portfolio, making it the firm’s 14th largest investment.
As of the most recent filing, Sarasin & Partners’ holdings in BlackRock are valued at approximately $267.63 million. This reflects a growing trend among institutional investors, with several others also adjusting their positions in BlackRock recently.
Investor Activity in BlackRock
Welch Group LLC has increased its stake in BlackRock by 1.2%, now owning 760 shares valued at $797,000. Stanley Laman Group Ltd. has similarly boosted its holdings by 2.7%, bringing its total to 340 shares worth $357,000. Meanwhile, CNB Bank raised its investment by 9.6%, acquiring a total of 103 shares valued at $108,000.
Magellan Asset Management Ltd. reported a significant increase of 14.3% in its position, now holding 72 shares valued at $76,000. FAS Wealth Partners Inc. also lifted its stake by 1.1%, with 817 shares now worth $857,000. Collectively, institutional investors own 80.69% of BlackRock’s stock, reflecting strong confidence in the company’s performance.
Analyst Ratings and Market Performance
BlackRock has recently received attention from analysts, with several upgrades and adjustments to price targets. BMO Capital Markets raised its target price from $1,280.00 to $1,300.00, maintaining an “outperform” rating. Citigroup has increased its price objective from $1,200.00 to $1,350.00 and issued a “buy” rating. Conversely, Deutsche Bank Aktiengesellschaft decreased its target slightly from $1,305.00 to $1,298.00 while still rating it as a “buy.”
In total, seventeen analysts have assigned a “buy” rating to BlackRock, while three have rated it as a hold. The consensus price target stands at $1,316.18, according to data from MarketBeat.com.
On October 14, 2023, BlackRock announced its quarterly earnings, reporting an EPS of $11.55, which fell short of the consensus estimate of $11.78 by $0.23. The firm generated $6.51 billion in revenue for the quarter, exceeding expectations of $6.22 billion and marking a year-over-year revenue increase of 25.2%. Analysts predict BlackRock will report an EPS of $47.41 for the current fiscal year.
The company’s stock opened at $1,059.34 on Friday, reflecting a market capitalization of $164.36 billion. BlackRock’s price-to-earnings ratio stands at 27.24, with a one-year low of $773.74 and a high of $1,219.94.
BlackRock has also declared a quarterly dividend of $5.21 per share, payable on December 23, 2023, to shareholders of record as of December 5, 2023. This represents an annualized dividend of $20.84 and a yield of 2.0%. The firm’s dividend payout ratio is 53.59%, indicating a sustainable approach to returning value to shareholders.
BlackRock, headquartered in New York, operates as a global investment management firm, providing a vast array of services to various investors. Its offerings include portfolio management, exchange-traded funds, fixed income and equity solutions, as well as alternative investments. The firm’s technology capabilities, particularly through its Aladdin platform, are noteworthy, combining portfolio management and risk analytics for both internal and external clients.
