The Manufacturers Life Insurance Company has increased its stake in BlackRock, Inc. (NYSE:BLK) by 4.4% during the fourth quarter, according to the company’s latest SEC disclosure. The institutional investor now owns 89,379 shares of the asset manager’s stock, valued at approximately $91.6 million, representing about 0.06% of BlackRock’s total shares.
This move is part of a broader trend among institutional investors adjusting their positions in BlackRock. Other notable investors who have recently modified their stakes in the company include Bellwether Advisors LLC, Beacon Pointe Advisors LLC, Whalerock Point Partners LLC, Prosperity Consulting Group LLC, and UP Strategic Wealth Investment Advisors LLC.
Institutional Investment Trends
Several institutional investors have recently adjusted their holdings in BlackRock:
- Bellwether Advisors LLC established a new position in BlackRock during the fourth quarter, valued at approximately $221,000.
- Beacon Pointe Advisors LLC also initiated a new position, worth about $2.8 million.
- Whalerock Point Partners LLC increased its holdings by 20.8%, now owning 337 shares valued at $345,000.
- Prosperity Consulting Group LLC boosted its stake by 9.5%, holding 636 shares worth $652,000.
- UP Strategic Wealth Investment Advisors LLC increased its position by 12.7%, now owning 239 shares valued at $245,000.
Institutional investors collectively hold 80.69% of BlackRock’s stock, while company insiders own 1.98%. Recent insider activity includes Director J. Richard Kushel selling 430 shares on February 28th at an average price of $949.37, reducing his stake by 10.36%.
Analyst Ratings and Financial Performance
Analysts have recently adjusted their price targets for BlackRock:
- Bank of America lowered its price objective from $1,196.00 to $1,178.00, maintaining a ‘buy’ rating.
- JPMorgan Chase & Co. reduced its target from $1,046.00 to $988.00, setting a ‘neutral’ rating.
- Keefe, Bruyette & Woods lowered its target from $1,225.00 to $1,160.00 with an ‘outperform’ rating.
- TD Cowen decreased its target from $1,251.00 to $1,032.00, keeping a ‘buy’ rating.
- Citigroup lowered its target from $1,200.00 to $1,100.00, maintaining a ‘buy’ rating.
BlackRock’s stock opened at $920.81 on Wednesday, with a market capitalization of $142.96 billion. The company reported quarterly earnings of $11.30 EPS, exceeding analysts’ expectations of $10.84. Revenue for the quarter was $5.28 billion, up 11.6% year-over-year.
