Wed Sep 25 09:11:52 UTC 2024: ## Institutional Investors Pile into BlackRock as Asset Manager Posts Strong Earnings
**New York, NY** – BlackRock, Inc. (NYSE: BLK) continues to attract interest from institutional investors, with several funds significantly increasing their holdings in the asset management giant during recent quarters.
Frank Rimerman Advisors LLC notably boosted its position in BlackRock by a staggering 6,300% in the second quarter, acquiring an additional 567 shares to bring its total holdings to 576. Other notable increases include Carolinas Wealth Consulting LLC, which raised its stake by 25% in the fourth quarter, and Axxcess Wealth Management LLC, which increased its holdings by 35.8% in the first quarter.
This surge in institutional investment comes on the heels of BlackRock reporting strong earnings for the second quarter. The asset manager beat analysts’ expectations with $10.36 earnings per share, exceeding the consensus estimate by $0.40. Revenue also came in at $4.81 billion, slightly below the consensus estimate of $4.85 billion.
Analysts remain optimistic about BlackRock’s prospects, with a consensus rating of “Moderate Buy” and a price target of $902.13, according to MarketBeat.com. Several research firms, including TD Cowen, Citigroup, and Barclays, have recently upgraded their price targets on BlackRock shares, citing the company’s strong performance and positive outlook.
While institutional investors are pouring into BlackRock, some insiders have been selling shares. Director Pamela Daley sold 1,531 shares on August 2nd, while Director Mark Wiedman sold 27,000 shares on July 16th. Despite these sales, corporate insiders still own 0.90% of BlackRock’s stock.
With a market cap of $139.87 billion and a strong track record of performance, BlackRock continues to be a major player in the asset management industry. Institutional investors are clearly betting on the company’s continued growth and profitability, indicating strong confidence in BlackRock’s future.
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