J. Richard Kushel, Senior Managing Director at BlackRock, Inc. (NYSE:), recently sold 10,000 shares of the company’s common stock, generating a total of $10.1 million. The shares were sold at a price of $1,010 each on January 21, 2025. Following this transaction, Kushel holds 68,433.34 shares directly. The transaction occurred as BlackRock, with its impressive $157 billion market capitalization, maintains a strong financial health score according to InvestingPro data.
Additionally, Kushel exercised stock options to acquire 10,000 shares at a price of $513.50 per share. This transaction added $5.135 million to his holdings, which now total 78,433.34 shares. Kushel’s indirect holdings include shares managed through various family trusts. The stock has delivered a robust 31.5% return over the past year, while maintaining its 22-year streak of consistent dividend payments.
These transactions reflect Kushel’s ongoing management of his equity position in BlackRock, a leading investment management corporation headquartered in New York. Trading at a P/E ratio of 23.9, InvestingPro analysis suggests the stock is currently trading near its Fair Value. Discover more insights about BlackRock’s valuation and growth prospects in the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, BlackRock’s CEO Larry Fink has publicly advocated for the tokenization of bonds and stocks, a move that could potentially democratize investing. This follows BlackRock’s impressive earnings report, with adjusted operating earnings per share (EPS) of $11.93, surpassing both Keefe, Bruyette & Woods’ (KBW) and consensus estimates. KBW has consequently increased its price target on BlackRock shares and maintained an Outperform rating.
In addition, BlackRock’s strong performance in the fourth quarter of 2024 has led to a positive outlook from Citi, highlighting accelerating fee growth and flow strength. The firm experienced a 7% growth in base fees during this period, with revenue growth of 10.2%.
However, BlackRock also announced the resignation of Mark Wiedman, head of the Global Client Business, a significant change in the firm’s leadership team. JPMorgan has responded to these recent developments by raising BlackRock’s price target while maintaining a Neutral stock rating. These are among the recent developments concerning BlackRock.
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