|Bid||416.75 x 500|
|Day's Range||431.26 - 435.53|
|52 Week Range||336.84 - 442.84|
|PE Ratio (TTM)||21.26|
|Dividend & Yield||10.00 (2.33%)|
|1y Target Est||N/A|
Loeb beats market as he says none of his predictions came true
The biggest and best performing investors on the planet are beginning to look beyond banks and instead are placing major bets Wall Street's new financials, from Blackstone to BlackRock.
Third Point reportedly took a new position in asset management firm BlackRock (BLK). CNBC obtained Third Point's second-quarter client letter in which Third Point's Daniel Loeb said BlackRock was a "misunderstood franchise" with a massive 38% market share of exchange-traded funds. The firm did not disclose how big their stake is, but the letter said: "We think this acceleration in ETFs is just getting started... BlackRock is valued like a traditional asset manager, but it has much greater potential for structural revenue growth and operating margin expansion." The news hasn't moved share prices much.