Investing

T. Rowe Price Slices Most of Black Knight (BKI) Position After Q3 Results

Price T Rowe Associates Inc /md/ has filed a 13G/A form with the SEC disclosing ownership of 5,172,716 shares of Black Knight Inc (BKI). This represents 3.3% of the company.

In their previous filing dated February 14, 2022 they reported 19,287,830 shares and 12.40% of the company, a decrease in shares of 73.18% and a decrease in total ownership of 9.10% (calculated as current – previous percent ownership).

In their most recent update, Black Knight provided the following highlights:

Third Quarter Highlights:

  • Revenues of $386.7 million, an increase of 2%; Organic revenue growth of 2%
  • Operating income of $68.2 million, a decrease of 18%; Operating margin of 17.6% compared to 21.9%
  • Net earnings attributable to Black Knight of $30.0 million compared to $53.4 million; Diluted EPS of $0.19 compared to $0.34; Net earnings margin of 7.8% compared to 12.2%
  • Adjusted EBITDA of $179.4 million, a decrease of 3%; Adjusted EBITDA margin was 46.4% compared to 48.9%
  • Adjusted operating income of $138.1 million, a decrease of 7%; Adjusted operating margin of 35.7% compared to 39.2%
  • Adjusted net earnings of $86.6 million, a decrease of 7%; Adjusted EPS of $0.56, a decrease of 7%

Year-to-Date Highlights:

  • Revenues of $1,168.4 million, an increase of 7%; Organic revenue growth of 6%
  • Operating income of $225.4 million, an increase of 2%; Operating margin of 19.3% compared to 20.2%
  • Net earnings attributable to Black Knight of $434.9 million compared to $147.2 million; Diluted EPS of $2.80 compared to $0.94; Net earnings margin of 37.0% compared to 11.4%; the effect of our investment in Dun & Bradstreet Holdings, Inc. (“DNB”) was an increase in Net earnings attributable to Black Knight of $303.3 million, or $1.95 per diluted share, including a gain of $305.4 million, net of tax, or $1.96 per diluted share, recognized as a result of the exchange of shares of DNB common stock as part of the consideration for acquiring the remaining 40% interest in Optimal Blue Holdco, LLC (“Optimal Blue”) in February 2022
  • Adjusted EBITDA of $560.6 million, an increase of 5%; Adjusted EBITDA margin was 48.0% compared to 49.2%
  • Adjusted operating income of $440.7 million, an increase of 3%; Adjusted operating margin of 37.7% compared to 39.3%
  • Adjusted net earnings of $284.4 million, an increase of 6%; Adjusted EPS of $1.83, an increase of 6%

What are other large shareholders doing?

Price T Rowe Associates Inc /md/ holds 20,997,723 shares representing 13.59% ownership of the company. In it’s prior filing, the firm reported owning 20,183,978 shares, representing an increase of 3.88%. The firm increased its portfolio allocation in BKI by 46.99% over the last quarter.

Vanguard Group Inc holds 13,747,044 shares representing 8.90% ownership of the company. In it’s prior filing, the firm reported owning 13,742,806 shares, representing an increase of 0.03%. The firm increased its portfolio allocation in BKI by 34.05% over the last quarter.

Massachusetts Financial Services Co /ma/ holds 11,579,380 shares representing 7.50% ownership of the company. In it’s prior filing, the firm reported owning 10,388,150 shares, representing an increase of 10.29%. The firm decreased its portfolio allocation in BKI by 81.73% over the last quarter.

BlackRock Inc. holds 10,787,504 shares representing 6.98% ownership of the company. In it’s prior filing, the firm reported owning 12,439,865 shares, representing a decrease of 15.32%. The firm increased its portfolio allocation in BKI by 16.44% over the last quarter.

Principal Financial Group Inc holds 7,115,398 shares representing 4.61% ownership of the company. In it’s prior filing, the firm reported owning 8,105,664 shares, representing a decrease of 13.92%. The firm decreased its portfolio allocation in BKI by 51.89% over the last quarter.

What is the overall institutional sentiment?

There are 895 funds or institutions reporting positions in Black Knight Inc. This is an increase of 33 owner(s) or 3.83%.

Average portfolio weight of all funds dedicated to Black Knight Inc is 0.3718%, an increase of 25.4114%. Total shares owned by institutions increased in the last three months by 1.62% to 173,956,841 shares.

Based on this information, institutional sentiment is bullish.

This article originally appeared on Fintel

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