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Greggory Warren

Greggory Warren, CFA, is a financial services sector strategist for Morningstar.

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While the company raised an estimated $10.6 billion during the period by selling positions in 11 different stocks, the trimming of stakes in Apple (57.2 million shares for an estimated $7.1 billion) and Wells Fargo (75.0 million shares for $2.0 billion) accounted for most of the capital raised.

While there was little in wide-moat BlackRock's fourth-quarter earnings to alter our long-term view of the firm, we expect to increase our fair value estimate to around $750 per share from $620 to account for the continued recovery in the equity, credit and currency markets following the steep COVID-19 induced sell off in the first quarter of 2020.