Adell Harriman & Carpenter Inc. Invests $7.99 Million in BlackRock (NYSE:BLK)

Adell Harriman & Carpenter Inc. acquired a new position in shares of BlackRock (NYSE:BLK - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 8,440 shares of the asset manager's stock, valued at approximately $7,989,000.

Several other institutional investors and hedge funds also recently made changes to their positions in BLK. IAG Wealth Partners LLC acquired a new position in BlackRock in the fourth quarter valued at about $26,000. Investment Management Corp VA ADV acquired a new position in shares of BlackRock during the fourth quarter worth approximately $30,000. MorganRosel Wealth Management LLC acquired a new position in shares of BlackRock during the first quarter worth approximately $31,000. Curio Wealth LLC acquired a new position in shares of BlackRock during the fourth quarter worth approximately $41,000. Finally, Cedar Wealth Management LLC acquired a new position in shares of BlackRock during the fourth quarter worth approximately $43,000. Institutional investors own 80.69% of the company's stock.

BlackRock Trading Up 0.5%

NYSE:BLK traded up $5.71 during trading hours on Friday, hitting $1,076.28. The stock had a trading volume of 342,684 shares, compared to its average volume of 696,095. BlackRock has a one year low of $773.74 and a one year high of $1,084.22. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.34 and a current ratio of 4.34. The company has a market cap of $166.75 billion, a price-to-earnings ratio of 26.15, a P/E/G ratio of 3.26 and a beta of 1.41. The business's 50 day moving average is $979.68 and its 200-day moving average is $968.96.

BlackRock (NYSE:BLK - Get Free Report) last issued its quarterly earnings data on Friday, April 11th. The asset manager reported $11.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.84 by $0.46. BlackRock had a net margin of 30.09% and a return on equity of 15.57%. The company had revenue of $5.28 billion during the quarter, compared to the consensus estimate of $5.47 billion. During the same quarter in the prior year, the firm earned $9.81 earnings per share. The firm's revenue was up 11.6% compared to the same quarter last year. Sell-side analysts anticipate that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Thursday, June 5th were given a dividend of $5.21 per share. This represents a $20.84 annualized dividend and a dividend yield of 1.94%. The ex-dividend date was Thursday, June 5th. BlackRock's dividend payout ratio is 50.63%.

Insider Activity

In other news, Director J. Richard Kushel sold 10,000 shares of the stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $912.50, for a total transaction of $9,125,000.00. Following the completion of the sale, the director owned 66,034 shares of the company's stock, valued at $60,256,025. This represents a 13.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.98% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BLK. Morgan Stanley increased their price objective on shares of BlackRock from $1,111.00 to $1,164.00 and gave the company an "overweight" rating in a report on Wednesday. Citigroup cut their price objective on shares of BlackRock from $1,200.00 to $1,100.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Argus increased their price objective on shares of BlackRock from $1,028.00 to $1,090.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. Wells Fargo & Company increased their price objective on shares of BlackRock from $1,105.00 to $1,180.00 and gave the company an "overweight" rating in a report on Thursday. Finally, TD Cowen cut their price objective on shares of BlackRock from $1,251.00 to $1,032.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, BlackRock currently has a consensus rating of "Moderate Buy" and an average target price of $1,110.92.

BlackRock Profile

BlackRock, Inc is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks.