BlackRock (NYSE:BLK) Holdings Cut by Fayez Sarofim & Co

Key Points

• Fayez Sarofim & Co reduced its stake in BlackRock (NYSE:BLK) by 3.2%, selling 21,337 shares, and now holds 638,717 shares worth approximately $609.74 million.
• BlackRock reported a quarterly earnings per share of $12.05, which exceeded analysts' expectations, with revenue of $5.42 billion, marking a 12.9% increase year-over-year.
• The firm announced a quarterly dividend of $5.21 per share, representing an annualized dividend of $20.84 with a yield of 1.9%.

Fayez Sarofim & Co trimmed its position in shares of BlackRock (NYSE:BLK - Free Report) by 3.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 638,717 shares of the asset manager's stock after selling 21,337 shares during the period. BlackRock makes up about 1.5% of Fayez Sarofim & Co's holdings, making the stock its 22nd biggest holding. Fayez Sarofim & Co owned 0.41% of BlackRock worth $609,743,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Fairway Wealth LLC boosted its position in BlackRock by 76.5% during the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock worth $28,000 after purchasing an additional 13 shares during the period. Investment Management Corp VA ADV purchased a new stake in BlackRock during the 4th quarter worth $30,000. Cheviot Value Management LLC purchased a new stake in BlackRock during the 1st quarter worth $30,000. MorganRosel Wealth Management LLC purchased a new stake in BlackRock during the 1st quarter worth $31,000. Finally, CBIZ Investment Advisory Services LLC purchased a new stake in BlackRock during the 1st quarter worth $34,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

BlackRock Stock Up 1.0%

Shares of BLK stock traded up $11.37 during trading hours on Friday, hitting $1,124.20. 427,828 shares of the company were exchanged, compared to its average volume of 674,734. The company has a debt-to-equity ratio of 0.39, a quick ratio of 4.34 and a current ratio of 4.04. BlackRock has a one year low of $773.74 and a one year high of $1,131.93. The business's 50-day simple moving average is $1,054.94 and its two-hundred day simple moving average is $985.49. The stock has a market capitalization of $174.17 billion, a price-to-earnings ratio of 27.18, a P/E/G ratio of 2.24 and a beta of 1.42.

BlackRock (NYSE:BLK - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The asset manager reported $12.05 EPS for the quarter, topping the consensus estimate of $10.41 by $1.64. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. The business had revenue of $5.42 billion for the quarter, compared to analysts' expectations of $5.40 billion. During the same quarter last year, the company posted $10.36 earnings per share. The company's quarterly revenue was up 12.9% compared to the same quarter last year. Sell-side analysts predict that BlackRock will post 47.41 EPS for the current fiscal year.

BlackRock Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be given a dividend of $5.21 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $20.84 annualized dividend and a dividend yield of 1.9%. BlackRock's dividend payout ratio (DPR) is presently 50.39%.

Insider Activity at BlackRock

In other news, Director J. Richard Kushel sold 17,142 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $1,120.50, for a total transaction of $19,207,611.00. Following the transaction, the director owned 61,369 shares of the company's stock, valued at approximately $68,763,964.50. This trade represents a 21.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rachel Lord sold 18,036 shares of the stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $1,125.60, for a total transaction of $20,301,321.60. Following the transaction, the director directly owned 19,205 shares in the company, valued at $21,617,148. The trade was a 48.43% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,494 shares of company stock worth $74,694,573. 1.98% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on BLK. Jefferies Financial Group upped their price target on shares of BlackRock from $959.00 to $1,210.00 in a research report on Thursday, July 10th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $1,115.00 price target on shares of BlackRock in a research report on Tuesday, July 8th. Telsey Advisory Group reaffirmed an "outperform" rating on shares of BlackRock in a research report on Tuesday, July 8th. Argus reissued a "buy" rating on shares of BlackRock in a research report on Tuesday, July 8th. Finally, Citigroup decreased their price objective on shares of BlackRock from $1,200.00 to $1,100.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,151.21.

BlackRock Company 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.