Edgemoor Investment Advisors Inc. Sells 355 Shares of BlackRock (NYSE:BLK)

Edgemoor Investment Advisors Inc. cut its stake in BlackRock (NYSE:BLK - Free Report) by 1.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,371 shares of the asset manager's stock after selling 355 shares during the period. BlackRock comprises about 1.7% of Edgemoor Investment Advisors Inc.'s holdings, making the stock its 17th largest holding. Edgemoor Investment Advisors Inc.'s holdings in BlackRock were worth $18,335,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Investment Management Corp VA ADV acquired a new position in shares of BlackRock during the 4th quarter worth about $30,000. Fairway Wealth LLC grew its position in shares of BlackRock by 76.5% in the first quarter. Fairway Wealth LLC now owns 30 shares of the asset manager's stock valued at $28,000 after purchasing an additional 13 shares during the last quarter. MorganRosel Wealth Management LLC bought a new position in shares of BlackRock in the 1st quarter valued at $31,000. CBIZ Investment Advisory Services LLC bought a new position in BlackRock during the 1st quarter worth $34,000. Finally, Cedar Wealth Management LLC acquired a new position in BlackRock during the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

BlackRock Stock Performance

Shares of BlackRock stock traded down $9.46 during trading hours on Monday, reaching $1,094.13. 445,532 shares of the stock traded hands, compared to its average volume of 701,188. The company has a 50 day moving average price of $1,013.56 and a 200 day moving average price of $972.65. The company has a quick ratio of 4.34, a current ratio of 4.34 and a debt-to-equity ratio of 0.38. BlackRock has a one year low of $773.74 and a one year high of $1,119.19. The firm has a market capitalization of $169.51 billion, a price-to-earnings ratio of 26.45, a P/E/G ratio of 2.23 and a beta of 1.41.

BlackRock (NYSE:BLK - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The asset manager reported $12.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.41 by $1.64. The business had revenue of $5.42 billion during the quarter, compared to analysts' expectations of $5.40 billion. BlackRock had a return on equity of 15.83% and a net margin of 29.68%. The business's quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $10.36 EPS. On average, equities research analysts expect that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Thursday, June 5th were given a $5.21 dividend. This represents a $20.84 annualized dividend and a yield of 1.90%. The ex-dividend date was Thursday, June 5th. BlackRock's dividend payout ratio (DPR) is presently 50.39%.

Analyst Ratings Changes

Several equities analysts have recently commented on BLK shares. Citigroup lowered 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 note on Monday, April 14th. Keefe, Bruyette & Woods reduced their target price on shares of BlackRock from $1,247.00 to $1,224.00 and set an "outperform" rating on the stock in a report on Wednesday, July 16th. Barclays upped their price target on shares of BlackRock from $990.00 to $1,220.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. JPMorgan Chase & Co. upped their price target on shares of BlackRock from $1,018.00 to $1,093.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Finally, Wall Street Zen upgraded shares of BlackRock to a "hold" rating in a research report on Saturday, May 24th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,151.21.

Insider Activity

In other news, Director J. Richard Kushel sold 10,000 shares of the firm's stock in a transaction that occurred 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 transaction, the director directly owned 66,034 shares of the company's stock, valued at approximately $60,256,025. This trade represents a 13.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.98% of the stock is owned by company insiders.

About BlackRock

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.