NEW YORK (AP) — Money management company BlackRock Inc. will boost its quarterly dividend by 9 per cent and increase its stock buyback program.
BlackRock will buy back 5 million shares of stock. That increases the number of shares under a stock buyback program the company started in July. BlackRock said it had permission from its board to buy back 3.6 million shares of stock as of Dec. 31.
BlackRock also said it will raise its quarterly dividend to $1.50 per share from $1.375 per share. It will be paid March 23 to shareholders of record on March 7.
Shares of BlackRock rose $3.26, or nearly 2 per cent, to close at $197.13.