BlackRock Announces 9% Increase in Quarterly Common Stock Dividend
February 23 2012 - 4:38PM
Business Wire
BlackRock, Inc. (NYSE: BLK) today announced that its Board of
Directors approved a nine percent increase in the company’s
quarterly common stock dividend, to $1.50 per share from $1.375 per
share. The dividend is payable on March 23, 2012 to shareholders of
record as of March 7, 2012.
BlackRock’s Board of Directors also approved an increase in the
availability under the company’s existing share repurchase program
to allow for the repurchase of up to 5.0 million shares of
BlackRock common stock.
“The Board’s decision to further increase the dividend and our
share repurchase capacity reinforces our collective confidence in
BlackRock’s financial strength and the diversity of our earnings
model as well as our continued commitment to delivering strong
shareholder value,” said Laurence D. Fink, Chairman and Chief
Executive Officer. “Today’s announcement reflects our focus on
returning a meaningful amount of cash to shareholders through both
dividends as well as share repurchases.”
The share repurchase program provides for repurchase of
BlackRock’s common shares in the open market or in privately
negotiated transactions, from time to time, depending on market
conditions and at the discretion of management. The program, which
has no stated expiration date, was originally approved in July
2010, and prior to this approval, had approximately 3.6 million
shares of remaining authorization as of December 31, 2011.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At September 30, 2011, BlackRock’s AUM was $3.345
trillion. BlackRock offers products that span the risk spectrum to
meet clients’ needs, including active, enhanced and index
strategies across markets and asset classes. Products are offered
in a variety of structures including separate accounts, mutual
funds, iShares® (exchange-traded funds), and other pooled
investment vehicles. BlackRock also offers risk management,
advisory and enterprise investment system services to a broad base
of institutional investors through BlackRock Solutions®.
Headquartered in New York City, as of September 30, 2011, the firm
has approximately 10,200 employees in 27 countries and a major
presence in key global markets, including North and South America,
Europe, Asia, Australia, and the Middle East and Africa. For
additional information, please visit the Company's website at
www.blackrock.com.
Forward-looking Statements
This press release, and other statements that BlackRock may
make, may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act, with respect to
BlackRock’s future financial or business performance, strategies or
expectations. Forward-looking statements are typically identified
by words or phrases such as “trend,” “potential,” “opportunity,”
“pipeline,” “believe,” “comfortable,” “expect,” “anticipate,”
“current,” “intention,” “estimate,” “position,” “assume,”
“outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,”
“achieve,” and similar expressions, or future or conditional verbs
such as “will,” “would,” “should,” “could,” “may” or similar
expressions.
BlackRock cautions that forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time. Forward-looking statements speak only as of the date they are
made, and BlackRock assumes no duty to and does not undertake to
update forward-looking statements. Actual results could differ
materially from those anticipated in forward-looking statements and
future results could differ materially from historical
performance.
In addition to risk factors previously disclosed in BlackRock’s
Securities and Exchange Commission (“SEC”) reports and those
identified elsewhere in this report the following factors, among
others, could cause actual results to differ materially from
forward-looking statements or historical performance: (1) the
introduction, withdrawal, success and timing of business
initiatives and strategies; (2) changes and volatility in
political, economic or industry conditions, the interest rate
environment, foreign exchange rates or financial and capital
markets, which could result in changes in demand for products or
services or in the value of assets under management; (3) the
relative and absolute investment performance of BlackRock’s
investment products; (4) the impact of increased competition; (5)
the impact of future acquisitions or divestitures; (6) the
unfavorable resolution of legal proceedings; (7) the extent and
timing of any share repurchases; (8) the impact, extent and timing
of technological changes and the adequacy of intellectual property
and information security protection; (9) the impact of legislative
and regulatory actions and reforms, including the Dodd-Frank Wall
Street Reform and Consumer Protection Act, and regulatory,
supervisory or enforcement actions of government agencies relating
to BlackRock, Barclays Bank PLC or The PNC Financial Services
Group, Inc.; (10) terrorist activities, international hostilities
and natural disasters, which may adversely affect the general
economy, domestic and local financial and capital markets, specific
industries or BlackRock; (11) the ability to attract and retain
highly talented professionals; (12) fluctuations in the carrying
value of BlackRock’s economic investments; (13) the impact of
changes to tax legislation, including taxation on products or
transactions which could affect the value proposition to clients
and, generally, the tax position of the Company; (14) BlackRock’s
success in maintaining the distribution of its products; (15) the
impact of BlackRock electing to provide support to its products
from time to time; and (16) the impact of problems at other
financial institutions or the failure or negative performance of
products at other financial institutions.
BlackRock's Annual Report on Form 10-K and BlackRock's
subsequent filings with the SEC, accessible on the SEC's website at
www.sec.gov and on BlackRock’s website at
www.blackrock.com, discuss these factors in more detail and
identify additional factors that can affect forward-looking
statements. The information contained on the Company’s website is
not a part of this press release.
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