NEW YORK (AP) — BlackRock's fourth-quarter net income climbed 24 percent as the value of the assets it managed for its clients grew and performance fees increased. Its performance topped analysts' estimates.
The investment manager also raised its quarterly dividend by 12 percent and said it may buy back more stock. Shares rose in premarket trading Thursday.
For the three months ended Dec. 31, BlackRock Inc. earned $690 million, or $3.93 per share. That's up from $555 million, or $3.05 per share, the year before. Excluding a funding obligation and other one-time items, per-share earnings were $3.96, beating the $3.72 prediction of analysts polled by FactSet.
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