UPDATE: BlackRock Posts 24% Rise In Q4 Profit, Raises Dividend

BlackRock

reported a 24% rise in its fourth-quarter profit and lifted its quarterly dividend by 12% to $1.68. The company also lifted its share-buyback program by 7.5 million shares. BlackRock's quarterly profit surged to $690 million, or $3.93 per share, from $555 million, or $3.05 per share, in the year-ago period. Excluding one-time items, BlackRock earned $3.96 per share. Its revenue climbed 14% to $2.54 billion. However, analysts were expecting earnings of $3.73 per share on revenue of $2.49 billion. BlackRock shares closed at $222.24 yesterday.