Board Increases Share Repurchase Availability to 5.0 Million Shares
NEW YORK--(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.
BlackRock, Inc.
Media Relations
Bobbie Collins,
212-810-8155
Bobbie.Collins@blackrock.com
or
Investor
Relations
Ellen Taylor, 212-810-3815
Ellen.Taylor@blackrock.com
Source: BlackRock, Inc.