BlackRock Inc. BLK, +0.37% said Thursday that it will raise its dividend by 14%. The investment management’s new quarterly dividend of $4.13 a share, up from $3.63 a share, will be payable March 23 to shareholders of record on March 5. The stock slipped 0.1% in afternoon trading. At current prices, the new annual dividend rate implies a dividend yield of 2.23%, compared with the dividend yield for the SPDR Financial Select Sector ETF XLF, -0.62% of 1.95% and the implied yield for the S&P 500 SPX, +0.21% of 1.48%, according to FactSet. BlackRock’s stock has gained 16.7% over the past three months, while the financial ETF has rallied 24.1% and the S&P 500 has advanced 12.1%.
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