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BlackRock 4Q earnings tops Street's view

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The Associated Press | January 16, 2014 08:14 AM EST | AP


NEWS: Shares of investment manager BlackRock are rising in Thursday premarket trading as the investment manager's fourth-quarter adjusted earnings easily beat Wall Street's view as the value of assets it managed for its clients rose. The company also boosted its quarterly dividend by 15 percent.

DETAILS: BlackRock is raising its quarterly dividend to $1.93 per share from $1.68 per share. The dividend will be paid on March 24 to shareholders of record on March 7.

The New York company had $4.32 trillion in fourth-quarter assets under management, the value of the assets BlackRock invests for its customers. That's a 14 percent increase from the $3.79 trillion in the prior-year period.

BlackRock's clients include big institutional investors such as pension funds, hedge funds and investment managers, and wealthy individuals.

NUMBERS: BlackRock earned $841 million, or $4.86 per share, for the quarter, up from $690 million, or $3.93 per share, a year earlier. Removing certain items, earnings were $4.92 per share.

Revenue rose 9 percent to $2.78 billion from $2.54 billion.

Analysts surveyed by FactSet expected earnings of $4.32 per share on revenue of $2.68 billion.

For the year, BlackRock earned $2.93 billion, or $16.87 per share. In the previous year it earned $2.46 billion, or $13.79 per share. Annual revenue increased 9 percent to $10.18 billion from $9.34 billion.

STOCK: BlackRock Inc.'s stock jumped $14.25, or 4.6 percent, to $327 in premarket trading about 90 minutes before the market open.