By Kathryn Hardison


BlackRock Inc.'s board of directors approved a 2.5% increase to its quarterly cash dividend and raised its share buyback authorization.

The financial group said Wednesday that its new dividend is $5 per share, up from its prior dividend of $4.88.

The new dividend payout, equal to $20 a year, represents an annual yield of about 2.7% based on Tuesday's closing price of $752.07.

The new dividend is payable March 23 to shareholders of record at the close of business March 7.

The BlackRock board also increased its existing share repurchase program by an additional 7 million shares. The program now has an authorization to repurchase up to 7.9 million shares.


Write to Kathryn Hardison at kathryn.hardison@wsj.com


(END) Dow Jones Newswires

01-25-23 1441ET