Investment management firm BlackRock (BLK) isn’t the kind of company that comes to mind when you contemplate a list of set-and-forget dividend stocks, but BLK stock should be. The company recently delivered big Q4 profits that rose 22%.
The world’s biggest asset manager reported an adjusted profit of $4.92 per share, well above the $4.33 per share Wall Street anticipated. On the revenue front, BlackRock saw a 9.4% year-over-year rise to $2.8 billion. Those gains came via an increase in management advisory fees, as well as performance fees.
For dividend stock investors, BLK stock also got an increase in its quarterly dividend to $1.93, which translates into a 15% hike in the BLK stock payout. Current yield on BLK stock is 2.4%, and while that’s at the low end of a set-and-forget dividend paying stock, there’s nothing low-end about the capital appreciation potential.
Over the past 12 months, BLK stock is up more than 36% — a substantive gain that has definitely made shareholders in this dividend stock smile. And, with the latest dividend hike by BLK stock, this financial belongs in a well-heeled, set-and-forget portfolio.
As of this writing, Jim Woods was long JNJ.