Shares Of BlackRock Inc. (BLK) Hit 52-Week High

(RTTNews) - Shares of BlackRock Inc. (BLK) hit a new 52-week high of $523.45 on January 13, and closed Monday's trading session at $523.11, up $10.93 or 2.13%. The stock has rallied 20% since its Q3 results announcement on Oct. 15, 2019.

BlackRock, on October 15, reported Q3 net income of $1.12 million or $7.15 per share versus $1.22 million or $7.54 per share last year.

Adjusted net income was $1.12 million or $7.15 per share compared to $1.21 million or $7.52 per share in the prior year period.

Revenue for the quarter increased to $6.96 billion from $6.44 billion generated a year ago, driven by higher base fees and technology services revenue, partially offset by lower performance fees.

Laurence D. Fink, Chairman and CEO, said, "BlackRock generated $84 billion of total net inflows in the third quarter, demonstrating strength in fixed income, cash and alternative strategies, as clients re-balanced, de-risked and sought uncorrelated sources of return in the face of significant global market volatility."

BlackRock is scheduled to report its fourth quarter 2019 earnings prior to the opening of the NYSE on Wednesday, January 15, 2020.

On Nov. 19, BlackRock's board declared a quarterly cash dividend of $3.30 per share of common stock, payable December 23, 2019 to shareholders of record at the close of business on December 6, 2019.