Blackrock (BLK) will raise its quarterly dividend by 8.7 percent to $3.13 per share in the third quarter of 2018. This marks the second dividend hike by BLK this year, following a 15.2 percent increase in the first quarter.

The next dividend is payable September 24, 2018 to shareholders of record at the close of business on September 7, 2018. The new annual dividend of $12.52 per share translates into an estimated dividend yield of 2.5% at the current stock price of $504.88 for BLK.

BlackRock, Inc. provides investment management, risk management and advisory services for institutional and retail clients. Its products include iShares exchange-traded funds (ETFs).  The company also offers its Aladdin investment system, as well as risk management, outsourcing, advisory and technology services, to institutional investors and wealth management intermediaries under the BlackRock Solutions name. The company went public in 1999 and has paid a dividend every year since 2003.