BlackRock Inc. (BLK) will raise its quarterly dividend by 13.8 percent in 2021. This comes after a 10.0 percent hike to $3.63 per share announced in the first quarter of 2020. This will mark the investment management company's 12th consecutive year of dividend increases.

The increased dividend will be paid on March 23, 2021 to shareholders of record on March 5, 2021. The ex-date is March 4 and the new annualized dividend rate of $16.52 per share yields 2.2% at a stock price of $742.20 for BLK.

Blackrock will now pay an estimated $2.5 billion in dividends to shareholders annually. In the last 12 years the company has announced a double digit dividend hike nine times, including a 37.5 percent hike announced in 2011 and a 25.2 percent increase in 2018.

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.