logo
Share SHARE
FONT-SIZE Plus   Neg

American Express Boosts Dividend; Announces New Stock Buyback Authorization

American Express Co. (AXP) said Monday that its board of directors has approved a $0.02, or 11%, increase in the quarterly dividend on the company's common stock from $0.18 to $0.20 per share.

The new dividend is payable on May 10 to shareholders of record on April 5.

This marks the first increase since November 2007, when the dividend was increased to $0.18 from $0.15. American Express has continued to pay its regular quarterly dividend without interruption throughout the recent recession.

The company also said its board has authorized the repurchase of up to 150 million common shares from time to time, in accordance with the company's capital distribution plans approved by the Federal Reserve and subject to market conditions.

The authorization replaces the prior 200 million share repurchase program that had about 38 million shares of common stock remaining under board authorization.

American Express had announced on March 13 that the Federal Reserve had no objections to the company's capital distribution plan outlining the company's plans to return capital to shareholders through share repurchases of up to $4 billion during 2012 and up to $1 billion in the first quarter of 2013, as well as the increase in the company's quarterly dividend.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Delta Air Lines Inc. (DAL) pilots, represented by the Air Line Pilots Association International, are picketing on Friday at several airports across the country. The pilots said the picketing was to raise the sense of urgency in ongoing contract negotiations. The negotiations between the pilots... Charter Communications, and its recently acquired subsidiary Time Warner Cable, have been regularly overcharging its consumers to a tune of $7.2 million per year, according to a report from the U.S. Senate's Permanent Subcommittee on Investigations. According to the report, Time Warner Cable over-billed... Popular photo sharing network Instagram is adding a new translation button on its pages, so that the global crowd can read and enjoy the captions and comments given for the photographs uploaded. The new update will be available from next month onward.
comments powered by Disqus
Follow RTT