American Express boosts dividend, announces buyback
American Express’ board of directors approved the repurchase of up to 120 million shares. The new share-repurchase program replaces the 41 million shares of stock remaining on a prior buyback effort the board authorized in 2016.
The company declares $0.43/share quarterly dividend, 10.3% increase from prior dividend of $0.39, stocks advance 1.3%
Stocks impacted: American Express Co. (AXP)
Investors took this step as a vote of confidence from management. The board also increased American's quarterly dividend payment, increasing it to 43 cents a share from 39 cents. At its recent price of $118.24 per share, the repurchase authorization represents around $14.2B if it were exercised in full. Shares of the New York-based company were trading up over 1% on the news. The stock rose 24% so far this year.
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