Department store retailer Nordstrom is initiating a share repurchase program of up to $800 million that will run through March 2015 and is increasing its quarterly dividend to $0.30 per share.
The buyback plan adds to an existing program that still has $344 million outstanding on it, giving the board the authority to buy back more than $1.1 billion in stock. The existing plan runs through Feb. 1, 2014, while the new plan runs through March 1, 2015.
The dividend, which will rise from its current $0.27 per share, clocks an 11% increase and will be payable on March 22 to shareholders of record on March 15. This will be the fourth consecutive year Nordstrom has increased its payout.
The article Nordstrom Increases Buyback Program, Ups Dividend originally appeared on Fool.com.
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