American Express increases quarterly dividend of 10 percent

The board of American Express has authorized repurchase of up to 150 million shares and announced 10 percent quarterly dividend increase.

american express quarterly dividendThe board of directors of American Express Company (NYSE:AXP) has approved the repurchase of up to 150 million common shares.

This authorization replaces the prior 150 million share repurchase program that had approximately 50 million shares of common stock remaining under board authorization and is subject to financial performance, market conditions and the Federal Reserve’s non-objection of the company’s capital plans.

Separately, has been approved a $0.03 – or 10 percent – increase in the quarterly dividend on the company’s common stock. The dividend was raised to $0.32 per common share, from $0.29, payable on November 10, 2016 to shareholders of record on October 7, 2016.

As previously announced on June 29, 2016, the global services company was informed that the Federal Reserve did not object to the company’s 2016 capital plan to repurchase up to $3.3 billion of common shares through the second quarter of 2017, as well as to increase the company’s quarterly dividend to $0.32 per share beginning with the third quarter 2016 dividend declaration.