Mastercard Inc (NYSE:MA) announced late Tuesday that its board of directors has approved a new share repurchase program valued at up to $11 billion.
The payments processing company said the new share buyback program will become effective at the completion of its previously announced $9 billion repurchase initiative.
As of December 1, 2023, the company had about $3.5 billion remaining under the current approved share repurchase program.
In October, its competitor Visa also kicked off a new $25 billion multi-year share repurchase program.
As well, Mastercard reported that it will increase its quarterly dividend by 16% to $0.66, which will be paid on February 9, 2024, to shareholders of record as of January 9, 2024.
Contact Sean at sean@proactiveinvestors.com