MasterCard Inc.’s board of directors has increased the company’s quarterly cash dividend to 60 cents per share, twice the dividend level of 30 cents per share held previously.
MasterCard will pay cash dividends to holders of Class A common stock on May 9 and to Class B common stock shareholders April 9.
The Purchase-based company’s board of directors also approved a new share repurchase program which authorizes MasterCard to repurchase up to $2 billion of its Class A common stock. The new program will go into effect once the company’s $1.5 billion share repurchase program is complete. In January, the company still had close to $440 million under the current program authorization.
Ajay Banga, MasterCard president and CEO said, “Our strong financial performance allows us to increase the return of cash to shareholders through our dividend and share repurchase programs.” He added, “We remain focused on executing our strategy and growing our business for the future.”
MasterCard’s annual meeting of stockholders is scheduled for June 18.