Ashland is aiming to fatten the bank accounts of its shareholders. The company has declared a quarterly dividend of $0.34 per share of its stock, to be dispensed on June 15 to shareholders of record as of May 31. This amount is more than 50% higher than Ashland's most recent distribution of $0.225, which was paid in March.
The new dividend annualizes to $1.36 per share. That yields 1.5% at the firm's current stock price of $90.02.
Additionally, the company's board authorized a new stock repurchase program, effective immediately. The amount is $600 million, or almost double what remains under the previous buyback scheme. The program is in force until Dec. 31, 2014.
The article Ashland Raises Dividend by More Than 50%, Launches New Buyback Program originally appeared on Fool.com.Fool contributor Eric Volkman and The Motley Fool have no position in Ashland. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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