by Christopher Freeburn | February 5, 2013 11:57 am
MasterCard (NYSE:MA) is looking to return more cash to its investors.
The second largest credit card issuer plans a two-fold increase to its quarterly dividend, payable in April, marking the second dividend hike in the last year, Bloomberg noted. It’s board has also approved a new share buyback program valued at up to $2 billion.
The new share repurchase program is scheduled to commence after the completion of its existing $1.5 billion buyback plan.
Last week, the company announced higher customer spending during the fourth quarter, and announced earnings that topped Wall Street estimates. Its profit for 2012 jumped to $2.8 billion, up 15% from 2011.
MasterCard’s move follows rival Visa (NYSE:V), which increased its quarterly dividend by 50% in December.
Shares of MasterCard rose fractionally in Tuesday morning trading.
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