MasterCard (NYSE:MA) announced Tuesday that it is doubling its quarterly dividend, from $0.30 a share to $0.60 a share. The new disbursement will be handed out on May 9 to holders of the company's Class A and B common stock as of the end of April 9. The company had been paying $0.30 a share since May 2012, when it doubled its longtime $0.15-per-share dividend.
Additionally, MasterCard announced that it is to launch a new share repurchase program that authorizes the firm to buy back up to $2 billion worth of class A shares. This repurchase program will become effective upon completion of a previously announced $1.5 billion share repurchase program that has about $440 million remaining on it.
"Our strong financial performance allows us to increase the return of cash to shareholders through our dividend and share repurchase programs," CEO Ajay Banga was quoted as saying in a company press release. "We remain focused on executing our strategy and growing our business for the future."
The company's annual general meeting is scheduled to take place June 18 at its headquarters in Purchase, N.Y.
Fool contributor Eric Volkman has no position in MasterCard. The Motley Fool owns shares of MasterCard. 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.