Texas Instruments (NASDAQ:TXN) has announced a significant increase in its quarterly dividend. The company will lift its payout by 33%, handing out $0.28 per share on May 20, to stockholders of record as of April 30. Previously, the company had paid $0.21 per share in its preceding two quarters, and $0.17 before that.

The new disbursement annualizes to $1.12 per share. This yields 3.4% on the company's current share price of $32.48.

Texas Instruments also announced an expansion of its share buyback program. The firm has authorized an additional $5 billion to purchase its own common stock, bringing the current total to $8.4 billion.