Flash memory specialist SanDisk (NASDAQ:SNDK) is launching a twin-barreled initiative to support its stock price. The company has initiated a common stock dividend, which will start at $0.225 per share and be paid on Aug. 30 to holders of record as of Aug. 12. That payout annualizes to $0.90, yielding 1.6% at the firm's most recent closing stock price of $55.12.

SanDisk also expanded its stock buyback program by $2.5 billion, $1.0 billion of which will be purchased through an accelerated share repurchase agreement with a financial institution that it did not name. Under the terms of the ASR, during Q3 the company will take an initial delivery of 14.5 million shares, for which it will pay market prices.

The $2.5 billion expansion brings the total authorized amount to $3.75 billion at present.

Fool contributor Eric Volkman owns shares of SanDisk. The Motley Fool does not. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.