Altria (NYSE:MO) investors are about to get a bit more bang for their buck. The company has declared a quarterly common stock dividend of $0.48 per share, to be handed out on Oct. 10 to shareholders of record as of Sept. 16. That amount is $0.04, or 9%, higher than the tobacco giant's previous distribution of $0.44 paid in July.

The new dividend annualizes to $1.92 per share. That yields 5.6% at Altria's current stock price of $34.21.

The company's board also authorized a $700 million widening of its existing stock-repurchase program. When added to the $300 million of the current initiative authorized this past April, that brings the total amount to $1 billion. Altria said it expects to complete the program by the end of its Q3 in 2014.

Fool contributor Eric Volkman has no position in Altria. Nor does The Motley Fool. 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.