RTTNews | Mar 11, 2021 07:15AM EST

07:15 Thursday, March 11, 2021 (RTTNews.com) - Johnson Controls International plc (JCI) Board of Directors on Thursday approved an increase to its regular annual cash dividend to $1.08 per common share from $1.04 previously, representing a payout ratio of approximately 42 percent.

The increase will be effective beginning with the fiscal second quarter dividend payment of $0.27 per share, which was declared today and will be payable on April 16, 2021 to shareholders of record at the close of business on March 22, 2021.

The board also increased the company's share repurchase authorization by $4 billion, adding to the $2.0 billion remaining as of the end of the first fiscal quarter under the share repurchase authorization approved in 2019.

Johnson Controls intends to utilize the increased authorization as part of the execution of its capital allocation strategy during the next several years.

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