RTTNews | Nov 30, 2021 05:10PM EST

17:09 Tuesday, November 30, 2021 (RTTNews.com) - Mastercard Inc. (MA) Tuesday said its board has declared a quarterly dividend increase of 11% and authorized a stock buyback of $8 billion.

The company declared a quarterly cash dividend of 49 cents per share, an 11 percent increase over the previous dividend of 44 cents per share. The cash dividend will be paid on February 9, 2022 to holders of record of its Class A common stock and Class B common stock as of January 7, 2022.

The Board of Directors also approved a new share repurchase program, authorizing the company to repurchase up to $8 billion of its Class A common stock.

The new share repurchase program will become effective at the completion of the company's previously announced $6 billion program. The company has approximately $4.4 billion remaining under the current program authorization.

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