RTTNews | Jan 11, 2022 05:44PM EST

17:44 Tuesday, January 11, 2022 (RTTNews.com) - Ally Financial Inc. (ALLY) Tuesday said its board of directors has authorized the company to repurchase up to $2.0 billion of its common stock, effective until December 31, 2022.

Ally recently completed a $2.0 billion share repurchase program in 2021, and expects to begin repurchasing shares in the first quarter of 2022.

Further, the board of directors declared a quarterly cash dividend of $0.30 per share, representing a 20% increase compared to the company's prior quarterly cash dividend. The dividend will be payable on February 15, 2022 to stockholders of record on February 1, 2022.

"The strength of Ally's balance sheet and capital position allows us to meaningfully increase our common dividend for the seventh time in as many years and maintain a robust share-repurchase program," said Ally Chief Executive Officer Jeffrey Brown. "Both actions represent important components of our capital allocation framework and our broader objective to drive long-term value for all of our stakeholders."

Ally's board of directors has also declared quarterly cash dividend payments for the company's Series B and Series C preferred stock, payable on February 15, 2022 to shareholders of record on January 31, 2022.

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