Norfolk Southern raises quarterly dividend and increases stock repurchase program
Norfolk Southern Corporation (NYSE: NSC) announced that its Board of Directors today voted to increase the regular quarterly dividend on the company's common stock by 6.4 percent, or 3 cents per share, from 47 to 50 cents per share.
The increased dividend is payable on Sept. 10 to stockholders of record on Aug. 13. Since its inception in 1982, Norfolk Southern has paid dividends on its common stock for 120 consecutive quarters.
Norfolk Southern also announced that its Board of Directors has authorized the repurchase of up to an additional 50 million shares of its common stock through Dec. 31, 2017. In combination with previous share repurchase programs dating back to February 2006, the total number of shares that the company has been authorized to repurchase over time has increased to 175 million. From February 2006 through June 30, 2012, approximately 122 million shares have been repurchased for $7.1 billion. The timing and volume of any purchases will be guided by management's assessment of market conditions and other factors. Norfolk Southern had approximately 320 million shares outstanding as of June 30, 2012.
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