Visa Increases Dividend Rate by 50% to $0.33 per Share
Visa (NYSE: V) today announced that its board of directors had declared a 50% increase in the quarterly dividend aggregate amount on its class A common stock (determined in the case of class B and class C common stock on an as-converted basis) from $0.22 per share to $0.33 per share, payable on December 4, 2012, to all holders of record of the Company's class A, class B and class C common stock as of November 16, 2012. The quarterly dividend increase raises the annual dividend rate from $0.88 per share to $1.32 per share.
"Visa continues to honor its commitment of delivering strong financial returns to our shareholders," said Joseph Saunders, Chairman and Chief Executive Officer of Visa. "For the fourth consecutive year, the board of directors' decision to significantly increase the quarterly dividend reflects their continued confidence in the long-term growth strategy of the business and our commitment to enhancing shareholder value."
In addition, the Company announced that its 2013 Annual Meeting of Stockholders (the "Annual Meeting") will be held on January 30, 2013. The Company's class A common stockholders at the close of business on December 4, 2012, the record date, will be entitled to vote at the Annual Meeting.
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