Shares of GATX Corporation GMT, an independent global railcar lessor, were trading higher by more than 3 percent on Friday after the company announced a new share repurchase authorization and a 5.3 percent raise in its quarterly dividends.
GATX's board of directors has approved a new $300 million share authorization. The company noted that over the past 10 years it has invested more than $7 billion in its business and returned over $1.3 billion to investors through share repurchases and dividends.
The company's board of directors also approved a 5.3 percent increase in its quarterly dividend to $0.40 per share. In fact, investors have received quarterly dividends without interruption since 1919.
"This dividend increase and share repurchase authorization reflect the board's positive long-term outlook for the Company and demonstrates GATX's commitment to continue returning capital to our shareholders," Brian A. Kenney, president and chief executive officer of GATX Corporation said.
Image Credit: Public Domain© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.