GE raises dividend, expands share buyback plan
Posted at: 12/14/2012 11:36 AM
(AP) NEW YORK - Industrial conglomerate General Electric is raising its quarterly dividend by 12 percent while extending and expanding its share repurchase plan.
The new quarterly dividend is 19 cents, up from 17 cents. The dividend will be paid on Jan. 25 to shareholders as of Dec. 24.
The board of Fairfield, Conn.-based General Electric Co. is also extending GE’s stock buyback plan through 2015. It’s authorizing up to $10 billion for additional shares. The plan had $4.9 billion available for repurchase at the end of the third quarter.
GE manufactures products such as jet engines and refrigerators and provides equipment and services to a growing roster of energy companies.
GE shares rose 2 cents to $21.64 in morning trading.
(Copyright 2012 by The Associated Press. All Rights Reserved.)