Interpublic Group of Cos. (IPG) Raises Quarterly Dividend 20% to $0.18; 3.1% Yield; Announces $300M Repurchase Plan
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Interpublic Group of Cos. (NYSE: IPG) declared a quarterly dividend of $0.18 per share, or $0.72 annualized. This is a 20% increase from the prior dividend of $0.15.
The dividend will be payable on March 15, 2017, to stockholders of record on March 1, 2017, with an ex-dividend date of February 27, 2017.
The annual yield on the dividend is 3.1 percent.
Additionally, the company's Board of Directors authorized a new program to repurchase, from time to time, up to $300 million of IPG common stock. The authorization under the new program is in addition to any amounts remaining for repurchase under the program announced in 2016. Repurchases under the new program may be effected through open market purchases, trading plans established in accordance with SEC rules, derivative transactions, or other means. The timing and amount of repurchases under the authorization will depend on market conditions and the company's other funding requirements. The share repurchase program has no expiration date.
Michael I. Roth, Chairman and CEO of Interpublic Group commented, "These steps build on a program of consistent capital return that we initiated in 2011. Since that time, we have returned a total of $3.0 billion to shareholders through a combination of common share dividends and repurchases, and we have reduced our outstanding shares eligible for dilution by 28%. This also marks our fifth consecutive year of higher dividends, with annual increases of 20% or more, tripling our quarterly dividend per share over the past five years. These actions reflect our operating success in recent years, IPG's substantial financial strength, as well as confidence in our future prospects."
For a dividend history and other dividend-related data on Interpublic Group of Cos. (IPG) click here.
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