Gap, Inc. (GPS) Announces New $1B Buyback; Declares $0.23 Quarterly Dividend
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Gap, Inc. (NYSE: GPS) announced that its Board of Directors approved a new $1 billion share repurchase authorization for the company’s common stock, superseding the existing authorization dated February 26, 2015.
“Strong and consistent cash generation is a trademark of our business, with 2015 free cash flow totaling about $870 million,” said Sabrina Simmons, chief financial officer of Gap Inc. “We returned about $1.4 billion through share repurchases and dividends in fiscal year 2015, underscoring our commitment to distributing excess cash to shareholders.”
The company also declared a quarterly dividend of $0.23 per share, or $0.92 annualized. The dividend will be payable on April 27, 2016, to stockholders of record on April 6, 2016, with an ex-dividend date of April 4, 2016. The annual yield on the dividend is 3.3 percent.
For a dividend history and other dividend-related data on Gap, Inc. (GPS) click here.
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