Waste Management Board Hikes Quarterly Dividend; Approves $1 Bln Share Buyback

(RTTNews) - Waste Management, Inc. (WM) said its board of directors has approved a 6.5 percent increase in the planned quarterly dividend rate, from $0.385 to $0.41 per share. On an annual basis, the per share dividend will increase from $1.54 to $1.64.

Waste Management noted this marks the thirteenth consecutive year that it has increased its planned quarterly dividend. The company's board of directors must declare each future quarterly dividend prior to payment.

Waste Management's board has also authorized to repurchase $1 billion of the company's common stock in future periods. This authorization refreshes the company's previous $1 billion share buyback authorization under which it entered into agreements in 2015 to repurchase $750 million of its common stock.

The company's board intends to declare the first quarter 2016 dividend in February, at which time the company will announce the record and payment dates for this dividend. The company expects that the first increased dividend will be paid in March 2016.