Mastercard Inc ( MA ) shares are moving higher in extended trading Tuesday after the company boosted its quarterly dividend and announced a new share repurchase program.

What Happened: After the market close on Tuesday, Mastercard ( MA ) announced its board declared a quarterly cash dividend of 76 cents per share, a 15% increase compared to the company’s previous quarterly dividend of 66 cents per share.

The dividend will be paid on Feb. 7, 2025, to shareholders of record as of Jan. 9, 2025.

In addition to the dividend raise, Mastercard’s board also approved a new buyback, authorizing the company to repurchase up to $12 billion of its common stock.

The new buyback program will go into effect once the company completes all repurchases remaining under its buyback announced in December 2023. Mastercard ( MA ) said it had approximately $3.9 billion remaining under its current repurchase program as of Dec. 13.

MA Price Action: Mastercard ( MA ) shares were up 0.71% in after-hours, trading at $534 at the time of publication Tuesday, according to Benzinga Pro.

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