04:43 PM EST, 12/17/2024 (MT Newswires) -- Mastercard ( MA ) said Tuesday its board authorized it to buy back up to $12 billion of its class A common stock under a new repurchase program.

The company said the new share buyback program will become effective after it completes the ongoing $11 billion program, under which about $3.9 billion remains as of Dec. 13.

The board also approved a 15% increase in the quarterly dividend to $0.76 per share, up from $0.66 per share in the prior quarter. The dividend is payable Feb. 7 to holders of record as of Jan. 9.