Mastercard board approves $12B stock buyback

Mastercard’s (NYSE:MA) board authorized the company to buy back up to $12B of its class A common stock and declared a 15% dividend increase, the company said Tuesday.

The board also declared a quarterly cash dividend of $0.76, up from its previous dividend of $0.66.

The new share repurchase program will become effective at the completion of its previously announced $11B program, under which ~$3.9B remains for stock repurchases.

Mastercard (NYSE:MA) stock rose 0.7% in after-hours trading.