General Electric NYSE:GE increases dividend, raises share buyback
General Electric NYSE:GE increases dividend, raises share buyback
General Electric Co is raising its Quarterly dividend for the 5th time in 3 yrs. This time by 0.02 to 0.19 a share, almost double its level following a reduction to 0.10 a share in February 2009.
The multi-national conglomerate increased its existing share buyback plan by $10-B and lengthened the expiration of the buyback program from the end of next year to Y 2015. The buyback plan had about $4.9-B remaining before the raise.
CEO Jeffrey Immelt said: Returning cash to our shareholders remains a top priority. Coupled with our strong operational outlook, today’s announcement underscores our balanced and disciplined approach to capital allocation.
The company was able to make these moves following an agreement with the US Federal Reserve that allowed GE to gain access to a $78-B cash pile from its GE Capital Corp.
So far this year, GE Capital has returned $5.5-M to its Mother Company through the end of Q-3.
Mr. Immelt’s goal is to reduce GE’s outstanding shares to fewer than 10-B from the 10.5-B outstanding at the end of September.
GE shares have gained 21% on the year and are up 0.5% Friday at 21.73 in a 52-wk range of 16.79 to 23.18.
Analysis Overall Short Intermediate Long
Neutral (0.03) Neutral (0.10) Neutral (0.21) Neutral (-0.22)
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