Mastercard board approves $12 billion share buyback program

Investing.com -- Mastercard (NYSE:MA ) has announced that its board has approved a new share repurchase program, which will enable the company to buy back up to $12 billion of its Class A shares. This announcement was made on Tuesday.

Alongside the new share repurchase program, Mastercard has also increased its quarterly dividend from 66 cents per share to 76 cents per share.

Mastercard stated that the new share repurchase program will only become effective after the completion of its ongoing $11 billion program. As of Dec. 13, there was still approximately $3.9 billion worth of shares left to be bought back under the current program.

Following the announcement, Mastercard's shares saw a slight increase of around 0.5%, trading at $533.8 in after-hours trading.

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Source: Investing.com