American Express to repurchase 120M shares, raises quarterly dividend 15%

The Board of Directors of American Express Company approved the repurchase of up to 120 million common shares, in accordance with the company’s capital plans that are, from time to time, reviewed and not objected to by the Federal Reserve. This authorization replaces the approximately 36 million common shares of common stock remaining from the previous Board authorization in 2019. The timing and amount of common shares purchased under the company’s authorized capital plans will depend on various factors, including the company’s business plans, financial performance and market conditions. Separately, the Board of Directors approved a $0.08 – or 15 percent – increase in the quarterly dividend on the company’s common stock, consistent with the planned increase discussed in the company’s fourth-quarter 2022 earnings release. The dividend was raised to $0.60 per common share, from $0.52, payable on May 10, 2023, to shareholders of record on April 7, 2023.