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Jacobs approves $1B share buyback authorization, raises dividend by 13%
The Fly

Jacobs approves $1B share buyback authorization, raises dividend by 13%

The Jacobs’ board of directors has approved a new incremental share repurchase authorization program that authorizes the purchase of up to $1B of Jacobs’ common stock. Under the 2023 share repurchase program, the company is authorized to repurchase shares through open market purchases, privately negotiated transactions or otherwise in accordance with applicable federal securities laws, and subject to other legal and business requirements and market conditions, at any time until January 25, 2026. The 2023 share repurchase program replaces the company’s existing share repurchase program. The program may be suspended or discontinued at any time. Additionally, the board of directors has declared a quarterly cash dividend payable to shareholders in the amount of 26c per share of Jacobs common stock, an increase of 13% from its previous quarterly dividend of 23c. This dividend will be paid on March 24 to shareholders of record as of the close of business on Feb. 24. CFO Kevin Berryman said, "Jacobs is aligned to multiple secular growth trends that we believe offers the potential for compelling returns through a variety of economic scenarios. Our cash generative business model provides the ability to maintain an investment grade profile while accelerating long-term earnings power through share repurchases and consistently increasing our dividend to our shareholders."

Published first on TheFly

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