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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Delta Air Lines Inc | NYSE:DAL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.05 | -0.09% | 52.88 | 15,800 | 12:42:22 |
Delta Air Lines Inc. on Wednesday unveiled plans to boost its dividend by 50% and buy back $5 billion in shares over the next two and a half years.
Shares rose 2.7% in premarket trading.
Delta said it will raise its quarterly dividend to $0.135 a share starting in the September quarter. The increase will bring its yield up to 1.2%. In comparison, American Airlines Group Inc. has a yield of 0.82%, while Southwest Airlines Co. has a yield of 0.57%.
Meanwhile, the company said it will complete a $5 billion share-buyback program by December 2017. The company is on track to complete the remaining $725 million of its $2 billion buyback program by the end of June, a year and a half ahead of schedule.
Delta unveiled its shareholder-return strategy three years ago. The program, which included stock buybacks and dividends, was seen as a rarity among U.S. carriers still nursing years of accumulated losses. The initial plans were for $500 million in stock repurchases to be completed by June 2016 and a six-cent quarterly dividend.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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