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Wednesday, May 18, 2016 6:37:34 PM
Chief Executive Gary Kelly said the authorization was the largest for the company in its "decades-long history of returning value back to our shareholders." Southwest recently completed its previous buyback, totaling 37.3 million shares, for $1.5 billion.
The quarterly dividend will increase to 10 cents a share from 7.5 cents, beginning Wednesday. That pushes the annual dividend yield to about 1% based on Tuesday's closing stock price. Southwest said the increase amounts to $255 million annually.
Earlier this year, United Continental Holdings Inc., the third-largest U.S. airline by traffic, said it plans to repurchase $750 million in shares during the first quarter, having bought back $1.2 billion during 2015.
Last month, American Airlines Group Inc., confident of its long-term success, announced another $2 billion share-buyback program to run through 2017. This came after the company, the nation's largest airline, has returned $6.6 billion to investors through dividends and share repurchases since mid-2014.
On Monday, Delta Air Lines Inc., the nation's No. 2 airline by traffic, said it would boost its annual dividend and finish off a $5 billion stock-buyback program in May of next year.
Southwest shares were recently up 2.2% at $43.14.
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