MasterCard OKs new $1.5B share buyback program

NEW YORK (AP) — MasterCard Inc. said Tuesday its board has approved the repurchase of $1.5 billion of its stock after its current $2 billion share buyback program ends.

The Purchase, N.Y., company said it had approximately $270 million remaining under the current program as of the end of May.

Ajay Banga, CEO of MasterCard Worldwide, said a strong and consistent cash flow enables the company to continue share repurchases while pursuing other strategies and business moves.

MasterCard also declared a dividend of 30 cents per share, payable Aug. 9 to shareholders of record as of July 9. The company had doubled the dividend to 30 cents in February.

Shares rose $1.43 to $409.63 in after-hours trading. During the regular session, they increased $7.94, or 2 percent, to $408.20.

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