Waste Management Inc. said the board raised the quarterly dividend for 2019 to 51.25 cents per share from 46.5 cents per share, reflecting a rise of 10.2%.

The environmental services company plans to declare the first-quarter dividend in February 2019, when it would announce the record and payment dates. It anticipates the dividend to be paid in March 2019.

The board also authorized the repurchase of $1.5 billion worth of common stock, effective immediately. The new authorization replaces the previously announced $1.25 billion authorization, the company said.