Morningstar Inc.'s board has increased the company's quarterly dividend to 25 cents per share from 23 cents per share.

The next quarterly dividend is payable Jan. 31, 2018, to shareholders of record as of Jan. 5, 2018.

The board also approved a new stock buyback plan under which Morningstar can repurchase up to $500 million in common shares, effective Jan. 1, 2018. The existing program expires Dec. 31.