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Boeing raises quarterly dividend by 20%, sets new $18B stock buyback program

The board of directors of Boeing Co. hiked the company's quarterly dividend by 20% to $1.71 per share and replaced its existing share repurchase program with a new $18 billion authorization.

The company said the new dividend will be payable March 2, 2018, to shareholders of record as of Feb. 9, 2018.

Meanwhile, repurchases under the new share authorization are expected to be made over the next 24 to 30 months, according to the aircraft manufacturing giant.

Boeing said it has raised its quarterly dividend by more than 250% over the past five years. It has also repurchased $9.2 billion worth of its shares from the $14 billion authorization approved in December 2016.