Waste Management Inc.'s board approved a 6.3% raise in the company's planned quarterly dividend for 2020 to 54.5 cents per share from 51.25 cents per share.

The planned increase in quarterly dividends translates to a higher annual dividend of $2.18 per share, up from $2.05 per share previously.

The board intends to announce the first-quarter dividend in February 2020 and pay it in the following month.

The company also said it still has $1.32 billion left in its stock buyback program.

With its pending acquisition of Advanced Disposal Services Inc., Waste Management expects to repurchase shares in 2020 at "a level sufficient to offset dilution from equity compensation plans," said company CEO Jim Fish.