Dallas-based Southwest Airlines Co. said its board increased its quarterly dividend by 28% and approved a new $2.0 billion share repurchase program.
The carrier declared a quarterly dividend of 16 cents per share, up from 12.5 cents per share previously. It will be payable on June 27, to shareholders of record on June 6.
The annual yield on the dividend is 1.2% based on the company's closing stock price on May 15, said Southwest Airlines Chairman and CEO Gary Kelly.
Southwest Airlines has $350 million remaining under a $2.0 billion share repurchase program established in May 2017.