By Colin Kellaher

 

Sherwin-Williams Co. on Wednesday said its board raised the quarterly dividend by 23.1%, to $1.65 from $1.34, and approved the repurchase of up to an additional 15 million shares.

The new payout, equal to $6.60 a year, represents an annual yield of about 0.93% based on Tuesday's closing price of $707.42, up from 0.76%.

The Cleveland paint maker said the increased dividend is payable March 12 to shareholders of record March 1.

Sherwin-Williams, which has about 90.8 million shares outstanding, said the new buyback is in addition to shares remaining under an October 2015 share-repurchase authorization. The company noted that it will adjust the number of shares authorized for repurchase to reflect the 3-for-1 stock split it declared earlier this month, which will be paid on March 31.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

February 17, 2021 13:13 ET (18:13 GMT)

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