American Express to Boost Dividend by 15% to 60 Cents
January 27 2023 - 07:53AM
Dow Jones News
By Will Feuer
American Express Co. said it plans to boost its quarterly
dividend by 15% after issuing better-than-expected guidance for
2023.
The New York City-based credit-card company said on Friday that
it plans to increase its dividend to 60 cents a share from 52 cents
a share, starting with the first quarter this year.
The new dividend payout, equal to $2.40 a year, represents an
annual yield of 1.5% based on Thursday's closing price of
$155.88.
Shares rose almost 5%, to $163, in the premarket session
Friday.
The dividend boost comes as American Express issued 2023 revenue
and profit guidance that beat Wall Street expectations. However,
fourth-quarter results fell short of analyst estimates as the
company set more cash away to cover potential credit losses.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 27, 2023 07:38 ET (12:38 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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