Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

GE boosts dividend 20%

By Hibah Yousuf, staff reporter


NEW YORK (CNNMoney.com) -- GE announced Friday it will raise the quarterly dividend by 20% and will resume its share buyback program at the end of the quarter.

The Fairfield, Conn.-based company will pay a dividend of 12 cents per share, up from 10 cents, on Oct. 25 to investors on record when the market closes Sept. 20.

The board also said it will extend the company's $15 billion share repurchase program through 2013. The plan, which was originally set to expire at the end of the year but was suspended in 2008, has $11.6 billion in remaining authorization.

"We are able to restore the GE dividend at a historical payout level for 2010, earlier than previously anticipated," said GE chief executive Jeff Immelt, "and to extend our share buyback program because of continued strong cash generation, recovery at GE Capital and solid underlying performance in our industrial businesses through the first half of 2010."

Last week, GE reported quarterly earnings that jumped 16% from a year earlier to $3.1 billion, as its finance arm GE Capital showed signs of stabilization.

Shares of GE (GE, Fortune 500) were up 3.4% in afternoon trading.  To top of page

Search for Jobs

Index Last Change % Change
Dow 19,827.25 94.85 0.48%
Nasdaq 5,555.33 15.25 0.28%
S&P 500 2,271.31 7.62 0.34%
Treasuries 2.47 0.01 0.33%
Data as of 7:23am ET
Company Price Change % Change
Bank of America Corp... 22.64 0.11 0.49%
General Electric Co 30.53 -0.68 -2.18%
Bristol-Myers Squibb... 49.23 -6.26 -11.28%
CSX Corp 44.33 -1.18 -2.59%
Chesapeake Energy Co... 6.69 0.07 1.06%
Data as of Jan 20
Sponsors

Sections

Shares of several uranium miners are soaring this year on hopes that Donald Trump will commit more investments to nuclear power. But investors need to get careful. The stocks are as volatile as radioactive elements. More

President Trump promised to 'buy American and hire American.' He says his policies will create 25 million new jobs, the most of any U.S. president in history. CNNMoney lays out just how hard that will be. More

Senators Chuck Grassley and Dick Durbin plan to reintroduce their bill for revamping the popular H-1B visa program. More

If you're smart about when you first claim Social Security, you can increase your benefits and reap the rewards for the rest of your life. More