>> Search all news releases
|Interpublic Increases Common Stock Dividend by 20% and Announces New $300 Million Share Repurchase Program|
New York, NY - February 10, 2017 - Interpublic Group (NYSE: IPG) today announced that the company's Board of Directors has declared a quarterly dividend on IPG common stock of $0.18 per share, payable on March 15, 2017 to holders of record at the close of business on March 1, 2017. The increase in the dividend from $0.15 to $0.18 per share represents a 20% increase in the Company's quarterly dividend.
Additionally, the company's Board of Directors authorized a new program to repurchase, from time to time, up to $300 million of IPG common stock. The authorization under the new program is in addition to any amounts remaining for repurchase under the program announced in 2016. Repurchases under the new program may be effected through open market purchases, trading plans established in accordance with SEC rules, derivative transactions, or other means. The timing and amount of repurchases under the authorization will depend on market conditions and the company's other funding requirements. The share repurchase program has no expiration date.
Michael I. Roth, Chairman and CEO of Interpublic Group commented, "These steps build on a program of consistent capital return that we initiated in 2011. Since that time, we have returned a total of $3.0 billion to shareholders through a combination of common share dividends and repurchases, and we have reduced our outstanding shares eligible for dilution by 28%. This also marks our fifth consecutive year of higher dividends, with annual increases of 20% or more, tripling our quarterly dividend per share over the past five years. These actions reflect our operating success in recent years, IPG's substantial financial strength, as well as confidence in our future prospects."
# # #
# # #