Marriott Vacations Worldwide Corp. VAC, +0.12% said Tuesday it has raised its quarterly dividend by 14.8%, to 62 cents a share from 54 cents.
The new dividend is payable March 17 to shareholders of record on March 3. The vacation ownership company’s stock was still inactive in premarket trading. Based on the stock’s Friday closing price of $166.14, the new annual dividend rate implies a dividend yield of 1.49%, which compares with the implied yield for the S&P 500 SPX, -1.01% of 1.45%. Separately, the company said it increased its stock repurchase program by $300 million, which raised its current available buyback authorization to $445 million. The stock has gained 0.7% over the past three months while the S&P 500 has slipped 7.1%.