American Express to buy back up to $150M shares

Associated Press

NEW YORK (AP) -- American Express Co. said Monday that its board approved the repurchase of up to 150 million shares of its common stock.

The buyback replaces a previous 150 million repurchase program that had about 70 million shares remaining.

American Express plans to buy back up to $3.2 billion of its stock during the last three quarters of 2013 and up to an additional $1 billion in 2014's first quarter, with no objections from the Federal Reserve.

The credit card company also declared a quarterly dividend of 20 cents per share. It will be paid on May 10 to shareholders of record on April 5.

American Express previously announced it will raise its quarterly dividend to 23 cents per share starting with 2013's second quarter dividend.

Shares of American Express, based in New York, rose 8 cents to $66.30 in Monday afternoon trading.