Philadelphia insurer Lincoln Financial Group, with downtown Hartford operations, boosted its share-back authorization to $1 billion and set quarterly dividends.
The company, known formally as Lincoln National Corp., was down to its last $260 million of a five-year-old stock buyback authorization that peaked at $2.6 billion.
Stock repurchases that curb the number of shares circulating among investors, along with cash dividends, are but two ways that companies reward stockholders.
There is no end date for the buying back of stock, which the insurer says will take place from time to time on the open market.
Meantime, Lincoln said it will pay 8 cents a share on Nov. 1 to common stockholders of record as of Oct. 10.
Also, series A preferred stockholders as of Nov. 14 will receive 75 cents a share on Dec. 5 for their holdings.