International Paper hikes dividend
International Paper Co. IP, -5.68% has hiked its dividend 5.3% to $2 a share annually and will buy back $2 billion worth of stock, it said late Tuesday. The dividend is payable Dec. 14 to shareholders of record at the close of business Nov. 15. The new stock repurchase program is in addition to the $430 million in the third quarter remaining from a previously authorized repurchase program. International Paper stock is flat after hours. Shares fell 5.7% to $44.64 in regular trading as the S&P 500 index SPX, -0.14% fell 0.1%.
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