Waste Management Inc WM said its Board of Directors has approved a 7.1% increase in the planned quarterly dividend rate for 2024, from $0.70 to $0.75 per share. The first increased dividend is expected to be paid in March of 2024.
The annual dividend rate increase from $2.80 to $3.00 per share marks the 21st consecutive year of dividend rate growth.
Waste Management's Board has also authorized repurchasing up to $1.5 billion of common stock, superseding the authority remaining under the prior $1.5 billion authorization planned in 2022.
"The strong and consistent cash flow generation of our business allows WM to continue to fund all our capital allocation priorities," said President and CEO Jim Fish.
"We are confident that our anticipated 2024 cash flow positions us to once again allocate capital across these priorities, including delivering robust returns to our shareholders and maintaining an attractive dividend compared to both the S&P 500 and our peer group."
Waste Management held $150 million in cash and equivalents as of September 30, 2023.
Price Action: WM shares closed higher by 0.51% at $173.38 on Monday.
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