Dillard’s has approved a new share repurchase program authorizing the company to repurchase up to $500 million of its Class A Common Stock.
The new open-ended authorization permits the company to repurchase its Class A Common Stock in the open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934 or through privately negotiated transactions. The company completed the authorization under its previous $500 million share repurchase program during the fourth quarter of 2015.
The board of directors declared a cash dividend of 7 cents per share on the Class A and Class B Common Stock of the company payable May 2, 2016, to shareholders of record as of March 31, 2016.