Visa Boosts Dividend by 18%
October 18 2016 - 5:20PM
Dow Jones News
Visa Inc. has increased its dividend by 18%, continuing its
pattern of higher payouts.
The company will pay 16.5 cents a Class A share, up from 14
cents. The move follows increases of 17% a year earlier and 20% in
2014.
The new payout provides a yield of about 0.8% based on Tuesday's
closing price. That compares with a yield of about 0.7% at
Mastercard Inc.
On Monday, Visa said Chief Executive Charles Scharf is resigning
after advising the board that he can no longer spend enough time in
San Francisco "to do the job effectively." The company said Mr.
Scharf will be succeeded by Alfred Kelly, a member of Visa's board
and a former president at American Express Co.
Like other longtime payments companies, Visa is facing intense
competition from a new breed of financial technology companies. The
company has also had disputes with retailers over issues including
fees and chip cards.
The dividend is payable Dec. 6, with a Nov. 18 record date.
Visa shares fell one cent to $81.57 in after-hours trading.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
October 18, 2016 17:05 ET (21:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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