Taubman Centers Boosts Stock Buyback Program By $250 Mln

(RTTNews) - Taubman Centers, Inc. (TCO) said Tuesday that its Board of Directors has increased its share repurchase program by $250 million.

The increase to the $200 million share repurchase program authorized in August of 2013 brings Taubman Centers' total authorization to $450 million.

Since this share repurchase program's inception, the company has purchased 1,880,301 shares of its common stock for $132.5 million, including 1,093,230 common shares purchased since the beginning of 2015. If the remaining $317.5 million authorization is used at current market prices, the repurchase will represent just under 7% of the company's common shares outstanding.

Earlier Tuesday, Taubman Centers declared a regular quarterly dividend of $0.565 per share, an increase of 4.6%. The common dividend is payable March 31 to shareholders of record on March 20.