On Thursday, PetSmart (PETM
) announced that it will be raising its dividend 18.2% and that it has authorized a $535 million stock repurchase plan.
The Phoenix, AZ-based company raised its quarterly dividend from 16.5 cents to 19.5 cents, which is an annualized payout of 78 cents. The dividend is payable on November 15 to all shareholders on record as of November 1. The ex-dividend date is October 30.
In addition to its dividend boost, PetSmart also announced a $535 million share buyback plan that will start on October 1, 2013 and expire on January 31, 2015.
PETM shares were up 56 cents, or .76%, at market close on Thursday. The company’s stock is up nearly 7% YTD.
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