Delta approves $2 billion buyback; raises dividend

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News,Business

ATLANTA (AP) — Delta Air Lines Inc.'s board of directors approved a plan to buy back more of its own stock and boost its quarterly dividend by 50 percent.

The Atlanta airline says it will buy $2 billion of its shares by the end of 2016. It will raise its quarterly dividend to 9 cents per share from 6 cents per share starting in September. Delta says the plans will boost shareholder value.

Buying back stock can help boost the company's share price and earnings per share.

Its shares rose 25 cents to $37.80 in afternoon trading Tuesday after rising as high as $38.82, its highest level since emerging from bankruptcy in 2007.

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